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U.K. Insurers Mostly Withstand Cyber Stress Test

Data Breach Today

insurers by the Bank of England found underwriters mostly withstood extreme cyber events. Still, underwriters may not be operating from the same set of assumptions when it comes to the likelihood of having to manage an actual extreme cyber event

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Top 8 Cyber Insurance Companies for 2022

eSecurity Planet

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. Cyber Insurance is Booming. Selecting a Cyber Insurer. Top 8 Cyber Insurers.

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Two States Enact Insurance Data Security Laws

Hunton Privacy

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). Cyber Insurance Cybersecurity Information Security U.S.

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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.

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U.S. Treasury Department Seeks Public Comment On Potential Federal Cyber Insurance Program

Data Matters

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 U.S.

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Cyber Insurance and the Changing Global Risk Environment

Security Affairs

When security fails, cyber insurance can become crucial for ensuring continuity. The events of the past two years have made this shift clear: from ransomware attacks to the challenges of managing distributed workforces, digital risk is different. Cyber insurance is not a panacea.

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Global October Cybersecurity Events: Where You Can Find Thales

Thales Cloud Protection & Licensing

Global October Cybersecurity Events: Where You Can Find Thales. The summer is now over, and October is a month full of cybersecurity events for Thales around the world. Below are just some of the events Thales will be at over the next few weeks.

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Cybersecurity Insurance

Schneier on Security

Good article about how difficult it is to insure an organization against Internet attacks, and how expensive the insurance is. Typically in insurance we use the past as prediction for the future, and in cyber that's very difficult to do because no two incidents are alike," said Lori Bailey, global head of cyberrisk for the Zurich Insurance Group. In my new book -- out in September -- I write: There are challenges to creating these new insurance products.

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Vermont Enacts Insurance Data Security Law

Hunton Privacy

On May 27, 2022, Vermont Governor Phil Scott signed H.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”).

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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? Who needs cyber insurance?

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Fraud Thrives in a Crisis - Why The Insurance Community Needs to Stay Vigilant

Data Breach Today

The insurance community is bracing itself for a rise in the direct cost of claims - ranging from life insurance, to event cancellations and travel insurance Alongside the sad and vast expense of legitimate claims, it is an unfortunate fact that in times of economic hardship, people have a history of taking any opportunity to exploit financial institutions for ill-gotten gain

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Checklist for Getting Cyber Insurance Coverage

Thales Cloud Protection & Licensing

Checklist for Getting Cyber Insurance Coverage. The necessity for cyber-insurance coverage. With cyber attacks amounting to a question of when and not if, cyber insurance becomes crucial for ensuring business continuity and mitigating the business impact of attacks – should they occur.

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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. Some coverage is inherently added to any cyber 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. While acknowledging that “[e]ach insurer’s cyber insurance risk will vary based [on] many factors,” the Framework nonetheless describes seven practices that authorized property/casualty insurers should use to manage their cyber insurance risk. Manage and Eliminate Exposure to Silent Cyber Insurance Risk.

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How Cybersecurity Insurance Can Work To Help An Organization

Thales Cloud Protection & Licensing

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. The function of cybersecurity insurance. What does cybersecurity insurance cover?

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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. 2 (2021) regarding “Cyber Insurance Risk Framework” (the “Guidelines”), calling on insurers to take more stringent measures in underwriting cyber risks. sought coverage for expenses under its property insurance policy.

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How Data Science Experience improves accuracy for the insurance industry

IBM Big Data Hub

In this Q&A, IBM financial services solution architect Irina Saburova discusses an insurance use case with IBM Data Science Marketing Lead Rosie Pongracz. In this scenario common to the insurance industry, an organization needs to adjust its operations based on upcoming weather event and multiple weather indicators can improve forecast accuracy

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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. By doing so, Ohio joins South Carolina as the second state to have adopted the Model Law and the fourth state – along with Connecticut and New York – to have enacted cybersecurity regulations for insurance companies. This means all insurers, agencies, and brokers doing business in Ohio are covered.

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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. By doing so, Michigan joins Ohio and South Carolina as the third state to adopt the Model Law and the fifth state – along with Connecticut and New York – to have enacted cybersecurity regulations focused on insurance companies. This means all insurers, agencies, and brokers doing business in Michigan are covered.

