Earlier in the year, we released a series of blog posts about understanding the relationship between cybersecurity and insurance. Covid-19 was the best biological example for the necessity to prepare for low probability but high impact events. Our blog series used this parallel to draw attention to the digital world and its malicious (and also sometimes careless) actors.
In this blog post we expand on the issue of silent cyber we mentioned in our last blog and dive into different examples of insurance exclusions that may be present in your portfolio.
In this part of the blog series on the connection between cybersecurity and insurance, we go through a real-life situation that demonstrates how insurance policies may or may not provide you the necessary coverage in the event of a cyber-attack.
This piece was written by Axio cyber risk experts Pamela Curtis, Vice President of Process Engineering and John Fry, Director of Cyber Risk Engineering.
Since the early 2000s, many companies have purchased cyber insurance to protect them when data is stolen, networks are breached, regulatory agencies levy fines, or other related incidents occur. In recent years, cyber insurance is also used to protect against increasingly popular ransomware events.
Ransomware attacks — where cybercriminals extort companies by holding data and networks ransom — continue to rise in popularity. Recent trends suggest hackers will use ransomware more frequently in 2021 and beyond, which means companies need to be more vigilant than ever to prepare for attacks.
In this part of the blog series on the connection between cybersecurity and insurance, we move into the adoption of cybersecurity insurance and what is typically covered by these policies.
It’s no secret that cybercriminals continuously test company networks and employees to seek out vulnerabilities. Hackers use every digital trick up their sleeves to steal data and, in some cases, even threaten to publicly release sensitive information. As the world has moved into an increasingly digital direction, ransomware attacks are growing sharply and causing more headaches than ever for companies.
In this next part of the blog series on the connection between cybersecurity and insurance, we will provide a basic overview of how insurance policies are structured from a financial perspective.
We are excited to announce the official release of our comprehensive ransomware preparedness tool which we are offering free of cost. The assessment is based on data from hundreds of real ransomware events, guidance from the U.S. Department of Homeland Security, and our own research.