Beazley’s 2020 Breach Briefing focuses on ransomware—containing information and statistics on the types of ransomware incidents handled by Beazley Breach Response Services, case studies, and tips on how to prevent infection by ransomware.Matthew McCabe observes that the cyber insurance underwriting process “raises awareness of threats, identifies how companies should be responding, and educates insureds.” He adds that after an attack, insurers convene “the right team of experts, including legal counsel and forensic experts, to assess the incident and recommend appropriate action in a timely fashion.” He concludes: “Companies are fighting hackers on an unbalanced playing field, where defense is much harder than offense, and cyber insurance has proven to be a valuable partner in that fight. Insurers collect proprietary information about their insureds not available to other companies. He is also a Certified Information Systems Security Professional (CISSP).Cyber Insurers – Allies in the Battle Against Ransomware This is not a time for excuses. One commentator has stated that all ransomware attacks should now be considered data breaches.Erchov notes that the following activities are recommended for firms experiencing a ransomware event:• Initial triage and containment efforts to ensure that the attackers no longer have access to systems and networks.• Legal assessment to identify all applicable obligations under state and federal laws and regulations (such as the above notification issue).• Recovery of data and systems (this can occur either by paying the ransom, restoring from backups, or rebuilding systems and data from scratch).If the results of the forensics investigation do not rule out data access or exfiltration, he recommends these additional activities:• Collection and data mining of compromised data to identify all personally identifiable information/payment card information/protected health information records.• Notifications of individuals and organizations whose data was compromised.• DarkWeb search and monitoring services to proactively detect if compromised data would get posted on hacker forums or underground markets.Other characteristics of the cyber insurance market in general contribute to cost pressures:• Current threats adapt and evolve while all-new hacks present themselves without warning.• Cyber is a relatively young product line lacking the data and actuarial methodology to model risk as compared to much more established and more static insurance products such as auto and homeowners.• Since the potential damage and scope of a cyber event are relatively unknown, accumulation presents greater potential exposure especially as market share grows.All of these forces have contributed to an asymmetric perfect storm. Enaretos Partners examines all threat risks and develops a baseline level of security for your executives, whatever the threat level they are facing. If the victim is a healthcare organization covered by the Health Insurance Portability and Accountability Act (HIPAA), the answer is presumed to be yes. The nail in the coffin would be capital controls. Carriers can also require an applicant to provide additional quantitative and qualitative data in order to better understand overall risk level faced by the insured. Conducts threat modeling exercises. Carriers can analyze this information to determine the root causes of attacks and how to minimize future ones. However, this approach has a number of pitfalls. ... We do not agree with the CMA’s assessment of the merits of a code of conduct. Develops and implements security controls and formulates operational risk mitigations along with assisting in security awareness programs. • Arete tracked 33 different variant types in 2019, while seeing an increase of 56% of new variants tracked throughout the year. Conducts risk and vulnerability assessment at the network, system and application level. Arete Incident Response Director Evgueni Erchov has observed that this technique has been copied by other attackers (REvil/Sodinokibi, DopplePaymer, Mespinoza and AKO). The victim incurs significant costs in order to recover from an attack (covered by cyber insurance), while the attackers’ costs may be minimal. Given the stakes, companies should be eager to take all the help they can get.Ransomware trends indicate that attacks will only increase in size and severity.

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