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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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Cyber insurance: A guide for businesses

IT Governance

That’s why they organisations increasingly relying on cyber insurance policies to cover the costs when data breaches and cyber attacks occur. But just how helpful is cyber insurance? What is cyber insurance? How does cyber insurance work? What does a cyber insurance policy cover? Who needs cyber insurance?

Insurance 122
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Catches of the month: Phishing scams for June 2020

IT Governance

See also: Catches of the month for May 2020. See also: Catches of the month for May 2020. Catches of the month for April 2020. Catches of the month for March 2020. As of 15 May, the UK’s cyber crime agency had uncovered 7,796 phishing emails linked to COVID-19. Face mask scams. Healthcare workers are being targeted.

Phishing 119
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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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Regulatory Update: NAIC Summer 2020 National Meeting

Data Matters

The National Association of Insurance Commissioners (NAIC) held its Summer 2020 National Meeting (Summer Meeting) from July 27 to August 14, 2020. NAIC Considers Comments to the Group Capital Calculation Template and Instructions and Related Revisions to the Insurance Holding Company Act . GCC Template and Instructions.

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List of data breaches and cyber attacks in July 2020 ­– 77 million records breached

IT Governance

Canadian insurer Heartland Farm Mutual says an employee’s email account breached (unknown). Brazilian health insurer Hapvida discloses cyber attack (unknown). Western Australia government hacked, with COVID-19 communications intercepted (unknown). Philadelphia-based insurer Independence Blue Cross confirms data breach (2,393).

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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.