Ransomware: To Pay or Not to Pay

Ransomware: To Pay or Not to Pay

When one threat actor group is taken down another one appears in its place ready to devastate organizations. The number one cyber threat? Ransomware. By 2031, ransomware will cost victims an annual total of $265 billion. Until recently, the largest ransomware payment was $40 million by CNA Financial to regain control of their systems. Now, Dark Angels—one of the top cyber threat groups to watch—broke the record for the largest ransomware payment by almost double the largest payment at $75 million. With ransomware attacks increasing and becoming more costly, the…

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Businesses of all sizes can benefit from cyber liability insurance

Cyber Liability Insurance - security

Quality coverage includes both first-and third-party financial losses from cyberattacks in various forms. These days, it’s virtually impossible to fail to understand that a cyber liability insurance policy could benefit any company that does business online to any degree and in any way. Also known as cyber risk insurance or just cyber insurance, it protects against security breaches. Headlines announcing various types of hacks, data breaches, ransomware and other cyberattacks have become commonplace. No company, organization or even government is entirely safe from a particularly determined and skilled cybercriminal. That…

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Unemployment fraud up 17,000 percent says Allstate Identity Protection

Unemployment fraud - man using computer - binary code - scam

AIP found that as the pandemic sent more Americans online, cybercriminals took advantage of the opportunity. Since the start of the COVID-19 pandemic, Americans used the internet more frequently and for more purposes than ever before, while cybercriminals took the chance to steal identities for unemployment fraud. The simple fact that people were using the internet so often and broadly opened many doors to criminals. According to Allstate Identity Protection (AIP) data, unemployment fraud took off by over 17,000 percent year over year, a staggering figure to say the least.…

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The impact of cyber insurance on cybercrime as a whole

computer cyber insurance site

While companies seek to protect themselves against losses from digital attacks, policies aren’t solving the problem. If there is anything that companies have had to come to accept, it is that cybercrime is real and one of the best ways that they are able to protect themselves against the losses associated with those digital attacks is through cyber insurance. However, the coverage is currently dealing only with the symptoms of the issue and not the problem, itself. At the same time that companies are using cyber insurance to protect themselves…

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Electronic medical records present high risk to insurance industry

As per new federal laws, the nation’s medical records will soon be stored electronically. These new electronic records will be a part of the state-run health insurance exchange programs that are designed to help consumers find affordable health care. Insurers participating in these programs will have access to a person’s medical records to help price insurance policies. Going electronic has some major risks, however, and these risks have never been more apparent than they are today. While the advancement of technology has brought many benefits to humanity as a whole,…

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