Remove 2017 Remove Government Remove Insurance Remove Security
article thumbnail

Lloyd’s Will No Longer Include Nation-State Attacks in its Cyber Insurance Policies

IT Governance

Lloyd’s of London has announced that its insurance policies will no longer cover losses resulting from certain nation-state cyber attacks or acts of war. In a memo sent to the organisation’s insurance syndicates , Underwriting Director Tony Chaudhry said that Lloyd’s remains “strongly supportive” of policies that cover cyber attacks.

Insurance 105
article thumbnail

Merck Wins Insurance Lawsuit re NotPetya Attack

Schneier on Security

The insurance company Ace American has to pay for the losses: On 6th December 2021, the New Jersey Superior Court granted partial summary judgment (attached) in favour of Merck and International Indemnity, declaring that the War or Hostile Acts exclusion was inapplicable to the dispute. Merck suffered US$1.4 Merck suffered US$1.4

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance

Data Matters

2 announcing a Cyber Insurance Risk Framework (the Framework) that describes industry best practices for New York-regulated property/casualty insurers. According to NYDFS, the incorporation of these practices should be proportionate to each insurer’s size, resources, geographic distribution, and other factors. The Framework.

article thumbnail

New York Regulators Call on Insurers to Strengthen the Cyber Underwriting Process

Hunton Privacy

As reported on the Hunton Insurance Recovery blog , on February 4, 2021, the New York Department of Financial Services (“NYDFS”), which regulates the business of insurance in New York, has issued guidelines, in the Insurance Circular Letter No. sought coverage for expenses under its property insurance policy.

article thumbnail

SilverTerrier gang uses COVID-19 lures in BEC attacks against healthcare, government organizations

Security Affairs

Nigerian cyber gang SilverTerrier, specialized in BEC attacks, used COVID-19 lures in recent attacks on healthcare and government organizations. A few weeks later, threat actors launched multiple attacks that attempted to exploit the CVE 2017-11882 Office flaw to run a malicious executable. ” continues the report.

article thumbnail

“An act of war”: Zurich American refuses to pay out on cyber insurance policy following NotPetya attack

IT Governance

US food giant Mondelez is suing insurance company Zurich American for denying a $100 million (£76 million) claim filed after the NotPetya attack. NotPetya is a Windows-based piece of ransomware that infected organisations across the globe in 2017. Perilous future for cyber insurance. Was NotPetya an act of war?

article thumbnail

Why Cybersecurity Pros Should Care About Governance

Getting Information Done

Ultimately, the chief information security officer (CISO) needs to understand the information footprint across systems, determine the value/risk of loss, and protect against cyberattacks through the deployment of control activities, which are commensurate with the value/risk of these information systems. So, what can be done?