A surprising improvement in loss ratios for cyber insurance providers in 2021 means the rapid rise in premiums might at last subside later this year. The loss ratio declined for the first time since 2018 despite the frequency and severity of claims filed for cyberattacks increasing again in 2021.
In the latest weekly update, four ISMG editors discuss the state of cyber insurance today and why its future is uncertain; applying a security-by-design reliability model to analyze vulnerabilities; and how Russia takes down members of the REvil ransomware group as cyber aggressions in Ukraine rise.
ISMG's global editorial team reflects on the top cybersecurity news and analysis from 2021 and looks ahead to the trends already shaping 2022. From ransomware to Log4j, here is a compilation of major news events, impacts and discussions with leading cybersecurity experts on what to expect in the new year.
Forrester's Sandy Carielli and Jeff Pollard discuss their latest research, Predictions 2022: Cybersecurity, Risk and Privacy, which highlights the need for gaps in third-party relationships, collaboration and trust to be addressed.
Ransomware attacks have become the game changer in driving up security requirements, policy premiums and rejection rates for healthcare sector entities seeking new cyber insurance policies or renewals, says Doug Howard, CEO of privacy and security consultancy Pondurance.
As ransomware attacks continue to dominate headlines, Quentyn Taylor, a Canon director of information security, cautions organizations not to forget about "some of the other threats, like business email compromise," which continue to cripple organizations through financial and reputational damage.
The latest ISMG Security Report features the fallibility of ransomware gangs and why victims should always seek help from a reputable response firm, law enforcement or other qualified expert. Also featured: Data protection advice and why the remote work model might make securing data easier.
The latest edition of the ISMG Security Report features an analysis of how a cryptocurrency exchange bug has revealed North Korean monero laundering. Also featured are cyber insurance trends and cybercrime innovation.
The world is experiencing a cybercrime pandemic, which is a direct consequence of COVID-19, according to Amit Basu, CISO and CIO at International Seaways. He offers proactive prevention measures, based on his own experience, for how organizations can stay safe and secure.
The pace of Conti ransomware attacks has been increasing, with more than 400 organizations globally having fallen victim, warns a joint cybersecurity advisory from the U.S. Cybersecurity and Infrastructure Security Agency, FBI and National Security Agency, which details essential defenses.
In the latest weekly update, four editors at Information Security Media Group discuss important cybersecurity issues, including the role of cyber insurers in supporting ransomware victims' incident response, and how to build a successful bug bounty program.
Regarding the recent tactical innovation by the Grief ransomware gang that is threatening to wipe a victim's data and decryption key if the victim engages a ransom negotiator, analysts are calling this a desperate ploy to scare a target into paying the ransom demand.
On Aug. 25, President Joe Biden invited about 25 technology, insurance, finance and education executives to the White House to discuss pressing cybersecurity issues such as supply chain and critical infrastructure. One of those participants was Resilience CEO Vishaal Hariprasad.
The Ragnar Locker ransomware operation has been threatening to dump victims' stolen data if they contact police, private investigators or professional negotiators before paying a ransom. But as one expert notes: "Perhaps the criminals watched too many TV shows, because this isn’t how the real world works."
Business email compromise attacks, which balance low-tech tactics with the potential for big profits, remain popular. Attackers continue to refine their tactics, including subverting legitimate redirect services as well as recruiting English-speaking business partners and cryptocurrency tumbler operators.