Nearly Two Out of Three Cyber Attacks Targeting SMEs; 60% of Uninsured Affected Companies Are Out of Business Within Six Months

New York, NY, September 14, 2019 –(PR.com)– “Although many SMEs believe that they are not interesting enough to be hacked, criminals think differently. Of all cyber attacks on companies, 64% are SMEs, resulting in, among other things, a business interruption, loss of reputation, economic costs and/or a fine or legal action. Moreover, 60% of the affected companies that did not take out cyber insurance are out of business within six months of a cyber incident,” Israeli cyber security specialist Avi Bartov, director of the specialized cyber security company GamaSec, said…

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Are cyber insurance companies contributing to ransomware attack growth?

Cyber insurance companies - Security - ransomware

Certainly, they are not direct effort by insurers to boost cyberattacks, but a relationship has been proposed. It comes as no surprise to hear that ransomware attacks are on the rise, but new perspectives are connecting this trend with increasing the availability of products from cyber insurance companies. Essentially, the more organizations are covered against attacks, the more likely criminals are to be paid. As cyber insurance companies become more commonplace and companies and organizations better understand the importance of coverage, large policies are being purchased. As a result, when…

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Despite huge cyber insurance market growth, it remains a tiny industry fragment

Cyber Insurance Market - Cyber Security

Businesses are catching on to the critical nature of this coverage, but there is a long way to go. The cyber insurance market represents a relatively new environment which comes with a high risk level. This requires insurance companies to use a cautious and meticulous strategy supported by reinsurance, according to a Moody’s Investors Service report. While the market growth is taking off, it still represents only a small fraction of the industry’s revenue. The cyber insurance market experienced a 26 percent cumulative annual growth rate in direct premiums since…

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Cyber insurance growth has declined as the industry struck $2 billion last year

Cyber insurnce growth - binary - cyber - tech

Fitch Ratings data showed that the market’s growth fell from 37 percent in 2017 to 8 percent in 2018. Cyber insurance growth has continued to rise at a healthy rate, but according to Fitch Ratings, it is not growing at a rate anywhere near what it was in 2017. In 2018, the insurance industry’s total direct written premiums for cyber coverage grew by 8 percent. According to Fitch Ratings, the total direct written premiums saw a cyber insurance growth rate was 37 percent in 2017. However, despite the fact that…

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Dark Overlord may prove to be the insurance industry’s biggest threat

Dark Overlord - Insurance Industy - Cyber attack

Cyber threats pose a nearly immeasurable risk to an industry based on stored private information. Dark Overlord is the name of an individual or group behind what may be a massive cyberattack on insurance companies. Dark Overlord claims to have stolen files connected with the insurance filings made as a result of the terror attacks of September 11, 2001. If this is the case, Dark Overlord may have achieved the largest ever hack into the insurance industry. According to a Forbes report, Dark Overlord is seeking Bitcoin payments in exchange…

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Cyber insurance market will be twice as big over 3 years, Munich Re

Cyber insurance market - Security - Cyber Network

Data breaches and other cyber attacks are growing in frequency and size, boosting coverage need. The cyber insurance market will reach more than 8 billion dollars by 2020, representing a doubling from its 2017 figure, says Munich Re. Cyber attacks making major headlines are rapidly becoming more dramatic and damaging. Among the most damaging cyber attacks organizations have seen over recent months and years include WannaCry and NotPetra. These malwares had a significant economic impact as they infected hundreds of thousands of devices last year. These high profile attacks have…

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Georgia purchase largest US cyber insurance policy

Cyber insurance policy - Hacker - malware - online attack

The state is adding to its protection against hackers following a massive March ransomware attack. Georgia has added a new layer of protection against hackers by purchasing the largest cyber insurance policy in the United States. The coverage is a component of the state’s new strategy against cyberattacks. Last March it fell victim to a ransomware attack. The Georgia Department of Agriculture’s website was taken down unless the state would pay. Hackers demanded $50,000 in the ransomware attack. Despite the hackers’ demands, the state would not pay the ransom. Instead,…

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