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Insurance shapes how cyber risk is priced, transferred, and investigated, influencing breach costs, security incentives, and liability.

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Cyber insurance transfers some financial risk from security incidents to an insurer under a contract. Policies may cover first-party costs such as forensic investigation, system restoration, notification, and interruption of the insured’s business, as well as third-party privacy or security claims. Coverage depends on limits, deductibles, exclusions, and the policy’s definitions; regulatory penalties and ransom payments, for example, may be restricted or unavailable in some jurisdictions.

For security practitioners, insurance makes evidence of controls an operational and legal concern. Underwriting and claims may examine multifactor authentication, protected backups, logging, vulnerability remediation, access control, and tested incident-response plans. Inaccurate application answers or failure to meet policy conditions can reduce or invalidate recovery. During a claim, organizations may also share sensitive personal, technical, and investigative information with insurers, brokers, lawyers, and responders, requiring careful privacy, confidentiality, and evidence-handling practices.

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With one in three cyber-attacks now involving compromised employee accounts, insurers and regulators are placing far greater emphasis on identity posture when assessing cyber risk.  For many organizations, however, these assessments remain largely opaque. Elements such as password hygiene, privileged access management, and the extent of multi-factor authentication (MFA) coverage are

The April 2025 cyber attacks targeting U.K. retailers Marks & Spencer and Co-op have been classified as a "single combined cyber event." That's according to an assessment from the Cyber Monitoring Centre (CMC), a U.K.-based independent, non-profit body set up by the insurance industry to categorize major cyber events

A new tax-themed malware campaign targeting insurance and finance sectors has been observed leveraging GitHub links in phishing email messages as a way to bypass security measures and deliver Remcos RAT, indicating that the method is gaining traction among threat actors

The Hacker News 2 years, 3 months ago

Hands-on Review: Cynomi AI-powered vCISO Platform

The need for vCISO services is growing. SMBs and SMEs are dealing with more third-party risks, tightening regulatory demands and stringent cyber insurance requirements than ever before. However, they often lack the resources and expertise to hire an in-house security executive team. By outsourcing security and compliance leadership to a vCISO, these organizations can more easily obtain

In the tumultuous landscape of cybersecurity, the year 2023 left an indelible mark with the brazen exploits of the Scattered Spider threat group. Their attacks targeted the nerve centers of major financial and insurance institutions, culminating in what stands as one of the most impactful ransomware assaults in recent memory.  When organizations have no response plan in place for such an

As technology advances and organizations become more reliant on data, the risks associated with data breaches and cyber-attacks also increase. The introduction of data privacy laws, such as the GDPR, has made it mandatory for organizations to disclose breaches of personal data to those affected. As such, it has become essential for businesses to protect themselves from the financial and

As technology advances, cyberattacks are becoming more sophisticated. With the increasing use of technology in our daily lives, cybercrime is on the rise, as evidenced by the fact that cyberattacks caused 92% of all data breaches in the first quarter of 2022. Staying current with cybersecurity trends and laws is crucial to combat these threats, which can significantly impact business development

The Hacker News is thrilled to announce the launch of our new educational webinar series, in collaboration with the leading cybersecurity companies in the industry! Get ready to dive into the world of enterprise-level security with expert guests who will share their vast knowledge and provide you with valuable insights and information on various security topics

With cyberattacks around the world escalating rapidly, insurance companies are ramping up the requirements to qualify for a cyber insurance policy. Ransomware attacks were up 80% last year, prompting underwriters to put in place a number of new provisions designed to prevent ransomware and stem the record number of claims. Among these are a mandate to enforce multi-factor authentication (MFA)

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