More Ransomware Victims Are Declining to Pay Extortionists
The number of victims who opt to pay a ransom appears to have declined to a record low. During the last three months of 2023, an average of 29% of organizations hit by ransomware paid a ransom, said ransomware incident response firm Coveware, based on thousands of cases on which it worked. In the same…
SimSpace Scores $45 Million Investment to Expand Cyber Range Tech Markets
The company said the new equity round was led by L2 Point Management and brings the total raised to $70 million. SimSpace is marketing a so-called “Cyber Force Platform” that provides technology for organizations to stand up pre-defined or customized cyber range simulations that are secure and scalable “SimSpace’s internal threat intelligence teams and partners,…
Making Cyber Insurance Available for Small Biz, Contractors
The soaring costs of recovering from a security incident or data breach is driving interest in cyber insurance. While cyber insurance is typically viewed as a product mainly for large organizations seeking coverage and protection against state-sponsored attackers, criminals, and politically motivated hackers, it is also valuable to small and midsized companies and independent contractors….
Court Rules in Favor of Merck in $1.4 Billion Insurance Claim Over NotPetya Cyberattack
The Superior Court of New Jersey Appellate Division has ruled in favor of Merck in its $1.4 billion claim against the insurance industry for denying payment for damages caused by the 2017 NotPetya cyberattack. Merck did not have separate cyber insurance, and instead relied on the ‘all risks’ element of its property insurance. According to…
Organizations Reassess Cyber Insurance as Self-Insurance Strategies Emerge
As the market for cybersecurity insurance evolves and matures, insurance giant Lloyd’s of London is preparing to exclude most nation-state attacks from its coverage policies. In the wake of such changes, organizations are reassessing their cyber insurance strategies. While the Lloyd’s announcement does not explicitly exclude all nation-state or nation-inspired cyberattacks, it does solidify some…
7 reasons to avoid investing in cyber insurance
With cyberattacks rising at an alarming rate around the world, cyber insurance has become an increasingly popular layer of protection for businesses across all sectors. However, despite its clear appeal as a means of supporting and augmenting cyber risk management, insurance might not be the right fit for all companies in every circumstance. In fact,…
Cyber Insurance Coverage Checklist: 5 Security Items
As ransomware and BEC cyberattacks continue to increase, organizations are acquiring cyber insurance in record numbers to reduce cyber risk. According to Zurich, 83% of organizations have cyber insurance, the highest percentage in over a decade. However, there is some debate around the clarity of cyber insurance policy requirements and what security tools CISOs and…
Building America’s Cybersecurity Infrastructure
Our nation is facing some of the most daunting cybersecurity challenges in history. As the new Office of the National Cyber Director (ONCD) gets fully staffed and running, little is more important to the nation’s security than making sure the right people are in the right places to address these dynamic challenges. Bringing private industry…
Insurance and Fintech Firm Acrisure Launches Cyber Services Division
The new division provides clients with an integrated offering that combines cyber insurance with vulnerability scanning, email and endpoint security, and backup and recovery services. Headed by Bill Meara, who joins the company from private equity giant Abry Partners, Acrisure Cyber Services expands on the company’s existing products, including insurance, reinsurance, asset management, and real…
Insurer CNA Says Cyberattack Caused Network Disruption
The Chicago, Illinois-based company is one of the largest commercial insurers in the United States, offering cyber insurance policies alongside a broad range of other insurance products. In a March 23 announcement, the company revealed that, over the weekend, it fell victim to a cyberattack that impacted certain systems, and which resulted in network disruptions….
