Cybersecurity insurance

The second day of Semperis’ HIP conference featured frank advice about recovering from a ransomware attack, the nature of business resilience and the importance of identity security.

Almost 75% of all reported cyberinsurance claims during the first half of this year were attributed to business email compromise attacks, ransomware incidents, and fund transfer fraud, with average ransomware claim losses totaling $353,000.

Insurance firms have been urged by Deputy National Security Adviser for Cyber and Emerging Technologies Anne Neuberger to cease policies encouraging ransomware-hit organizations to provide extortion payments amid increasingly severe intrusions around the world.

Such a policy, which is expected to be issued by year-end, seeks to address concerns surrounding actuaries, said National Cyber Director Harry Coker Jr. at this year's Black Hat USA conference.

Such newly secured funds would be allocated by the firm, which caters to small and medium businesses, toward international expansion and the creation of new insurance offerings with a focus on artificial intelligence.

Most interesting within this survey is the ubiquity of cybersecurity insurance coverage among 90% of organizations with between 100 and 5,000 staffers.

Cyber insurance underwriting is all over the map. With such a variation in application requirements, how should small and medium businesses prepare to receive the best policy for the price? Brian Fritton joins Business Security Weekly to discuss a systematic approach to preparing for cyber insurance. By working with the underwriters, this approa...

Cyberinsurance premiums were observed by brokerage firm Howden to have declined by nearly 15% from peak levels in 2022 and while such a decrease was attributed to improved cybersecurity, experts said that the lower rates were more likely to be a corrective measure from insurers as part of a cyclical market, SecurityWeek reports.