Insurance News’ Post

Outlook for insuring #cybersecuirty on shaky ground. Of course every company is largely self-insured on cybersecurity risk to begin with, and only a small portion of their exposures are transferred to insurance. The trick is in knowing how much economic exposure or risk is insured vs. not... Get a #cybersecurity expert on every board who understands this. #QTE Digital Directors Network

Just after the Crowdstrike global outage, the White House is exploring the idea of a federal insurance backstop for catastrophic cyber incidents. This initiative would entail collaboration between the federal government and the insurance industry to create a plan for financially addressing significant cyber attacks. The primary objective is to enhance market certainty and bolster the nation's resilience. Nevertheless, challenges exist, such as more actuarial data to evaluate risks. What do you think about this proposal? #CyberSecurity #Insurance #RiskManagement

The cybersecurity landscape is rapidly evolving, and the cyber insurance industry is facing significant challenges in keeping up. At #RSAC2024, experts delved into the lack of standardized policy language, which makes it difficult for organizations to evaluate and compare coverage options. With novel AI-driven threats on the rise, underwriters are struggling to assess and price risks accurately. This highlights the importance of thoroughly understanding your first and third-party cyber risks and carefully scrutinizing policy details to ensure adequate protection. Read the full article for valuable insights and advice on navigating this complex domain: https://lnkd.in/gNA_Wz_w #CyberInsurance #RiskManagement #InfoSec

"Plummet" might be a bit extreme. The article claims it's due to #competition, but another article (in the comments) suggests otherwise. If you improve security, you improve your #risk. Better risks pay less on #insurance. That's the way the game is played, my friends! The lesson here? Get good. Good #cybersecurity. Good #cyberinsurance #coverage. Good wisdom and understanding around both.

The cyber insurance market is seeing a decline in prices due to increased competition. This trend is a positive development for businesses looking to enhance their cybersecurity measures without breaking the bank. As more players enter the market, companies can expect better coverage options and more competitive rates. #CyberSecurity #CyberInsurance #BusinessProtection #MarketTrends https://lnkd.in/g6R7MDJR

As the frequency of high-profile cyberattacks intensifies, businesses are facing a surge in cyber insurance premiums, a trend underscored in Sulagna Saha's article. This increase reflects the growing recognition of the financial risks associated with data breaches and the essential role of insurance in a comprehensive cybersecurity strategy. The market shift signals an urgent need for companies to bolster their security measures and evaluate their insurance coverage to navigate the challenging cyber threat landscape. Read more in this Gestalt IT article, inspired by a delegate discussion at Security Field Day. #XFD11

Interesting article with contributions from people in the know.

CrowdStrike's IT outage highlights the critical need for robust cyber insurance, echoing Warren Buffett's warnings. The incident underscores the importance of strong cybersecurity measures and comprehensive insurance coverage as businesses face evolving digital threats. #CyberSecurity #CyberInsurance #CrowdStrike #WarrenBuffett #RiskManagement #Aerowavesg

Attention all businesses! Don't fall victim to insurance companies rescinding your cyber breach coverage. Too many companies assume they are covered, only to find out too late that their policy falls through the cracks. Our partnership with Marsh ensures your policy doesn't suffer the same fate. Let us conduct a full assessment to ensure you're protected. Check out this landmark case where misrepresentation led to a cyber claim getting thrown out and the entire policy being rescinded. Stay informed and secure. #cybersecurity #insurancecoverage #riskmanagement

Lexasure and OneDegree have launched a new cyber insurance offering for South and Southeast Asia. This initiative aims to enhance protection against evolving digital threats in the region. By addressing the growing need for robust cyber security solutions, this partnership seeks to provide comprehensive coverage for businesses. Explore how this new insurance product can safeguard your organization in today's digital landscape. https://lnkd.in/gTXx3E6B #CyberInsurance #DigitalSecurity #SouthAsia #SoutheastAsia #CyberProtection #InsuranceSolutions #DigitalThreats #TechCoverage #BusinessSafety #SecuritySolutions #UnderstandingEnterpriseTech #EnterpriseTechnologyNow #EnterpriseTechnologyToday