The Last Watchdog

JULY 27, 2023

New York, NY, July 27, 2023 – QBE North America today announced the launch of a cyber insurance program with new MGA, Converge, acting as program administrator. Tom Kang, CEO, Converge, added, “We’re thrilled to partner with QBE North America given their experience and reputation in the cyber insurance market.

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Insurance Risk Retail Marketing 188

Data Breach Today

JANUARY 23, 2023

In this episode of "Cybersecurity Unplugged," David Derigiotis of insurtech Embroker discusses the complex world of cyber liability insurance, including the collapse of crypto exchange FTX, recent breaches, and improvements in the cyber insurance industry.

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Insurance Cybersecurity 130

Data Breach Today

SEPTEMBER 29, 2022

Cyber Insurers Limit Financial Exposure While Risk Grows The Department of Treasury and the Cybersecurity and Infrastructure Agency are soliciting comments on whether risks to critical infrastructure from a catastrophic cyber attack - and the concurrent potential for ruinous financial exposure by insurers - should lead to a new federal approach.

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Insurance Government Risk Cybersecurity 130

Data Breach Today

JUNE 18, 2018

Cybersecurity insurers, faced with growing demand, are looking for new ways to better measure their risks, says Aleksandr Yampolskiy, CEO of SecurityScorecard. So some are moving toward more carefully scrutinizing the cybersecurity postures of their potential clients.

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Insurance Cybersecurity Risk 145

Dark Reading

MARCH 30, 2023

Risk reassessment is shaking up the cybersecurity insurance market, leading some organizations to consider their options, including self-insurance.

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Insurance Marketing Cybersecurity Risk 101

Thales Cloud Protection & Licensing

JULY 4, 2022

How Cybersecurity Insurance Can Work To Help An Organization. In the last 20+ years, cybersecurity insurance has added risk transference to the available palette of palliative choices. I recently spoke with Neira Jones and Danna Bethlehem about how cybersecurity insurance can work to help an organization.

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Insurance Cybersecurity Cleanup Ransomware 71

Data Breach Today

JULY 23, 2020

Company Could Be Fined $1,000 for Each Violation of State Cybersecurity Law The New York State Department of Financial Services has filed civil charges against First American Title Insurance Co., which has been accused of exposing hundreds of millions of documents that contained customers' mortgage and personal data.

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Insurance Financial Services Personal data Cybersecurity 231

Hunton Privacy

MAY 4, 2022

In April 2022, two states enacted insurance data security legislation based on the National Association of Insurance Commissioners (“NAIC”) Insurance Data Security Model Law (MDL-668). Kentucky’s law goes into effect on January 1, 2023.

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Insurance Security Compliance Information Security 110

Schneier on Security

SEPTEMBER 10, 2019

Good paper on cybersecurity insurance: both the history and the promise for the future. From the conclusion: Policy makers have long held high hopes for cyber insurance as a tool for improving security. Cyber insurance appears to be a weak form of governance at present.

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Insurance Cybersecurity Risk Paper 84

eSecurity Planet

APRIL 22, 2022

That’s where cyber insurance may be able to help. If your company has not already experienced a significant cybersecurity event, it is probably only a matter of time before it does. But there’s a catch: Insurers are going to carefully assess your cybersecurity controls before writing any policy, and there are limits to coverage.

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Insurance Ransomware Cybersecurity Marketing 111

The Last Watchdog

JANUARY 20, 2020

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.

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Insurance Data breaches Cybersecurity Risk 222

Data Breach Today

MARCH 17, 2023

Also: Blackbaud Fined; DOJ Reproaches Federal Contractor for Lax Security In the latest weekly update, ISMG editors discuss how the Silicon Valley Bank crash will affect innovation in the cybersecurity space, why the SEC fined cloud provider Blackbaud $3 million for its "erroneous" breach details, and why the feds fined a web hosting firm in a kids' (..)

