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Cyberattack Surge Creates Opportunity for Insurers, Prompts Rethink on Premiums (bloomberg.com) 22

Posted by msmash from the paying-for-protection dept.
The recent surge in cyberattacks is pushing cyber insurers toward a fundamental reassessment of premium pricing, Bloomberg reports, with industry analysts warning of an impending "inflection point" that could reshape the market. Marks & Spencer's impending $404 million hit to its operating profit from a recent hack underscores claims that will "attract intense scrutiny from insurers," according to cybersecurity expert Adam Casey.

While incidents like this might not trigger immediate premium hikes across the board, they might likely contribute to an upward pricing trend. Panmure Liberum analyst Abid Hussain said that premiums have recently been falling as policy coverage has tightened, but the industry now faces a critical decision point. "There's going to be another step change, either in the policy wording or in the premiums, or both," Hussain said.

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Cyberattack Surge Creates Opportunity for Insurers, Prompts Rethink on Premiums

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  • A physical layer switched backup, with 4-8 Air-Gapped nightly backups, and proper IT setup on the frontend (Proper firewall, no holes, encrypt everything, no raw text PWs or CCNs, etc), and most Cybersecurity issues are mitigated beyond the ability to do real damage. https://www.printables.com/mod... [printables.com] This design is free to use, and has silenced EVERY IT CUSTOMER I have had repeated ransomware issues with for over ten years now. Combine this with a good second layer Cybersecurity Contractor/Watchdog, and fol
  • If they start causing too much trouble and cost too much money then just like with the virus writers the cops and the military will be engaged along with a shitload of resources to track them down and shut them down hard.

    I remember when Microsoft got serious about shutting down the botnets. It sucked for small computer shops because their bread and butter was virus removals. Somebody would come in with a computer with a bunch of viruses and you could stick it on a bench and run a bunch of automated tool
  • The insurance companies have been paying ransoms to mitigate their short term costs but we all know that in the end paying these ransoms motivates additional hacking. They have done this to themselves and their clients and they need to be held accountable, not make more profits.

    • Re: (Score:2)

      by GoTeam ( 5042081 )

      The insurance companies have been paying ransoms to mitigate their short term costs but we all know that in the end paying these ransoms motivates additional hacking. They have done this to themselves and their clients and they need to be held accountable, not make more profits.

      Having proper offline backups and enough extra servers around to spin up a virtual environment to cover your most critical business functions is a nice way to avoid ransoms. Although proper security is still cheaper most of the time.

  • Because they will make sure you pay more than you get. Insurances are for rare things that would break your budget. Oh, and at least in Europe, some cyber insurers will do a small audit and will not take bad risks.

  • Don't give your information to companies. They will either sell it or have it stolen. Even governments lose the battle against hackers and they're not even tasked to make a profit.

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