You can do everything right, but credit card fraud is inevitable. In recent weeks, Cyber Protection Magazine has fielded calls and emails from people who have followed all the best-known techniques for securing banking, debit, and credit card information. That includes bank notifications every time the card is used, multi-factor authentication (MFA), biometrics, and limiting the use of a card for specific transactions. These readers still experienced unauthorized use of…
It seems like the insurance industry is turning the corner on cyber insurance and making a decent profit in the process. But not every industry watcher is optimistic.
Three years ago, the insurance industry was reeling from claims due to multiple natural disasters, rising costs of automobile repairs, and more specifically, data breaches. Ransomware was a small but very expensive part of the debacle, but nothing as costly as social engineering and human ignorance driving lucrative phishing attacks. Large insurance companies abandoned cyber insurance policies entirely leaving the market to smaller companies focused only on cyber insurance.
According to a 2023 report from Security Week, “Higher premiums and wider exclusions are the primary methods for insurance to balance its books – and it is already having to use both. The question for 2023 and beyond is whether the cyber insurance industry can make a profit without destroying its market. But one thing is certain: a mainstream, funds rich business like insurance will not easily relinquish a market from which it can profit.”
Not enough money
In a 2020 Harvard Business Review article, Tom Johansmeyer, currently the Global Head of Index at reinsurance broker Inver Re, said,, “There just isn’t enough money in cyber insurance. And it’s hard to tell right now if there ever will be. Think about companies with at least $500 million in protection. There are only around 40 of them. Two total losses could wipe out a year’s premium. Insurers might have to wait half a century to earn enough premium against those losses.”
The FBI in 2020 said official losses due to cybercrime topped $4 billion worldwide while the total of cyber insurance premiums was slightly more than $8 billion.
Last year, however, was a banner year for cyber insurance while cybercriminals...
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President Joe Biden took a step forward in protecting American's data this week and issued an executive order (EO) to protect Americans’ personal information from hostile governments. It comes a year after a government report outlining how China is buying the data from legitimate data brokers and the mysterious “third-parties” and “certain partners” identified in online terms and conditions.
From our predictions issue: AI is rapidly infiltrating the business world and our daily lives. While revolutionizing how – and how efficiently – work gets done, it also introduces a new set of cybersecurity challenges.
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Finding content from legacy media is getting difficult in social media by design of the management of social media companies, while information from radicalized groups, hostile nation states, and paid political consultants currently makes up the bulk of information that these users call “news.”
In the ever-evolving landscape of technology, each year brings a new set of cybersecurity threats that can put your digital life and sensitive information at risk. As you navigate the digital world, staying informed about the latest dangers lurking in the shadows is crucial.
The need for knowledgeable people to safeguard our online environment has increased. In this context, women have become significant influences in cybersecurity.
It almost seems that the AI market is an industry at war with itself.
In the last year the tech world has seen some spectacular expectation resets on “revolutionary” technology. Social media has gone from a boon to democracy to a hellscape of mediocre and abusive content. Cryptocurrency and NFT swallowed more fortunes than
“Sextortion” is a popular theme in media and the news, but it may or may not be a big deal. It might not even be a crime depending on where you live. No one can really come up with a consensus about what it is and how widespread it is. It’s even difficult to pin down what constitutes the typical perpetrator of this crime.
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The healthcare industry is a vulnerable target of cybercriminals, but not for the reasons most business sectors are. Between 80 and 90 percent of all cybercrime results from people not following basic cyber hygiene practices, but in healthcare criminals gain access to information through infrastructure weaknesses and the murky third-party agreements.
The U.S. Health and Human Services breach portal said of the 863 reported breaches to healthcare organizations in 2023, 726 were due to weaknesses in hardware and software infrastructure. Those weaknesses can be in the form of outdated technology and...
French regulators recently warned that a January 2024 cyber-attack on two major healthcare sector companies caused over 33 million people’s data to be compromised. The data includes sensitive personal information, which threat actors could exploit in phishing campaigns and financial…...
From our predictions issue: With the new year, CIOs must educate and prepare themselves for the upcoming obstacles they may face in the future and implement ways to stay ahead and double down to protect themselves and their clients from potential vulnerabilities.
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From our predictions issue: The cybersecurity landscape in 2024 is poised for significant developments and challenges. This report offers valuable insights into the evolving threat landscape and the measures needed to mitigate risks effectively.
Safer Internet Day aims to raise awareness among young people of online issues. But they’re not the only ones who need to be aware of online safety. Businesses are just as vulnerable to cyber threats if they don’t protect themselves appropriately.
“Brushing” scams are one of the rarer internet crimes and are hard to defend once started. They can range from relatively benign pranks to outright identity theft. Most commonly found on Amazon, they can occur on any e-commerce site that uses customer reviews to boost products.
The heading says it all: Our latest issue, focusing on predictions for 2024, has finally arrived.