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Cybersecurity Insurance Cloud Security 143

Hunton Privacy

JUNE 9, 2022

515 , making Vermont the twenty-first state to enact legislation based on the National Association of Insurance Commissioners Insurance Data Security Model Law (“MDL-668”). Cybersecurity Event Investigation and Notification Requirements. Licensees must maintain records about these cybersecurity events for at least five years.

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Insurance Security Information Security Cybersecurity 107

Data Protection Report

MARCH 21, 2023

2] In this context, the Directorate General of the French Treasury has put forward a plan of action with a view to clarifying the cyber-insurance legal framework, better gauging cyber-risks, and enhancing companies’ awareness as regards cyber-risks. 12-10-1 into the French Insurance code. However, in the end, Article L.12-10-1

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Insurance Data breaches Personal data GDPR 105

Data Matters

OCTOBER 20, 2022

Treasury Department is seeking public comment on the need and scope for a potential federal insurance response to catastrophic cyber incidents, akin to the one put in place for terrorism insurance after the attacks of September 11, 2001. The request, published by the Federal Insurance Office (FIO) in the U.S. Background.

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Insurance Marketing Cybersecurity Risk 88

Security Affairs

APRIL 23, 2023

Non-profit health insurer Point32Health suffered a ransomware attack and has taken systems offline in response to the incident. Non-profit health insurer Point32Health has taken systems offline in response to a ransomware attack that took place on April 17. ” reads the statement published by the insurer.

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Insurance Ransomware Cybersecurity Education 83

Schneier on Security

JULY 1, 2021

Here’s one more contribution to that issue: a research paper that the insurance industry is hurting more than it’s helping. Although it is a societal problem, cyber insurers have received considerable criticism for facilitating ransom payments to cybercriminals.

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Insurance Ransomware Paper Marketing 117

Data Breach Today

SEPTEMBER 18, 2023

Money Will Address Enhanced OT Security Rules From Regulators, Insurance Providers Dragos completed a Series D extension to help organizations address enhanced OT security requirements from regulators and cyber insurance providers.

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Insurance Cybersecurity Security 267

Data Breach Today

NOVEMBER 5, 2019

Martin Overton on What to Look for in an Effective Cyber Policy Martin Overton has worked both in cybersecurity and insurance, so he has a unique perspective on cyber insurance - the genuine benefits as well as the potential pitfalls. He shares tips on what to seek in an effective policy.

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Insurance Cybersecurity 113

Thales Cloud Protection & Licensing

MAY 10, 2022

Checklist for Getting Cyber Insurance Coverage. The necessity for cyber-insurance coverage. And while organizations are taking steps to protect against cyber attacks, cybersecurity controls are not impenetrable. Cyber risk insurance covers the costs of recovering from a security breach, a virus, or a cyber-attack.

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Insurance Authentication Risk Ransomware 77

eSecurity Planet

MAY 27, 2021

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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Insurance Ransomware Risk Data science 128

Data Breach Today

OCTOBER 31, 2019

Beazley's Mark Singer Demystifies the Growing Industry It's one thing to plan for a cybersecurity incident, but quite another to have proper insurance coverage to prepare for such an event. Mark Singer of Beazley shares an overview of the cyber insurance myths and realities.

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Insurance Cybersecurity IT 113

Data Breach Today

OCTOBER 19, 2022

Australian Insurance Firm 'Working Urgently' to Verify Theft Claim Australian health insurer Medibank says it received a ransomware demand from hackers asserting to have stolen data during a cybersecurity incident the company detected on Oct.

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Insurance Ransomware Cybersecurity IT 314

Dark Reading

JULY 12, 2022

Cybersecurity insurance costs are rising, and insurers are likely to demand more direct access to organizational metrics and measures to make more accurate risk assessments.

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Insurance Ransomware Cybersecurity Risk 86

Dark Reading

FEBRUARY 8, 2023

From prevention and detection processes to how you handle policy information, having strong cyber insurance coverage can help mitigate cybersecurity attacks.

