All news with #cyber insurance tag

Microsoft and Beazley Partner to Strengthen Cyber Resilience

🤝 Microsoft announced a collaboration with Beazley that designates Microsoft Incident Response as an approved incident response provider for Beazley’s InfoSec and Media Tech policies. This alignment brings technical responders, insurers, brokers, and legal counsel together to accelerate detection, containment, and recovery. Microsoft Incident Response, supported by Microsoft Threat Intelligence and direct engineering access, offers streamlined invoicing aligned to insurance standards. Eligible incident response services used during a cyber event are considered reimbursable, helping customers secure faster claims and recovery.

Why Cyber Insurance Fails When Security Hygiene Is Poor

⚠️ Cyber insurance has become a boardroom staple, but it often creates a false sense of protection. Policies limit financial exposure but are not a blank check: insurers increasingly require documented controls and may reduce, delay, or deny claims when basic security hygiene—patching, access controls, logging, MFA, or incident readiness—is lacking. Relying on coverage without fixing these foundational failures leaves organizations exposed to financial, operational, and reputational harm.

Ransomware Recovery Failures: Paying Often Doesn't Work

🔐 A Hiscox survey of 1,000 mid-sized firms finds ransomware remains a major risk: 27% of organizations reported attacks in the past year and 80% of victims paid ransom. Yet only 60% of those who paid recovered data fully or partially. Experts cite faulty encryptors, unreliable decryptors, corrupted backups and double/triple extortion as common causes. Industry specialists recommend tested recovery plans, retainers with incident response teams, and robust cyber insurance rather than relying on ransom payments.

Ransomware recovery falters: 40% of paying victims lose data

🔒 Two in five companies that pay ransomware attackers still fail to recover their data, according to a Hiscox survey of thousands of SMEs. The study found 27% of businesses were hit in the past year and 80% of affected firms paid a ransom, yet only 60% recovered all or part of their data. Experts blame flawed encryptors, corrupted or compromised backups, and complex double- or triple-extortion tactics. Organisations are urged to maintain tested recovery plans, forensic validation, and incident response retainers rather than rely on payment.

Black Hat USA 2025: Insurers Limit Vendor Exposure

🛡️ At Black Hat USA 2025 speakers warned that high cyber-insurance premiums can reflect insurers capping exposure to specific third-party vendors rather than a direct finding of poor security in a customer’s environment. Insurers may respond to exceeded vendor thresholds by issuing prohibitively high quotes instead of declining coverage, effectively pricing some customers out. Claims data presented showed 45% of new claims in H1 2025 involved an SSL VPN lacking MFA, and Coalition reported 55% of ransomware begins at perimeter devices.