Damage from Cyber Attacks on Healthcare Organizations Goes Far Beyond Ransoms and Compromised Data 

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The article reports healthcare enterprises have suffered 200 “cyber incidents” since January. It cites another report on the real-world impact of cyber attacks on healthcare organizations: “A cybersecurity breach could dismantle a hospital’s entire network, sending an already high-stakes workplace into chaos and putting patients at risk. Recent research shows that 32 percent of healthcare … Read more

No Lazy Days of Summer for K-12 Schools Trying to Get Their Cyber Insurance Renewed 

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“Most school districts’ insurance policies expire on July 1, which means it is crunch time for collecting information and submitting applications. K–12 IT leaders should work in partnership with their insurance brokers to renew or apply for insurance policies, including cyber insurance, for the upcoming year. For the 1,981 schools hit by ransomware last year, … Read more

Cyber Insurers Grapple with AI Deepfakes

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Bad actors are sure to harness AI for a range of attacks, including some we cannot even envision today. Meantime, fraudulent instruction scams appear to be increasing. “In early June, two instances of voicemail impersonation were reported to Rob Ferrini, cyber insurance program manager at McGowanPRO, headquartered in Framingham, Massachusetts, with 5,000 cyber-insured clients covered … Read more

Ransomware Increasingly Being Excluded from Cyber Insurance Policies?

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Yes, says Veeam’s survey of 1,2000 IT pros from companies hit by ransomware last year. In 2022, “77% of ransoms were paid by insurance, but that is becoming harder and more expensive…In fact, 21% of organizations stated that ransomware was now specifically excluded from their policies. While those with cyber insurance saw changes in their … Read more

It’s Tough to Make Predictions Concerning the Cyber Insurance Market — Especially About the Future 

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We’re sorry to paraphrase Yogi Berra about predictions, but he’s right. According to the report, the first cyber policy was offered by AIG in 1997. “’It’s going somewhere, what we struggle with is predicting exactly where that will be,’ (McGill & Partners partner Shannan) Fort said. ‘Just look at the last 10 years and new … Read more

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