cyber insurance Archives

Tech Optimizer

December 27, 2024

Data protection advancements expected to shape 2025 security

Andrew Eva, the Global CIO of Assured Data Protection, predicts that by 2025, there will be a seamless integration of backup systems with ransomware detection, antivirus technologies, and intrusion detection systems. He highlights a collaboration between Rubrik and Google to provide enterprise customers with insights into known exploits for better early detection of malicious codes. Disaster recovery systems will take on a more frontline role in cyber threat management, utilizing machine learning to identify potential viruses. Ransomware is expected to remain the top cyber threat, prompting organizations to prioritize disaster recovery and backup solutions. Concerns about data security in relation to artificial intelligence will lead organizations to seek assurances regarding data protection from managed service providers (MSPs). The criteria for cyber insurance are tightening, making MSPs essential for businesses to meet these requirements. There is also an anticipated surge in demand for Backup-as-a-Service (BaaS), especially in healthcare, driven by resource constraints and a shift towards operational expenditures.

Tech Optimizer

November 15, 2024

Warnings as remote working presents a significant cybersecurity concern

A study by Markel Direct surveyed 500 SME owners, revealing that 23% see securing remote workspaces as a primary challenge, ranking second among cyber security issues, while 62% are concerned about the sophistication of cyber threats. To safeguard data accessed by remote employees, 52% use VPNs, 48% train employees on secure practices, and 46% have remote access policies. However, 49% would not know how to respond to a cyber-attack, and 69% lack a cyber security policy. Proactive measures include 72% using antivirus software, 69% regularly updating software, and 52% adopting multi-factor authentication. Despite these efforts, 43% of SMEs do not train employees on best practices, and 53% lack cyber insurance. Rob Rees from Markel Direct highlighted the importance of having a robust cyber security policy and preparedness against AI-driven attacks. Markel Direct offers a cyber response helpline for policyholders.

Tech Optimizer

October 22, 2024

Kaseya survey finds human behaviour a top cyber threat

Kaseya's 2024 Cybersecurity Survey Report highlights that 89% of IT professionals view human behavior as the primary threat to cybersecurity. Phishing scams impact 58% of businesses surveyed, while ransomware payouts have declined to 11% due to increased investments in backup and recovery technologies. Over 80% of respondents expect their IT security budgets to remain stable or grow, with planned investments in cloud security, automated penetration testing, and security awareness training. The survey indicates a rise in cyber insurance adoption, increasing from 27% to 61% in 2024. The sample primarily includes companies from North America, with a focus on those with annual revenues between USD million and USD million and employing 101 to 500 individuals.

Winsage

October 1, 2024

One year until Windows 10 ends: Here’s the security impact of not upgrading

Businesses considering remaining on Windows 10 must evaluate the implications for their cyber insurance coverage, particularly regarding compliance with the Payment Card Industry Data Security Standard (PCI DSS). Non-compliance can result in denied claims or loss of coverage. Key concerns include adherence to PCI DSS standards and the implementation of necessary security measures for point-of-sale systems, such as file integrity monitoring, anti-malware solutions, timely patches, and audit logging. Failing to maintain these protections while operating point-of-sale systems can jeopardize customer data and cyber insurance benefits.