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New Hampshire Governor Signs Insurance Data Security Law

Hunton Privacy

On August 2, 2019, New Hampshire Governor Chris Sununu signed into law SB 194 (the “Bill”), which requires insurers licensed in the state (“licensees”) to put in place data security programs and report cybersecurity events. Licensees must maintain records concerning all cybersecurity events for a period of at least five years from the date of the cybersecurity event. The state insurance commissioner may take “necessary or appropriate” action to enforce the new law.

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Hunton Insurance Head Comments on Hotel Data Breach Coverage Dispute

Hunton Privacy

As reported on the Insurance Recovery Blog , Hunton Andrews Kurth insurance practice head Walter Andrews recently commented to the Global Data Review regarding the infirmities underlying an Orlando, Florida federal district court’s ruling that an insurer does not have to defend its insured for damage caused by a third-party data breach. To me, it’s clear that there were two reasonable interpretations of the insurance policy here.”.

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Hunton Privacy and Insurance Leaders Address Prevention and Insurability of Cyber Attacks

Hunton Privacy

As discussed at the event and in the article, Sotto explained that “the cyber environment has just exploded…We could not have predicted this five years ago. Sponsors for the event included Stroz Friedberg, Pal Alto Networks and Egon Zehnder. For a recap of the event, read the full Securityroundtable.org article. Cyber Insurance Cybersecurity Events Federal Bureau of Investigation Liability Lisa Sotto Privacy

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South Carolina Becomes the First State to Enact the National Association of Insurance Commissioners (NAIC) Insurance Data Security Model Law

Data Matters

In October 2017, the National Association of Insurance Commissioners (NAIC) adopted an Insurance Data Security Model Law. On May 3, 2018, South Carolina became the first state to enact this Model Law, in the form of the South Carolina Insurance Data Security Act (H.B. By doing so, South Carolina joined Connecticut and New York as states with cybersecurity regulations for insurance companies.

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New York Department of Financial Services Issues Guidance Regarding Life Insurers’ Use of External Consumer Data in Underwriting

Data Matters

On January 18, 2019, the New York State Department of Financial Services (NYDFS) issued Circular Letter 2019-1 (the Circular Letter), addressing insurers’ use of external consumer data and information sources in underwriting for life insurance. In other words, insurers may not use an external data source to collect or use information that the insurer would otherwise be prohibited from collecting or using directly.

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EUROPE: Are GDPR fines insurable in the countries where you operate?

DLA Piper Privacy Matters

The guide reviews the insurability of GDPR fines across Europe, which can reach up to €20 million or, if higher, up to 4% of a group’s annual global turnover. It also looks at insurability of costs associated with GDPR non-compliance (e.g. litigation, investigation and compensation), as well as the insurability of non-GDPR regulatory fines. Criminal penalties are almost never insurable. General Data Protection Regulation Uncategorized Insurance

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Webinar on the SAFETY Act, Security and Insurance

Hunton Privacy

Those exposed to these threats, including providers of security services and products, face the potential of bodily injury to customers and employees, serious damage to facilities and operations, extended business disruption, and significant reputational harm as well as years of costly litigation – notwithstanding best efforts to protect against dangerous persons and events. Cybersecurity Events Anti-terrorism Congress Department of Homeland Security

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Podcast Episode 117: Insurance Industry Confronts Silent Cyber Risk, Converged Threats

The Security Ledger

In this episode of the podcast (#117), we go deep on one of the hottest sectors around: cyber insurance. In the first segment, we talk with Thomas Harvey of the firm RMS about the problem of “silent cyber” risk to insurers and how better modeling of cyber incidents is helping to address that threat. In this episode of the podcast (#117), we go deep on one of the hottest sectors around: cyber insurance. The insurance was dirt cheap. Are insurers ready?

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Cybersecurity Standards for the Insurance Sector – A New Patchwork Quilt in the US?

HL Chronicle of Data Protection

In the past two years, multiple state bills that have been introduced in the US to provide for cybersecurity requirements and standards to the insurance sector, with recent legislative activity taking place in particular within the States of Ohio, South Carolina, and Michigan. The entering into effect of multiple state laws in this area may present challenges for insurance providers operating in states where such cybersecurity requirements are provided for.

