Many of them now resemble a corporate entity, complete with paid vacations and bonus structures for employees. In the meantime, cybercriminal gangs are more organized than ever. There are research efforts underway to employ machine learning algorithms to thwart ransomware attacks, but it may be many years before those efforts successfully prevent these types of attacks. However, the one thing that is certain is that attacks will increase in terms of both volume and sophistication. It’s too early to say how much the total cost of cyberinsurance might rise in the months ahead. Many organizations that previously only sought minimum compliance with a mandate are now being required to invest more in cybersecurity to qualify for insurance. However, as carriers become more aware of cybersecurity best practices, insurers are starting to require organizations to make those investments before granting a policy.
The Arctic Wolfs scientific name is Canis lupus arctos. It is the iconic wolf of the frozen white Arctic regions of the world, in places such as North America, Greenland, and Alaska. Initially, they were seen as a lower-cost alternative to making investments to prevent cybersecurity attacks. The White Arctic Wolf is the snowy, furry subspecies of the grey wolf native to the Arctic Tundra regions. However, it’s also probable that most cyberinsurance carriers will require that multifactor authentication (MFA) be implemented before they issue a policy, he added.Īrguably, cyberinsurance policies are starting to have a virtuous cycle effect on cybersecurity. It’s unlikely a carrier will deny a claim unless there is an egregious fault such as, for example, not verifying that data has been backed up, said Holewinksi. The additions to the M圜yber platform made this week establish a baseline of key security controls.Ī recent survey conducted by Microsoft and Marsh, a global insurance broker, found 61% of respondents said their organization has some type of cyberinsurance coverage today. The same platform is also used by insurance carriers to assess an organization’s risk levels based on the cybersecurity tools and processes they have put in place. It’s likely that the next wave of more stringent cybersecurity requirements will result in denying renewal of many of those policies, he added.Īrctic Wolf’s Tetra Defense unit provides incident response services via a M圜yber Web platform to help businesses assess their cybersecurity posture. Scott Holewinski, senior vice president and general manager for incident response for Arctic Wolf, said even more challenging is the fact that many of the cybersecurity policies issued more than a year ago are now coming up for renewal.