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  • Hacker Group Cites Target’s Cyber Insurance Limits in Ransom Demand  Cyber Insurance Carriers & Brokers
  • Cowbell Secures $60 Million Series C Funding from Zurich Insurance Group Cyber Insurance
  • BOXX Insurance and Zurich Insurance Group Launch Personal Cybersecurity App Cybersecurity
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  • How to Avoid Being on the Hook for Your Vendors’ Inadequate Cybersecurity  Cyber Insurance Best Practices

The CrowdStrike Outage: A Wake-Up Call for Cybersecurity and Insurance

Posted on July 26, 2024July 26, 2024 By Martin Hinton

Security Fix Backfires, Creating More Problems The CrowdStrike outage that began on July 19, 2024, serves as a critical reminder of the vulnerabilities in our digital infrastructure and the profound…

Read More “The CrowdStrike Outage: A Wake-Up Call for Cybersecurity and Insurance” »

Cyber Insurance, Opinion/Commentary

Cyber Insurance Adoption: The IT Challenge

Posted on October 19, 2023October 19, 2023 By Martin Hinton

CFC, a leading specialist insurance provider in emerging risk and a market leader in cyber insurance, conducted a recent survey revealing that IT departments constitute the biggest obstacle to the…

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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
Microsoft’s latest Digital Defense Report highlights an alarming rise in the complexity and scale of cybersecurity threats, urging a collective defense strategy to counter both state-sponsored and criminal attacks. The Digital Defense Report 2024 provides an in-depth overview of the latest changes in the global cybersecurity landscape. The report outlines significant shifts in the nature of cybersecurity threats and cyberattack patterns across multiple countries, focusing on ransomware, fraud, and identity and social engineering attacks. In response to these developments, Microsoft emphasizes the need to adopt key cybersecurity practices, including strengthening defenses in an AI-driven era. Panji Wasmana, National Technology Officer at Microsoft Indonesia, highlighted the importance of collective responsibility in cybersecurity. He emphasized that addressing cybersecurity threats is not solely the responsibility of the IT team; instead, it involves every individual within an organization. Wasmana pointed out the benefits of implementing Zero Trust principles. That entails practices like always verifying user identities, limiting data and device access, and assuming a breach has occurred. He also recommended using passkeys—digital keys protected by biometric data or a PIN—as a more secure alternative to traditional passwords. Our summary of the report follows; you can read it all here, https://cyberinsurancenews.org/cybersecurity-threats-escalate-microsoft-warns-of-increasingly-sophisticated-attacks-in-2024/
Cybersecurity Threats Escalate: Microsoft Warns of Increasingly Sophisticated Attacks in 2024
Cyber insurance claims and risks are surging as premiums dip, putting the industry in a precarious position. Despite strides in cybersecurity protocols, insurers are struggling to keep up with an onslaught of complex and frequent cyber incidents. From large-scale data breaches to double extortion ransomware, the threats can seem countless. Industry experts warn that if these trends persist, the financial stability of the sector could be at risk. That’s the big takeaway from Gallagher Re’s 2024 Cyber Loss Trends Survey, which sheds light on these challenges and offers a glimpse into the turbulent landscape facing cyber insurers today. Gallagher Re conducted this survey between May and July 2024, gathering insights from 17 participants across the insurance and reinsurance sectors, each covering a variety of target markets and customer demographics. By analyzing historical claims data from the last three years and the professional judgment of industry insiders, the survey provides a nuanced view of cyber insurance’s current state and potential future. Gallagher Re plans to repeat this survey annually to track evolving trends and their impact on claims frequency and severity. We took a look at the executive summary, and our thoughts follow; you can read it for yourself at this link https://cyberinsurancenews.org/rising-cyber-claims-pressure-insurers-to-adapt-as-threats-evolve/.
Rising Cyber Claims Pressure Insurers to Adapt as Threats Evolve
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    • $1.35 Billion Valuation for AT-Bay as It Raises $185 million  Cyber Insurance Investments and M&A
    • Ramping Cyber Insurance Premiums Help Hiscox Hit Profitability in H1 2021  Cyber Insurance
    • Hackers Get Trickier as Companies & Cyber Insurers Improve Their Defenses  Cyber Insurance Best Practices
    •  At-Bay Spending Some of Last Summer’s $185m D Round on Office Space Cyber Insurance
    • Cyber Insurance May Cost More this Year, But at Least it Takes Longer to Get: Delinea Cyber Insurance
    • Healthcare Industry Cybersecurity Earns ‘B+’ in SecurityScorecard Report. Cybersecurity
    • Conventional Wisdom on Cyber Insurance & Ransomware is Wrong: British Think Tank  Cyber Insurance Best Practices
    • New Personal Cyber Insurance Offered by Connected Insurance & Swiss Re  Personal Cyber Insurance

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