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South Carolina’s Insurance Cybersecurity Law Takes Effect in 2019

Adam Levin

South Carolina became the first state to pass a law requiring all insurance entities to create and maintain a cybersecurity and data breach response program. . Among the law’s provisions is a requirement to notify the state government within 72 hours in the event of a breach or cybersecurity event affecting 250 or more people, the protection of policyholder’s personally identifiable information, and an annual statement detailing their breach response plan. .

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Kentucky and Maryland Recently Joined Other States in Adopting NAIC Model Data Security Law.

Data Matters

Kentucky and Maryland recently continued the trend of state insurance departments adopting some version of the National Association of Insurance Commissioners’ (“NAIC”) Insurance Data Security Model Law. Insurance Legislation Policy

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Broad Interpretations of Terrorism Exclusions Are Incompatible with Cyber Insurance

Hunton Privacy

The scale of some recent cyber events has been extraordinary. The staggering impact of these events is leading companies to seek protection through both technology and financial products, such as insurance. Insurers typically attempt to avoid this sort of enormous exposure with terrorism exclusions, and it is reasonable to expect aggressive insurers to rely upon such exclusions to avoid their coverage obligations.

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Why `digital fakers’ have nowhere to hide

OpenText Information Management

I recently attended two really amazing events: the MoneyLive Summit in London and the OpenText™ Middle East Summit in Dubai. Banking & Insurance Customer Experience digital financial services digital transformation

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Exploring Cyber Insurance: What Companies Need to Know Now

Hunton Privacy

As companies seek out ways to prevent these events and recoup losses associated with a data breach, cyber insurance is increasingly discussed as an effective method of recovery. In a recent article published in the Daily Journal , Hunton & Williams’ Insurance Coverage Counseling and Litigation attorney William T. Um offers a primer on cyber insurance, outlining key considerations for businesses as they explore this emerging area of coverage.

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China: Navigating China: Episode 10: Stricter data localisation and security rules for financial and insurance data in China

DLA Piper Privacy Matters

The PFI Guidelines will apply to regulated banks, financial institutions and insurance companies. transaction logs, transaction amount, insurance orders, insurance claims); user’s personal and financial information (e.g. Carolyn Bigg, Hong Kong.

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Events I'm attending in April & May

ChiefTech

I have a collection of different events, mostly in Sydney, that I''m planning on attending this month and in early May: This week, you will find me at: ShareThePoint (Sydney) conference, 10th & 11th April - This is Australasia’s biggest SharePoint event that tours Australia, New Zealand, Singapore and Hong Kong. This event is also being repeated across Sydney, Melbourne and Brisbane during April and May.

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Traditional Insurance Policies May Cover Cyber Risks

Hunton Privacy

Hunton & Williams Insurance Litigation & Counseling partner Lon Berk reports: Insurers often contend that traditional policies do not cover cyber risks, such as malware attacks and data breach events. That said, the risk of physical injury associated with cyber crimes does not mean that policyholders should not buy appropriate cyber insurance. Those polices may offer protection, even without a separate cyber insurance policy. Cyber Insurance Hacker

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Hackers Breached Virginia Bank Twice in Eight Months, Stole $2.4M

Krebs on Security

Now the financial institution is suing its insurance provider for refusing to fully cover the losses. In its lawsuit (PDF), National Bank says it had an insurance policy with Everest National Insurance Company for two types of coverage or “riders” to protect it against cybercrime losses. Everest National Insurance Company did not respond to requests for comment.

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Phishing Attack-Turned-Wire Fraud Case Sees a Win for the Policyholder

KnowBe4

In an unusual turn of events, a recent court decision sided with the policyholder, despite specific policy language that probably should have favored the insurer.

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Increased Focus on Cyber Insurance Post-Target Breach

Hunton Privacy

Recent media attention focused on the security breach that affected millions of Target customers has increased interest in cyber insurance to cover the financial losses associated with these types of events. As insurers aggressively market insurance products to protect against cyber risks, it’s important to note differences in the language carriers have chosen to include in their policy forms. Cyber Insurance Cybersecurity Security Breach

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New Payment Technologies Should Reduce Demand for Cyber Insurance

Hunton Privacy

Hunton & Williams Insurance Litigation & Counseling partner Lon Berk reports: As the demand for cyber insurance has skyrocketed, so too has the cost. Much of the increase in demand and cost has been the result of the widely publicized hacks of the point-of-sale systems at large retailers, and the primary emphasis of most cyber policies is to address liability arising from such events. Cyber Insurance Cybersecurity Payment Card

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