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Insurance Cybersecurity 78

Security Affairs

APRIL 22, 2022

When security fails, cyber insurance can become crucial for ensuring continuity. Our reliance on digital technology and the inherited risk is a key driving factor for buying cyber risk insurance. If the technology were to become unavailable, the resulting business impact could be mitigated with cyber insurance.

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Insurance Risk Cybersecurity Ransomware 85

Schneier on Security

FEBRUARY 28, 2022

Tarah Wheeler and Josephine Wolff analyze a recent court decision that the NotPetya attacks are not considered an act of war under the wording of Merck’s insurance policy, and that the insurers must pay the $1B+ claim. Wheeler and Wolff argue that the judge “did the right thing for the wrong reasons.”

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Insurance Cybersecurity Security 109

Data Matters

FEBRUARY 2, 2021

The National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law has been adopted in at least 11 states, with several others (including New York) having implemented either older or similar laws or administrative guidance. See State Legislative Brief, NAIC, June 2020.

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Insurance Security Compliance Privacy 114

Dark Reading

NOVEMBER 10, 2020

With ransomware on the rise, more organizations are opting to purchase cyber insurance -- tipping off criminals about how much to demand for access back to pilfered systems and data.

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Insurance Cybersecurity Ransomware Access 124

KnowBe4

AUGUST 8, 2022

The WSJ reported Aug 8, 2020: It is becoming more expensive and difficult for companies to get or renew cyber insurance. cyber insurance policies increased by 79% from a year earlier. Insurers have made it harder to get or keep a policy, too. The price of U.S.

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Insurance IT Cybersecurity 95

KnowBe4

MAY 3, 2023

I get the WSJ Cybersecurity newsletter, which by the way is warmly recommended. Kim Nash today reported a shocker which will make everyone's insurance premiums go even further up: " Six years after the worldwide NotPetya cyberattack, a court ruled insurers for Merck & Co. must help cover $1.4 billion in losses.

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Insurance Cybersecurity 72

Daymark

AUGUST 15, 2023

A CISO Primer on Navigating Cyber Insurance After 10+ years of working with clients to negotiate and place cyber insurance, I’ve noticed that one of the most frequent challenges has always been getting the underwriters and my client’s information security stakeholder (like a CISO or CIO) to understand each other.

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Insurance Information Security Communications Security 52

Hunton Privacy

JANUARY 2, 2019

New cybersecurity rules for insurance companies licensed in South Carolina are set to take effect in part on January 1, 2019. The new law is the first in the United States to be enacted based on the data security model law drafted by the National Association of Insurance Commissioners.

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Insurance Cybersecurity Data breaches Encryption 77

Data Breach Today

JULY 15, 2022

Also: Cyberthreat Activity in Sri Lanka; Cyber Insurance Trends Four ISMG editors discuss important cybersecurity issues, including lessons learned from the cyberattack on a steelmaker in Iran that caused a serious fire, how the economic crisis in Sri Lanka is affecting cybersecurity and what the rising cost of cyber insurance means for the industry. (..)

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Insurance Cybersecurity 239

Hunton Privacy

JULY 1, 2022

(“Carnival”), the world’s largest cruise-ship operator, for violations of the Cybersecurity Regulation (23 NYCRR Part 500) in connection with four cybersecurity events between 2019 and 2021, including two ransomware events. . NYDFS also found that Carnival had failed to implement basic protocols to prevent data breaches.

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Cybersecurity Insurance Phishing Financial Services 115

Dark Reading

SEPTEMBER 10, 2020

Whilst GDPR has put the spotlight on data privacy and cyber issues, there are other more prominent trends that are driving a greater take-up of cyber insurance, says Ben Maidment, Class Underwriter - Cyber, Physical & Technology at Brit Insurance.

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Insurance GDPR Data Privacy Cybersecurity 103

Schneier on Security

MARCH 8, 2019

This will complicate things: To complicate matters, having cyber insurance might not cover everyone's losses. Zurich American Insurance Company refused to pay out a $100 million claim from Mondelez, saying that since the U.S.

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Insurance Cybersecurity Military Government 80