Displaying items by tag: Cyber insurance

The research reveals a rise in cyber insurance claims, highlighting the need for integrated cybersecurity, employee training and strategic insurance partnerships

COMPANY NEWS: KnowBe4, the world-renowned cybersecurity platform that comprehensively addresses human risk management, today announced the release of an in-depth research paper titled "Cyber Insurance and Security: Meeting the Rising Threat." This research delves into the increasingly crucial intersection of cybersecurity and insurance, examining the ever-evolving threat landscape that organizations face globally.

COMPANY NEWS:  Leading A/NZ ICT partner supports University of Auckland, Timaru District Council and enables cyber insurance with data immutability

GUEST RESEARCH: Delinea, a leading provider of solutions that seamlessly extend Privileged Access Management (PAM), today published its 2023 State of Cyber Insurance report finding that a significant gap is emerging between insurance carriers and organisations who are still scrambling to get affordable, comprehensive coverage.

COMPANY NEWS: Delinea, a leading provider of solutions that seamlessly extend Privileged Access Management (PAM), today announced the publication of Conversational Cyber Insurance, a resource developed with Conversational Geek to help organisations navigate the evolving requirements for obtaining cyber insurance policies.

A survey conducted for data security and management specialist Cohesity has found 78% of respondents say their organisation would pay up in response to a ransomware attack if it thought this would allow the recovery of data and business processes, or if the payment would result in faster recovery.

COMPANY NEWS: Technology services providers Somerville has partnered with diversified insurance services group, PSC Insurance, to provide organisations with a “cyber insurance checklist” in support of their requirements for tailored cyber insurance policies.

Cloud security is the greatest concern for cybersecurity professionals according to an online survey by Privileged Access Management (PAM) solutions provider Delinea.

GUEST OPINION: While it never went away entirely, there's a resurgence in unsanctioned cloud apps and services in enterprise environments – and nuanced action from IT teams is required to address it.

COMPANY NEWS: Delinea, a leading provider of Privileged Access Management (PAM) solutions for seamless security, today announced new features for its Privilege Manager and DevOps Secrets Vault products. Updates to both products make it more seamless to implement the controls frequently required to secure or renew cyber insurance policies.

Australian-owned, end-to-end IT solutions provider,Somerville has partnered with Veeam to help customers meet cyber insurance requirements for offsite, offline immutable backups.

GUEST OPINION: BeyondTrust, the leader in intelligent identity and access security today released its annual forecast of cybersecurity trends emerging for the New Year and beyond. These projections, authored by BeyondTrust experts Morey J. Haber, chief security officer and Brian Chappell, chief security strategist, EMEA/APAC, are based on shifts in technology, threat actor habits, culture, and decades of combined experience.

Nearly one-third of organisations have suffered a ransomware attack enabled by a malicious insider, a threat seen as commonly as the accidental insider (35%), according to a new report from cloud visibility and analytics company Gigamon.

Cyber insurance premiums have skyrocketed due to the constantly evolving cyber threats - but what steps can companies take before signing up for a cyber policy? Minimising security risk posture proactively will reduce the risk of cyber-attacks and therefore reduce their cyber insurance premiums. iTWireTV speaks with Yubico Vice President APJ Geoff Schomburgk on the topic.

GUEST OPINION by Brad Newton, ANZ Managing Director at Cohesity:  Insurance by definition is ‘a financial agreement whereby premiums are paid in exchange for a guarantee that costs will be met if a predetermined event occurs. Given the Australian Cyber Security Centre receives over 67,500 cybercrime reports each a year, and a ransomware attack happens globally every 11 seconds, it’s little wonder the global cyber insurance market is valued at more than $8 billion annually, with a compounding annual growth rate of 23.76% through 2027¹.

Companies that offer insurance in Australia to cover network attacks, including ransomware incidents, should be prohibited from making any ransom or extortion payments, the Cyber Security Co-­operative Research Centre says.

Many Australian small- and medium-sized enterprises believe they are less vulnerable to cyber incidents than their larger competitors, yet the majority of SMEs (60%) have experienced a cyber incident in the last 12 months.

New figures from Norton by Symantec state that just 19% of small businesses in Australia and 9% in New Zealand are looking to purchase cyber cover in 2017.

Cyber-attacks, hacks, breaches, data loss, DDoS, ransomware and more are a fact of life, but so far it seems only the big end of town, not SMEs, receive the publicity. It is a case of when, not if, the Australian government will introduce mandatory data breach notification revealing the true extent of the pain.

By the time you take out insurance against cyber threats, hacks, data leaks, breaches, etc., you probably have advanced capabilities in security and incident readiness and understand the risk profile.

New research from Mimecast shows 45% of organisations are unaware if cyber insurance will cover new social engineering attacks