Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Comments
Average Breach Falls Below Cyber Insurance Policy Deductible, Study Shows
Newest First  |  Oldest First  |  Threaded View
DaveS6929
50%
50%
DaveS6929,
User Rank: Apprentice
3/22/2016 | 10:18:47 AM
Re: Will cyber insurance premiums ever decrease?
If premiums under $600 are what you're looking for, all you need to do is look a bit harder.  Excellent coveragee suites from substantial Insurance Carriers with deductibles as low as $1,000 are readily available for SME.

For SME, ANY breach could be catastrophic.  They need a Cyber SWAT Team that they can call and have everything handled.  That is one of the best features of the insurance policies currently available and affordable.

We certainly buy insurance to protect against serious & catastrophic circumstances.  For SME, a 100-500 PII Breach is just that.  60% of them go out of business within 6 months of a cyber crime.  The insurance industry has indeed responded to the needs of SME to transfer this risk effectively and inexpensively.

 

 
DaveS6929
50%
50%
DaveS6929,
User Rank: Apprentice
3/22/2016 | 10:06:49 AM
Security Pros Missing The Mark
According to the Survey cited, the lack of insurance coverage for the average breach is solely attributable to the size of deductibles in the respondant's insurance policy.  Establishinging an average deductible of $10,000 indicates that the overwhelming number of respondants are not Small-MidSized Enterprises. 

The current Marketplace for Cyber Insurance is repleat with deductibles as low as $1,000 for the SME segment, the very firms who would be crippled or bankrupted by a 100-500 PII breach.

Is cybersecurity the panacea for these firms (or any for that matter)?  Obviously not, as the headlines would illustrate.  No, Breach Response is the critical factor and SME needs assistance and guidance the most.

To imply that Cyber Insurance isn't worth buying is fundamentally irresponsible.
KeithB787
50%
50%
KeithB787,
User Rank: Apprentice
3/11/2016 | 5:39:04 PM
Will cyber insurance premiums ever decrease?
This is definitely a case of where size matters. As the article mentions, it's very similar to car insurance. While you have insurance to cover a serious accident or catastrophic damage, you still have to pay your deductible for the accident. And so businesses will need to cover a portion off every security breach. A more interesting aspect might be that the article noted that cyber insurance coverage is increasing in the market. This will bring more competition and hopefully lower premiums for businesses. Unfortunately, with the huge amount of breaches that continue to happen annually, it remains to be seen if premiums can be reduced.


COVID-19: Latest Security News & Commentary
Dark Reading Staff 8/3/2020
Pen Testers Who Got Arrested Doing Their Jobs Tell All
Kelly Jackson Higgins, Executive Editor at Dark Reading,  8/5/2020
New 'Nanodegree' Program Provides Hands-On Cybersecurity Training
Nicole Ferraro, Contributing Writer,  8/3/2020
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Current Issue
Special Report: Computing's New Normal, a Dark Reading Perspective
This special report examines how IT security organizations have adapted to the "new normal" of computing and what the long-term effects will be. Read it and get a unique set of perspectives on issues ranging from new threats & vulnerabilities as a result of remote working to how enterprise security strategy will be affected long term.
Flash Poll
The Changing Face of Threat Intelligence
The Changing Face of Threat Intelligence
This special report takes a look at how enterprises are using threat intelligence, as well as emerging best practices for integrating threat intel into security operations and incident response. Download it today!
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2020-15820
PUBLISHED: 2020-08-08
In JetBrains YouTrack before 2020.2.6881, the markdown parser could disclose hidden file existence.
CVE-2020-15821
PUBLISHED: 2020-08-08
In JetBrains YouTrack before 2020.2.6881, a user without permission is able to create an article draft.
CVE-2020-15823
PUBLISHED: 2020-08-08
JetBrains YouTrack before 2020.2.8873 is vulnerable to SSRF in the Workflow component.
CVE-2020-15824
PUBLISHED: 2020-08-08
In JetBrains Kotlin before 1.4.0, there is a script-cache privilege escalation vulnerability due to kotlin-main-kts cached scripts in the system temp directory, which is shared by all users by default.
CVE-2020-15825
PUBLISHED: 2020-08-08
In JetBrains TeamCity before 2020.1, users with the Modify Group permission can elevate other users' privileges.