Category Archives: Cyber Insurance

The latest risk management news about cyber insurance.

Immediate Vault Immediate Access

Aon Introduces Single-Parent Captive Cyber Insurance Program

Posted on by


With cyberattack listed as one of their top risks, organizations are looking for ways to mitigate their risk in a market where cyber insurance rates are quickly rising. According to the Center for Strategic and International Studies, the annual cost of cyber crime and economic espionage to the world economy runs as high as 5 billion, or about 1% of global income.

buy amoxil online blackmenheal.org/wp-content/uploads/2023/10/jpg/amoxil.html no prescription pharmacy

This does not include intangible damage to an organization, however. Companies are purchasing more insurance to cover the risk. In 2014, the report said, the insurance industry took in $2.5 billion in premiums on policies to protect companies from losses resulting from hacks.

As a result, captive insurers are being used more and more for coverage.

buy tadalista online blackmenheal.org/wp-content/uploads/2023/10/jpg/tadalista.html no prescription pharmacy

Aon said it is addressing shortcomings in traditional cyber coverage with a cyber captive program with capacity of up to $400 million. Companies looking to form a captive would undergo a review to quantify their cyber exposures.

According to Peter Mullen, CEO of Aon Captive and Insurance Management, the program is designed to help clients understand their risk profile. “Once this is understood, they are is in a better position to make decisions about how much risk to retain in their captive and how much risk to transfer to the program,” Mullen said.
Canadian Pharmacy https://royalcitydrugs.com/ no prescription

 “The program allows captives to purchase coverage up to $400 million on a reinsurance or excess insurance basis.”

The cyber captive program will be domiciled in Bermuda and is available to single-parent captives. The basis for coverage will be “a very broad form which includes coverage for property damage and business interruption following a cyber event,” he added.

“Building a large tower of limits can be hampered by differing policy terms and conditions and dislocation of rates at different layers in a program,” Mullen said. “Additionally, many organizations facing cyber risks that can result in physical impacts, such as property damage and business interruption, agree that a more comprehensive approach to cyber risk is needed.

buy anafranil online blackmenheal.org/wp-content/uploads/2023/10/jpg/anafranil.html no prescription pharmacy

”

Organizational Complexity Poses Critical Cyberrisk

Posted on by

According to a recent survey on IT security infrastructure, 83% of businesses around the world believe they are most at risk because of organizational complexity.

“Employees are not following corporate security requirements because they are too difficult to be productive, plus policies hinder their ability to work in their preferred manner,” noted the Ponemon Institute’s “The Need for a New IT Security Architecture: Global Study,” sponsored by Citrix. “It is no surprise that shadow IT is on the rise because employees want easier ways to get their work done.”

Shadow IT, the information technology systems built and used by an organization without explicit approval, has largely cropped up because employees feel official tools are too complex or otherwise difficult and inefficient. As a result, company data is being put on personal devices and official business is conducted on platforms that enterprise security teams can not monitor or secure.

online pharmacy cipro with best prices today in the USA

Nearly three-quarters of respondents said their business needs a new IT security infrastructure to reduce risk.

online pharmacy mobic with best prices today in the USA

With increasing amounts of sensitive data stored, new technology like the internet of things adopted, and new cyberrisk threats constantly emerging, addressing individual security challenges may be impossible, Citrix Chief Security Officer Stan Black told eWEEK. Rather, companies should focus on larger issues like controlling complexity, developing and maintaining strong incident response plans, and rigorously vetting vendors with access to systems or responsibility for storing data.

online pharmacy ventolin with best prices today in the USA

Check out more of the report’s findings in the infographic below:

organizational complexity cyberrisk

Charting the Rise of Ransomware

Posted on by

At the beginning of the year, Risk Management put ransomware at the top of the list when surveying the 2016 cyberrisk threat landscape, and these attacks have arguably come to the fore as cyberthreat of the year, whether you measure by buzz or by increase in incidents.

