How do I select cyber insurance for my business?
There has been a 70%+ increase in the average cost of a cybercrime to an organization over five years to $13mn and a 60%+ increase in the average number of security breaches, a recent report reveals. Losses resulting from external incidents, such as DDoS attacks or phishing and malware/ransomware campaigns, account for 85% of the…
The battle against ransomware: Lessons from the front lines
Ransomware is arguably the most significant cybercrime innovation in recent history. The ransomware business model is so effective that it is now the most common and devastating threat to organizations of all sizes. As a provider of cyber insurance, we have the misfortune of responding to ransomware attacks across tens of thousands of organizations, and…
83% of SMB owners have no cash put aside to deal with the fallout from a cyber attack
Small businesses are leaving themselves exposed to significant financial risk from cybercrime by not having adequate measures in place to recover in the event of a cyber attack. That’s according to the findings of InsuranceBee’s Cyber Survey, which asked more than 1,000 SMBs how prepared they are to deal with cybercrime. Although the average cost…
Less than a third of companies have dedicated cybersecurity insurance
Only one third of senior executives in UK organisations admit their company insurance currently covers them for a security breach and for the financial impact of data loss, despite the fact that 81 percent agree that it is ‘vital’ their organisation is insured against information security breaches. This is according to the Risk:Value report from…
Does cyber insurance make us more (or less) secure?
If data is the new oil, then we’re looking at pelicans soaked in crude on a beach. When an oil tanker goes down or an oil rig explodes, dumping millions of gallons of petroleum into the ocean, we clean up the spill, we look for first causes, and we hold the company — even individuals…
Cyber insurance: Is it worth the investment?
Last year, Aon Inpoint reported about 80 percent of buyers of stand-alone cyber premiums were medium-sized to large companies. However, smaller firms are increasingly assessing their cyber exposure risk as concerns about the potential impact of a cyber incident continue to rise. “The majority of breaches worldwide occur at companies with 1,000 employees or less…