Ransomware Insurance Coverage Disappearing, Not Enough for Robust Cybersecurity

On May 9, European insurance giant AXA announced it will no longer provide support for ransom payments made to hackers. While AXA appears to be the first insurer to deny ransom payments, the move could signal an impending shift in ransomware insurance coverage. The AXA announcement comes as ransomware attacks prove an increasingly lucrative business model. For instance, victims paid an estimated $350 million in ransom payments in 2020, over 300 percent more than in 2019. In recent high-profile cases, Colonial Pipeline paid attackers $4.4 million, and CNA Financial Corporation paid a whopping $40 million. Meanwhile, cyber criminals continue to…

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10 PCI Compliance Best Practices to Protect Your Business and Customers

In 2014, Home Depot suffered a data breach of historic proportions. Hackers gained access to the retailer’s payment systems, compromising credit card information for 56 million customers. That breach cost Home Depot $179 million. While no organization can claim immunity from cyber-attacks, following PCI compliance best practices can mitigate the extent of the damage. All organizations that process credit cards must adhere to the Payment Card Industry Data Security Standard (PCI DSS) or face stiff fines. More importantly, PCI compliance represents a starting point for effective cyber security. Following best practices not only keeps you compliant but protects both your…

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