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Cyber Insurers Pull Back Amid Increase in Cyber Attacks, Costs

eSecurity Planet

The explosion of ransomware and similar cyber incidents along with rising associated costs is convincing a growing number of insurance companies to raise the premiums on their cyber insurance policies or reduce coverage, moves that could further squeeze organizations under siege from hackers. Insurers Assessing Risks.

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Experts: Breach at IT Outsourcing Giant Wipro

Krebs on Security

In March 2018, Wipro said it passed the $8 billion mark in annual IT services revenue. In September 2018, the Nebraska Department of Health and Human Services issued a cease-and-desist letter to Wipro, ordering it to stop work on the upgrade to the state’s Medicaid enrollment system, and to vacate its state offices.

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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.

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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.

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MY TAKE: Poorly protected local government networks cast shadow on midterm elections

The Last Watchdog

In March 2018, the city of Atlanta fell victim to a ransomware attack that shut down its computer network. It’s easy to think of it as a problem the federal government must address or something that enterprises deal with, but cybersecurity has to be addressed closer to home, as well. City agencies were unable to collect payment.

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Ohio Adopts National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law

Data Matters

On December 19, 2018, Ohio adopted the National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law. The Act is designed to “establish standards for data security and for the investigation and notification to the Superintendent of Insurance of a cybersecurity event.”.

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Regulatory Update: NAIC Fall 2018 National Meeting

Data Matters

The National Association of Insurance Commissioners (NAIC) held its Fall 2018 National Meeting (Fall Meeting) in San Francisco, California, from November 15 to 18, 2018. NAIC Continues its Evaluation of Insurers’ Use of Big Data. This post summarizes the highlights from this meeting. groups with non-U.S.