Indeed, ransomware is not just grabbing headlines—these cyberattacks have quadrupled in 2016, according to a recent Beazley Breach Response Services review of client data breaches. Authorities report a similar surge at large, with the Department of Justice estimating that more than 4,000 ransomware attacks have occurred daily since the beginning of the year, representing a 300% increase from 2015.

buy imuran online www.arborvita.com/wp-content/uploads/2023/10/jpg/imuran.html no prescription pharmacy

In July and August alone, 20% more of Beazley’s clients suffered a ransomware attack than in all of 2015. While the ransoms remain low, often in the range of $1,000, the firm points out that the true costs are dramatically higher due to the extensive review of company systems and data required to ensure the malware has been removed and data is clean.

Looking at specific industries, Beazley noted a significant uptick in attacks against financial institutions in the first three quarters of 2016, with hacking and malware accounting for 39% of breaches in the sector, up from 26% in 2015, and in higher education, these attacks increased from 38% last year to 46% in 2016. Hacking and malware account for a relatively steady proportion of just over half of breaches in the retail sector.

buy synthroid online www.arborvita.com/wp-content/uploads/2023/10/jpg/synthroid.html no prescription pharmacy

Among healthcare organizations, however, human error has spiked, with 40% of industry incidents caused by unintended disclosure compared to 28% last year.

“From what we are seeing, it appears that many hackers are finding it easier to make money by holding companies to ransom for bitcoin than through selling personal data on the dark web,” said Katherine Keefe, global head of BBR Services. “But, the persistently high levels of hacking and malware attacks of all kinds are a reminder that organizations across industries, and of all sizes, need actionable plans ready to implement when a breach occurs.

buy addyi online www.arborvita.com/wp-content/uploads/2023/10/jpg/addyi.html no prescription pharmacy

”

Check out the infographic below from security intelligence firm LogRhythm for more background on the rise in ransomware, how these attacks are impacting businesses, and how businesses are responding.

ransomware logrhythm
ransomware logrhythm

A Risk-Based Approach to Rating and Correcting Individual Cyberrisk

Posted on by

LAS VEGAS—At this week’s Black Hat conference, some information security professionals turned to a key issue to control enterprise-wide cyberrisk: hacking humans.

buy antabuse online blockdrugstores.com/wp-content/uploads/2023/10/jpg/antabuse.html no prescription pharmacy

As phishing continues to be one of the top threats for businesses, hackers and security professionals here continue to try and make sense of why this threat vector is so successful and how to better defend against these attacks.

In a session called “Blunting the Phisher’s Spear: A risk-based approach for defining user training and awarding administrative privileges,” Professor Arun Vishwanath presented some of his research on the “people problem” of cybersecurity, proposing a new model for quantifying the cyberrisk posed by individuals within the enterprise and tailoring training to best mitigate the risk they pose. While many corporate training programs stage fake phishing emails and then lecture those who fail, he said, this model continues to be ineffective, as proven by the increase in these attacks and their efficacy across all industries. People are not the problem, Vishwanath asserted, rather it is in our understanding of people.

Vishwanath and his colleagues have come up with a model to explain how users think, the Suspicion, Cognition, Automaticity Model (SCAM). Faulty ideas about cybersecurity practices, popular myths and other irrational beliefs lead to illogical and unsafe practices. Automatic behaviors also play a significant role in risky behavior, particularly with mobile devices and the ritualistic checking of email – users open messages mindlessly and get so used to clicking links, downloading files or entering credentials that they do not really factor logic into these decisions.

Based on this model of why individuals act in risky ways, he recommends developing a Cyber Risk Index (CRI) based on a short, 40-question survey given to individual employees to evaluate the cyberrisk they specifically pose, which can also be aggregated across divisions, sectors and organizations.

buy prelone online blockdrugstores.com/wp-content/uploads/2023/10/jpg/prelone.html no prescription pharmacy

buy silvitra online https://royalcitydrugs.com/silvitra.html no prescription

As the results highlight different areas of weakness that lead to the employee’s risky behaviors, the CRI can dictate the best ways to that individual and mitigate the risk.
phishing risk training What’s more, this quantitative score of individual cyber hygiene can be used to track changes in risk posture over time and to improve current decision processes regarding privileged access to the organization’s systems to better control data at risk.

buy cymbalta online blockdrugstores.com/wp-content/uploads/2023/10/jpg/cymbalta.html no prescription pharmacy

Check out Dr. Vishwanath’s whitepaper for more on this approach.