Cyber insurance stories

Nearly all companies with cyber insurance have bolstered cybersecurity to meet policy terms, yet recovery costs from attacks, averaging USD $2.73 million, outstrip coverage.

Some 76% of firms bolstered cyber defences to secure insurance, though many remain unclear on coverage specifics amid rising attack recovery costs.

A Coalition study reveals 87.6% of UK's mid-sized business IT leaders have faced cyber-attacks, voicing concerns about current insurance offerings' efficacy.

AttackIQ has partnered with Trium Cyber to provide policyholders with AttackIQ Flex, aiming to boost cybersecurity maturity and mitigate risks.

A 25% surge in 2023 data breaches hit UK firms, with ransomware impacting 75%. Average breach costs GBP £3.4 million, but only 31% do risk assessments.

CrowdStrike's new Falcon for Insurability initiative aims to lower underwriting risks for cyber insurers and enhance organisations' cyber resilience using AI-powered defences.

A survey by Hornetsecurity shows 26% of organisations lack IT security training, urging better preparedness against rising AI-driven cyber threats.

Cybersecurity firm BforeAI launches PreCrime Guarantee, pledging up to ten times reimbursement of service contracts if their AI fails to prevent a cyberattack.

Sophos' MSP Perspectives 2024 survey reveals that keeping up with the latest cybersecurity technologies is the top challenge for MSPs, according to 39% of respondents.

Arctic Wolf’s Cybersecurity Report reveals a rise in ransomware and Business Email Compromise attacks, pushing global firms towards increased cyber insurance.

IAG debuts Cylo, a cyber underwriting agency supported by CGU, to enhance cyber resilience for small Australian businesses with revenues up to AUD $10 million.

Security operations firm, Arctic Wolf rolls out Cyber Resilience Assessment tool to strengthen companies' cybersecurity profiles and insurability by aligning them to industry-standard frameworks.

CYFOR Group bolsters its growth plan with the appointments of Andrew Frowen as CTO and William Poole as Head of Incident Response.

In 2024, it’s clear that cybersecurity will remain a top priority for organisations and governments worldwide.

97% of UK firms face ongoing supply chain cyber threats, enduring negative impacts in the past year, reveals BlueVoyant.

Cybersecurity firm Tesserent reports a notable rise in demand for services from Australian company directors and boards.

Most UK government departments display a worrying disregard for cyber insurance, ignoring potential financial and data risks.

Research by cybersecurity firm Claroty reveals 75% of critical infrastructure sectors experienced ransomware attacks in the past year.

Darren Humphries, Acora's CISO, discusses cybersecurity challenges in 2024, spotlighting AI threats and strategies.

SMBs should also consider strong personnel practices and awareness to implement a better defensive strategy than Whac-A-Mole.

73% of Australian businesses have been victims of cyber attacks in the past 5 years, according to a report by McGrathNicol Advisory.

BeyondTrust’s cybersecurity experts predict the main global threats for 2024, including advanced AI threats and a rise in subscription-based model risks.

Cyber insurers today expect their customers to take proactive security measures, including identity and access management.

Disrupted cyber attacks are on the rise according to Splunk's CISO Report, with 90% of orgs hit in the past year and 83% paying ransoms.