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GUEST ESSAY: Cyber insurance 101 — for any business operating in today’s digital environment

The Last Watchdog

To help mitigate the risk of financial losses, more companies are turning to cyber insurance. Related: Bots attack business logic Cyber insurance, like other forms of business insurance, is a way for companies to transfer some of numerous potential liability hits associated specifically with IT infrastructure and IT activities.

Insurance 222
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Few Fortune 100 Firms List Security Pros in Their Executive Ranks

Krebs on Security

Many things have changed since 2018, such as the names of the companies in the Fortune 100 list. But one aspect of that vaunted list that hasn’t shifted much since is that very few of these companies list any security professionals within their top executive ranks.

Security 209
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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.

Insurance 128
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Experts: Breach at IT Outsourcing Giant Wipro

Krebs on Security

The security experts said Wipro’s customers traced malicious and suspicious network reconnaissance activity back to partner systems that were communicating directly with Wipro’s network. “Wipro has a multilayer security system,” the company wrote. On Friday, Apr.

IT 265
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The business value of operating core insurance solutions on the cloud

IBM Big Data Hub

Although interest rates have increased at an unprecedented rate over the past year due to efforts by central banks to curb inflation, insurers are locked into low-yielding investments, and it will take several years for their investment yields to improve. Core modernization (processes and technology) is a top priority for every insurer.

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

Data Matters

On December 28, 2018, Michigan adopted the National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law in the form of Michigan H.B. The Act defines licensees as persons authorized, registered, or licensed under Michigan insurance laws or required to be so. 6491 (Act). MCL § 500.550.