Terry Ziemniak’s Post

Coalition, Inc.'s latest Cyber Claims Report has revealed some alarming trends in the world of cyber insurance. Did you know that email-related incidents accounted for the majority of cyber insurance claims in 2023? 📧 According to the report, funds transfer frauds (FTF) and business email compromises each made up 28% of all cyber insurance claims last year. Ransomware came in third, accounting for 19% of claims. 🔒 What's even more concerning is that the frequency of cyber claims increased by 13% year-on-year, while the severity of these claims rose by 10%. Businesses with revenue between $25 million and $100 million saw the biggest jump in cyber claims frequency, with a staggering 32% increase in 2023. 📈 But that's not all – the report also highlighted the growing risks associated with network boundary devices like firewalls and VPNs. Despite being designed to protect networks, these devices can carry vulnerabilities that are exploited by malicious actors. 🕵️♂️ Businesses with internet-exposed Cisco ASA devices were almost five times more likely to experience a claim, while those with internet-exposed Fortinet devices were twice as susceptible. And if you're using internet-exposed remote desktop protocol (RDP), your chances of facing a claim are 2.5 times higher! 😱 These findings underscore the importance of robust email security measures and the need for businesses to regularly assess and update their cybersecurity strategies. It's clear that hackers are becoming increasingly sophisticated in their attacks, and we must stay vigilant to protect our digital assets. 💪 I'm curious to hear your thoughts on this report. How is your organization addressing the growing threat of email-based cyberattacks? What strategies have you found effective in mitigating cyber risks? 🤔 #CyberSecurity #CyberInsurance #EmailSecurity #RiskManagement

Cyber insurance buyers should review their policies, particularly wordings related to business interruption exposures, to ensure they are adequately covered for events like the recent CrowdStrike outage, experts say. While cyber liability insurance losses are often associated with hacks and ransomware attacks, the systems failure caused by a faulty update from cybersecurity software provider CrowdStrike last month demonstrated the potential for losses from nonmalicious acts. More here... https://ow.ly/ngi650ST4gY #CrowdStrike #CyberInsurance #CyberLiability

Cyber insurance buyers should review their policies, particularly wordings related to business interruption exposures, to ensure they are adequately covered for events like the recent CrowdStrike outage, experts say. While cyber liability insurance losses are often associated with hacks and ransomware attacks, the systems failure caused by a faulty update from cybersecurity software provider CrowdStrike last month demonstrated the potential for losses from nonmalicious acts. More here... https://ow.ly/f7Zn50ST4h2 #CrowdStrike #CyberInsurance #CyberLiability

Cyber insurance buyers should review their policies, particularly wordings related to business interruption exposures, to ensure they are adequately covered for events like the recent CrowdStrike outage, experts say. While cyber liability insurance losses are often associated with hacks and ransomware attacks, the systems failure caused by a faulty update from cybersecurity software provider CrowdStrike last month demonstrated the potential for losses from nonmalicious acts. More here... https://ow.ly/gamu50ST4gZ #CrowdStrike #CyberInsurance #CyberLiability

Cyber insurance buyers should review their policies, particularly wordings related to business interruption exposures, to ensure they are adequately covered for events like the recent CrowdStrike outage, experts say. While cyber liability insurance losses are often associated with hacks and ransomware attacks, the systems failure caused by a faulty update from cybersecurity software provider CrowdStrike last month demonstrated the potential for losses from nonmalicious acts. More here... https://ow.ly/hYkE50ST4h0 #CrowdStrike #CyberInsurance #CyberLiability

Cyber insurance buyers should review their policies, particularly wordings related to business interruption exposures, to ensure they are adequately covered for events like the recent CrowdStrike outage, experts say. While cyber liability insurance losses are often associated with hacks and ransomware attacks, the systems failure caused by a faulty update from cybersecurity software provider CrowdStrike last month demonstrated the potential for losses from nonmalicious acts. More here... https://ow.ly/sH9Z50ST4gX #CrowdStrike #CyberInsurance #CyberLiability

Cyber insurance buyers should review their policies, particularly wordings related to business interruption exposures, to ensure they are adequately covered for events like the recent CrowdStrike outage, experts say. While cyber liability insurance losses are often associated with hacks and ransomware attacks, the systems failure caused by a faulty update from cybersecurity software provider CrowdStrike last month demonstrated the potential for losses from nonmalicious acts. More here... https://ow.ly/RgfO50ST4h1 #CrowdStrike #CyberInsurance #CyberLiability

Failure to properly manage your network might invite multiple challenges, like downtime, lost productivity, employee dissatisfaction and even loss of customer trust. But don’t worry. You can manage your network much better with an IT service provider by your side. Most think it's a choice between their network's integrity and security or their operations budget. Not true. There are cost-effective strategies, so you can have both. Reach out before it’s too late. We've been spreading the news about THIS gem on the Top 5 Reasons Cyber Insurance Claims Get Denied. Pick it up https://lnkd.in/dRe_jQVN

Of the more than 3,000 cyber insurance claims filed last year, only 2% were made by companies with $2 billion or more in annual revenue. Middle market businesses are preferred targets now. So how secure is your organization? Answer five quick cybersecurity questions here. Then let's talk! https://rsm.buzz/46SbP2l

Simply having cyber insurance coverage doesn’t ensure a payout. Meticulous record-keeping, proactive cybersecurity measures, and regular policy reviews ensure smooth claims processing. Need help optimizing cyber insurance coverage? We’re here to assist. Drop us a message. 🌐 Visit us at BigUComputers.com 📞 Call us at: 570.340.0800 #CyberInsuranceInsights #RecordKeeping #ProactiveCyberSecurity #PolicyReviews #SmoothClaimsProcessing #OptimizeYourCoverage #CyberRiskManagement #InsuranceAssistance #BigUComputers #CyberSecurityAwareness #InsuranceTips #BusinessProtection #CyberClaimSupport #InsuranceOptimization #StaySecured #RiskPrevention #CyberPolicy #BusinessContinuity #SecureYourBusiness #ContactUsForHelp