Evolving threat landscape influencing cyber insurance market

At the Black Hat USA 2024 conference, cyber insurance trends took center stage as cyber threats rapidly evolve and worsen. Ransomware, which is impacting businesses significantly, is adapting in form, with smaller threat groups emerging, using a new ransom negotiation approach. VP of Cyber Claims at Tokio Marine, Catherine Lyle, warned of predicted dependence system failures in 2024-2025 due to such threats. Experts also stressed the importance of enabling multi-factor authentication (MFA) to help secure networks. The role of insurance providers in ransom payment decisions was also a hot topic.