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UK Conservatives Say 'No' to Cyber Insurance Backstop

Data Breach Today

Committee Chairs Accuses UK of Favoring an 'Ostrich Strategy' For Ransomware The Conservative government of British Prime Minister Rishi Sunak says it won't champion a reinsurance plan for cyber insurance similar to flood insurance, telling a parliamentary committee it doesn't want to "damage competition."

Insurance 277
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Insurers Drop Bid to Exclude Merck's $1.4B NotPetya Claims

Data Breach Today

and several insurers that were appealing a 2023 court decision saying the insurance companies could not invoke "hostile warlike action" exclusions in refusing to pay drugmakers' claims filed after the 2017 NotPetya cyberattack. A Settlement Has Been Reached. So, How Might This Affect Similar Cases?

Insurance 343
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How the Merck Case Shapes the Future of Cyber Insurance

Data Breach Today

s proposed settlement with insurers over a $1.4 billion claim related to the NotPetya attack will change the language the insurance industry uses to exclude acts of war in its policies, and organizations need to consider how those changes affect risk, said attorney Peter Halprin. Merck & Co.'s

Insurance 308
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Insurance Broker Notifying 1.5 Million of Health Info Hack

Data Breach Today

California Firm Said August Attack Affected Clients' Data A California insurance broker that handles employee benefits, workers' compensation and property liability is notifying more than 1.5

Insurance 257
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Lawsuit: Health Insurer's AI Tool 'Illegally' Denies Claims

Data Breach Today

Plaintiffs Say UnitedHealthcare Algorithm Rejects Coverage for Elderly Patients The estates of two deceased UnitedHealthcare Medicare Advantage policyholders allege in a proposed federal class action lawsuit filed this week that the insurance giant is using an AI tool to illegally deny necessary coverage for post-acute care, such as skilled nursing, (..)

Insurance 278
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Study Downplays Cyber Insurance As Incentive to Pay Ransom

Data Breach Today

RUSI Study Finds 'No Smoking Gun' Suggesting Insureds Pay Extortion More Readily Fears that cyber insurance coverage drives companies into paying ransomware demands more easily than not appear unfounded, concludes a British think tank study that also suggests insurers should do more to enact corporate discipline.

Insurance 246
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Insurer Tokio Marine Hit by Ransomware

Data Breach Today

Firm Says Singapore Unit Was Targeted Tokio Marine, a Japan-based property and casualty insurer, says its Tokio Marine Insurance Singapore unit was hit by a ransomware attack this week.

Insurance 344