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Cyber Insurance Sunday – Upload

Posted on January 21, 2024January 21, 2024 By Martin Hinton

From cyber insurance to fascinating finds, this issue of Cyber Insurance Sunday’s newsletter has a bit of everything. Well, not everything, no recipes. Happy reading!

Cyber Insurance Sunday - Upload

Cyber Insurance News

Cyber Insurance News
Email attacks are surging, hitting businesses hard and exposing a severe paradox: email is both indispensable and dangerously vulnerable. As digital communications fuel daily operations—from sales to financial transactions—organizations can’t just cut back on email to curb security risks. Financial fraud, the most common email-based attack, continues to skyrocket, leaving companies of all sizes scrambling for effective defenses. Simply restricting email isn’t feasible; companies must find ways to secure it. In 2019, Japan’s Toyota Boshoku Corporation was hit with a $37 million BEC (business email compromise) attack. Though $37 million is a staggering amount, the company’s size and reach meant the fraud went undetected initially. Hackers persuaded an employee to transfer the sum from a European subsidiary before anyone noticed. This was the third BEC attack Toyota faced that year, leading critics to question if the company should have been more vigilant. As Toyota learned the hard way, BEC attacks often come in waves—one successful breach often paves the way for more, leading to losses in money, intellectual property, data, and sometimes even employee identities. Email and financial fraud cybersecurity is the focus of InsurSec provider At-Bay’s new report, 2024 InsurSec Rankings Report – Email Security and Financial Fraud. The report, based on claims data from 2021 through mid-2024, offers an in-depth look at email-related cyber threats impacting businesses, ranks the effectiveness of top email platforms, and identifies the sectors and business types most vulnerable to attacks. The findings highlight the surge in email crimes and reveal which email solutions and security measures offer the best protection. You can read or take away below and get the whole report https://cyberinsurancenews.org/email-security-insights-key-trends-and-solutions-report/ @keeprisk_atbay
Email Security Insights: Key Trends and Solutions – Report
Is Cybersecurity Spending Surge Sign Of A Gathering Storm? @deloitte Report When preparing for imminent threats, increased cybersecurity spending is a significant telltale. In honor of Veterans Day, here is a fitting analogy. In the military, changes in routine sometimes ring warning bells among the troops. As a veteran once shared, during WWII, the unit could expect trouble the next day if they were served steak and eggs—the last good meal for a while. Similarly, 57% of organizations in Deloitte’s latest cyber report foresee increasing their cybersecurity budgets in the coming years—a clear sign of existing and gathering concerns. The “Global Future of Cyber Survey, 4th Edition,” underscores that today’s complex threat landscape is reshaping how organizations prepare for cyber defense. The report, a comprehensive examination of nearly 1,200 C-suite leaders worldwide, reveals growing investment in cybersecurity, a deepened role for Chief Information Security Officers (CISOs), and a push for AI-driven resilience. “The rise of AI and other evolving technologies has significantly transformed the threat landscape. As threats become more sophisticated and impactful to core business, CISOs are increasingly required to adopt a more strategic role driving cross business risk prioritization and mitigation,” says Emily Mossburg, Deloitte Global Cyber Leader. @deloitte Read it: https://cyberinsurancenews.org/is-cybersecurity-spending-surge-sign-of-a-gathering-storm-deloitte-report/
Is Cybersecurity Spending Surge Sign Of A Gathering Storm? @deloitte @deloitte Report
RSA’s 2025 ID IQ Cybersecurity Report “Shocked”-Highlights High Costs of Identity Breaches and Shift Toward AI and Passwordless SecurityListen to the ArticleIn a landscape where digital security is paramount, RSA’s 2025 ID IQ Report underscores critical cybersecurity trends that organizations need to be aware of. Rohit Ghai, RSA’s CEO, frames the study as a reality check and a call to action. The report analyzes responses from over 2,000 cybersecurity, identity, access management, and tech professionals from 62 countries. Despite many participants identifying as experts in cybersecurity, they struggled with essential security principles, revealing a gap for organizations aiming to stay secure. Designed to assess knowledge of crucial security practices like Zero Trust architecture and password management, the report produced surprising results: nearly half of all participants answered at least half of the questions incorrectly.“We were surprised—if not a little shocked—at some of the answers we got back.”Rohit Ghai, RSA’s CEOThe responses highlight vulnerabilities that attackers can exploit and raise concerns about industries’ security preparedness. For instance, participants commonly misunderstood Zero Trust, a framework critical in today’s landscape where insider threats are rising. Misunderstanding such a foundational concept can result in ineffective defense strategies and increased attack exposure. Similarly, password management questions revealed widespread gaps, with many respondents failing to recognize the importance of unique, complex passwords and the risks of password reuse. This practice can compromise an entire organization if a single account is breached.In his executive summary, Ghai was somewhat blunt: “We were surprised—if not a little shocked—at some of the answers we got back.”Our further takeaways are as follows. You can read the whole report
RSA’s 2025 ID IQ Cybersecurity Report “Shocked”- Identity Breaches , AI and Passwordless Security
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