In today’s uncertain economy, dealership executives are under pressure to reduce costs wherever possible. One of the smartest ways to get more favorable cyber insurance terms & premiums is with stronger cybersecurity—a strategy that’s gaining momentum across the auto retail industry. As cyber liability insurance premiums rise in response to growing threats, underwriters are rewarding … Read more
The cyber liability insurance market is in turmoil. Insurers found themselves exposed to a significant increase in the volume and severity of ransomware attacks that they didn’t foresee. As a result, cyber insurers have experienced record losses. This has led to a hardening of the cyber liability insurance market where insurers are now providing less … Read more
For businesses of all sizes, the threat and financial impact of a cyberattack is rising. Many businesses are looking to cyber liability insurance to help. But the increasing demand for cyber liability insurance, and a tightening supply, has resulted in soaring premiums and a stricter approval/renewal process. For instance, according to Marsh’s November 2021 Cyber … Read more
Multi-Factor Authentication (MFA) is the process of identifying users by validating two or more “factors” that are unique to a user. Some of the different factors that are most often used in the authentication process include: Something you know (such as a password or PIN) Something you have (like a code sent to your smartphone) … Read more
A recent Marsh & McLennan report states that cyber insurance rates could rise as much as 50% in the next 3-4 years. They also report that since 2018 the number of cyber events has grown 150% and there have been more than $20 billion in ransomware claims. Ransomware frequency and severity is leading to an … Read more