Cyber Insurance | Breaking Cybersecurity News | The Hacker News

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.  In 2023, the cybersecurity market is expected to see new trends, and businesses must be adequately prepared for any developments. Andrey Slastenov, Head of Web Security at Gcore, shares his insights on these trends in this article. 1 —  Application security As businesses shifted online to stay afloat during the pandemic, the forecast for application security spending is projected to surpass $7.5 billion, according to  Statista . Source However, every application might be susceptible to hacking, zero-day attacks, and identity theft. Ensuring application security demands professionals w

Have you ever stopped to think about the potential consequences of a cyberattack on your organization? It's getting more intense and destructive every day, and organizations are feeling the heat. That's why more and more businesses are turning to  cyber insurance  to find some much-needed peace of mind. Imagine, in the unfortunate event of a successful security breach or ransomware attack, the right policy can help minimize liability and contain losses. However, skyrocketing claims in 2020 sent shockwaves through the insurance industry, forcing insurance providers to reinvent the criteria for acquiring or renewing cyber insurance. As a result, businesses are now navigating a dramatically altered terrain where they must prove their ability to defend against ransomware attacks. This includes implementing a wide range of robust security measures, particularly around identity protection requirements such as MFA coverage and service account protection. The new identity protectio

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) across all admin access in a network environment as well as protect all privileged accounts, specifically machine-to-machine connections known as service accounts.  But identifying MFA and privileged account protection gaps within an environment can be extremely challenging for organizations, as there is no utility among the most commonly used security and identity products that can actually provide this visibility. In this article, we'll explore these identity protection challenges and suggest steps organizations can take to overcome them, including signing up for a  free identity risk a

In the world of insurance providers and policies, cyber insurance is a fairly new field. And many security teams are trying to wrap their heads around it.  What is it and do they need it? And with what time will they spend researching how to integrate cyber insurance into their strategy?  For small security teams, this is particularly challenging as they contend with limited resources. Luckily, there's a  new eBook  dedicated to helping small security teams better understand cyber insurance policies and how they may impact an organization's cybersecurity measures. Background In 1997, the "Internet Security Liability" (ISL) insurance policy was launched at the International Risk Insurance Management Society's convention in Honolulu. Underwritten by AIG, ISL insurance was designed to protect ecommerce retailers like Amazon that were collecting sensitive customer data and storing it on internal networks. It is credited as one of the very first cyber insurance policies to be made ava