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Zala Insurtech News: Howden’s fourth annual cyber report has found a market stabilisation following significant volatility in 2020 and 2021 due to increased ransomware claims. The “Risk, Resilience, and Relevance” report found a 15% decrease in rates from the peak in 2022. The post Howden Finds Cyber Market Stabilising, Rates Declining appeared first on Insurtech Insights. Read on below >> #insurance #innovation #insurtech

Zala Insurtech News: cyan AG, a cybersecurity provider, is partnering with Wefox Austria, a SaaS platform for insurance brokers, to launch a new offering that includes cyber protection and insurance. The post cyan AG and Wefox Austria Announce Cyber Partnership appeared first on Insurtech Insights. Read on below >> #insurance #innovation #insurtech

So great to see all the key stakeholders coming together to ensure more secure IT environments for Small&Medium sized businesses; ✅ Business owners ✅ IT Service providers ✅ Technolgy (Microsoft) ✅ Financial security (Cowbell) Great #partnership!

Allianz Commercial has issued a report highlighting a resurgence of ransomware and extortion claims, marking a shift from the relatively stable loss activity observed in the past two years. The company’s analysis of substantial cyber losses reveals an alarming trend of increasing data exfiltration incidents, with the percentage of cases involving data theft doubling from 40% in 2019 to nearly 80% in 2022. This trend has intensified further in 2023. Michael Daum, global head of cyber claims at Allianz Commercial, said: “Double and triple extortion incidents — using a combination of encryption, data exfiltration and distributed denial of service attacks — to obtain money are not new, but they are now more prevalent." Scott Sayce, global head of cyber at Allianz Commercial, reported that: “Cyber claims frequency has picked up again this year as ransomware groups continue to evolve their tactics." #insurtechinsights #insurancenews #cybercrime https://lnkd.in/gcSFTn8Q

Zala Insurtech News: MAPFRE and technology provider Cyberwrite, a leading global provider of cyber insurance technology, have joined forces to help the insurer's clients reduce the risk of cyber-attacks with AI. The post MAPFRE and Cyberwrite Partner to Boost Cyber Protection for SMEs with AI appeared first on Insurtech Insights. Read on below >> #insurance #innovation #insurtech

🛡️ Understanding the Impact of Data Breaches on Consumer Trust 🛡️ Data breaches have become all too common in today's digital landscape, affecting businesses of all sizes and industries. Beyond the immediate financial and operational impacts, data breaches can have long-lasting effects on consumer trust. Immediate Impact: Loss of customer confidence: When a breach occurs, customers may lose trust in a company's ability to protect their data. Reputation damage: Public perception of the company can be negatively affected, leading to a decline in brand trustworthiness. Long-Term Effects: Customer attrition: Following a breach, some customers may choose to take their business elsewhere, impacting revenue and market share. Regulatory scrutiny: Regulators may impose fines and penalties for non-compliance with data protection laws, further damaging the company's reputation. Rebuilding Trust: Transparency: Communicate openly with customers about the breach, its causes, and the steps being taken to prevent future incidents. Enhanced security measures: Implement stronger security protocols to protect customer data. Compliance with regulations: Ensure compliance with data protection laws to demonstrate a commitment to data privacy. Data breaches are not just a technical issue; they are also a trust issue. Businesses that prioritize data protection and proactively address breaches can mitigate the impact on consumer trust and emerge stronger from these challenges. #DataBreaches #ConsumerTrust #DataProtection #CyberSecurity #BusinessStrategy

Yesterday I had just posted about data breaches & company gotten fine because of that. Today Carousell, an e-commerce platform, famous for helping people sell their used items, is fined S$58,000 due to losing users data. More story here https://lnkd.in/g_N6faDe Cyber insurance will be able to cover such costly events. Although company needs to jump through a few technology hops to get insured, it is a must-have DX risk management strategy, especially when your clients are the public. Talk to your insurance agent about this. They will guide you on how. This will also lead you to what technology to invest in. #cyberinsurance #digitaltransformation

Did you know that encryption is currently being used more AGAINST anyone with patient data than to protect patients? "Data was successfully encrypted in 75% of ransomware attacks on healthcare organizations in 2023, according to new research from Sophos. This represents significant rise from last year's report, when 61% of healthcare organizations reported having their data encrypted.Nov 1, 2023" "Sizable fines assessed for data breaches since 2019 suggest that regulators are getting more serious about organizations that don't properly protect consumer data. Marriott was hit with a $124 million fine, later reduced, while Equifax agreed to pay a minimum of $575 million for its 2017 breach.  Now, the Equifax fine has been eclipsed by the $1.19 billion fine levied against the Chinese firm Didi Global for violating that nation’s data protection laws, and by the $877 million fine against Amazon last year for running afoul of the General Data Protection Regulation (GDPR) in Europe." Top payers Didi Global: $1.19 billion Amazon: $877 million Equifax: (At least) $575 Million Instagram: $403 million TikTok: EUR345 million ($370 million) T-Mobile: $350 million Meta (Facebook): $277 million WhatsApp: $255 million Home Depot: ~$200 million

Zala Insurtech News: Cowbell has entered into a strategic partnership with Microsoft and Ingram Micro Inc. to elevate policyholder security and diminish cyber risks. The post Cowbell Partners with Microsoft and Ingram Micro Inc to Boost Policyholder Security appeared first on Insurtech Insights. Read on below >> #insurance #innovation #insurtech

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