Cyber Insurance Sunday – Upload
As usual, a few items from the week. Sunday’s newsletter is a wide, deep bucket of cyber insurance, cybersecurity, and more. Some we reported on, and others we found interesting. Enjoy the reads and enjoy the day!
data breach insurance
The FTC Amends Data Breach Reporting Rules
To enhance data security and consumer protection, the Federal Trade Commission (FTC) has amended the Safeguards Rule. The agency has extended reporting requirements to non-banking financial institutions. This amendment is effective 180 days after its publication in the Federal Register. It mandates that financial institutions such as mortgage brokers, motor vehicle dealers, and payday lenders … Read more
Data Breach Costs Rise – Report
A new IBM report on data breaches found that the global average cost of a data breach has risen to $4.45 million. This is a 15% jump from 2022. The 2023 report also finds that the cost of detection and escalation has increased by 42% over the past three years. This represents the highest portion … Read more
Cyber Insurance And Quantum Computing – The New Risk
Quantum computing is a rapidly developing field with the potential to revolutionize many industries. But revolution isn’t always for the good. It also poses serious security risks and businesses need to reexamine their cyber insurance protection. Quantum computers can break current encryption algorithms, which could allow hackers to access sensitive data. They could also be … Read more