Author: Duncan Riley
Cybersecurity firm Sophos Group plc today announced a partnership with cybersecurity insurance provider Cowbell Cyber Inc. to provide businesses with an easier way to access cyber insurance. The partnership will allow Sophos customers to directly share their security health information with Cowbell to facilitate optimal premium quotes and policies and gain access to Cowbell insurance through the Sophos Marketplace. Cowbell customers will also be able to explore Sophos Managed Detection and Response via the Cowbell Marketplace, providing easy access to a service that currently protects more than 15,000 organizations. The partnership comes after research from Sophos indicated that cyber insurance is a crucial factor…
A new report from cybersecurity and cyber insurance startup Coalition Inc. finds that policyholders with as few as one unresolved critical vulnerability are more likely to experience a claim. The 2023 Cyber Claims Report found that having even one unpatched vulnerability increased the risk of cyber insurance claims by 33%. The report also found that organizations that continued to use end-of-life software — products no longer supported by their original developers — were three times more likely to suffer from an incident. Notable insights from the report included that in addition to “human inaction” — not patching software — human error is also…
Cybersecurity firm Sophos Group plc today announced a new partnership with risk mitigation company Cysurance LLC to provide fixed-price cyber insurance to Sophos’ managed detection and response customers in the U.S. Cyber insurance isn’t new. Sophos, for example, already has a relationship with Cowbell Cyber Inc. to provide its customers with cyber insurance. However, the policies offered under the new partnership with Cysurance are claimed to be unique because they recognize organizations that have a layer of threat detection and response services in place to prevent cyberattacks. The offering comes in an era where cybersecurity threats are rapidly growing and becoming increasingly complex. Sophos argues…
A new report released today by privileged access management company Delinea Inc. has found an increased gap in cyber insurance coverage as providers reduce their exposure and organizations ignore the fine print of cyber insurance policies. The 2023 State of Cyber Insurance report, based on a survey of organizations in the U.S., found that along with the increasing gap in cyber insurance policies, the time and effort to obtain cyber insurance is also increasing significantly, with the number of companies requiring six months or more to get cyber insurance skyrocketing from a year ago. The increasing difficulty in obtaining cyber…
Security rating firm SecurityScorecard Inc. today announced a new partnership with artificial intelligence-powered cyber insurance provider Measured Insurance LLC to deliver cyber insurance discounts for security ratings. The partnership comes at a time when the cyber insurance landscape is in flux, with a surge in premiums and a reduction in coverage reflecting the escalating financial repercussions of cyber incidents. A report from Delinea Inc. last month found an increased gap in cyber insurance coverage as providers reduce their exposure and organizations ignore the fine print of cyber insurance policies. The partnership between the two companies enables organizations to incorporate cyber insurance into their…
Cybersecurity and insurance platform startup Upfort today announced that it has raised $8 million in new funding to advance its goal to simplify the way brokers and insurers sell insurance and to shield its clients from cyberthreats. Founded in 2017 and previously known as Paladin Cyber, Upfort provides a platform that unifies security and cyber insurance to deliver comprehensive cyber risk solutions, all managed through artificial intelligence. On its cybersecurity side, Upforts offers holistic cyber protection that it claims is easy to deploy and manage. Cybersecurity services include email and web protection, security training and risk monitoring. AI is employed to…
A new report released today by cybersecurity insurance startup Coalition Inc. details a rise in cyber insurance claims in 2023, primarily driven by ransomware claims. In 2023, Coalition saw a 13% year-over-year increase in claims, but that was below an historic high in 2021. Overall claims severity increased 10% year-over-year to an average loss amount of $100,000, driven by ransomware claims in the first half of the year. Notably, though, 52% of all reported matters were handled without any out-of-pocket payments by policyholders. More than half of all claims lodged with Coalition last year related to business email compromise or funds…