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Security Roundup: Cyber Insurance, Malware Spikes, NTT Security-ThreatQuotient

Cybersecurity Shield

… cybersecurity score, if not from SecurityScorecard then from one of its competitors, Heid said.

“It’s the concept of looking at what your credit score is before applying for a loan and then you can fix those items before you even fill out the applications,” he said. “So if you know what your score is [and] where your weaknesses are, you can get those patched up. If you check your score, see the issues and then fix [them], and then apply for coverage, the first time the insurance company looks at your score, they’re not going to see your unclean profile.”

Collier disagrees.

“If a customer, a small business with $1 million to $3 million in sales, has to go out and spend $10,000, $20,000 or $30,000 to do testing and remediation, and put all the proper processes in place, then they’re going to say, ‘I don’t really need insurance because I feel safe — and they’re not,” he said. “Even with the best protections, with hundreds of millions of dollars of budget for IT security, you can still be T.J. Maxx, JP Morgan Chase, Home Depot or an Equifax.”

Cyber-insurance providers already are being hit with claims from businesses that suffered a breach, Heid said. Some people are getting paid out and some claims are getting “pushed back” because of a lack of coverage or a related issue, he said.

“As far as which incidents and which companies got paid out and which one’s didn’t, that information is usually held pretty close to the vest by the insurance companies themselves and the claimant,” he said. “But it is definitely going on … and we have several insurance companies using our platform for that purpose.”

RPS has had “hundreds and hundreds” of claims, Collier said.

“In the event that you have a breach, you call your breach coach, and we have found that by jumping on these breaches very quickly and professionally, we’re able to limit the amount of money that has to be spent,” he said. “We are experts at making sure the claim gets handled professionally and expeditiously, and that helps drive down the the total cost of the claim.”

In the meantime, Colliier says what’s “nerve-wracking” is knowing that “there [are] still 65 out of 100 people” who don’t feel they need cyber insurance.

“Statistically, if a company has a breach, they’re out of business in six months 60 percent of the time,” he said.

Comodo Report: Malware Attackers Seize on Elections, World Events

Major geopolitical events and crises correlated with major malware spikes last year, according to Comodo‘s Global Malware Report for 2017. For example, on Oct. 24, 2017, in the United States, Comodo detected a massive spike in Kryptik trojan malware, totaling nearly 300,000, with more than 94 percent located in Virginia, where a close gubernatorial election took place.

And in terms of world events, there was a spike of viruses …

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