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Mitigating the impact of climate change in insurance and other financial services  

IBM Big Data Hub

As the effects of climate change intensify, extreme weather events are becoming increasingly frequent and severe. The US experienced 25 extreme weather events in 2023, each causing losses of over USD 1 billion, with a total cost of USD 73.8 These climate events have a huge potential impact on financial institutions.

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A Cyber Insurance Backstop

Schneier on Security

In the first week of January, the pharmaceutical giant Merck quietly settled its years-long lawsuit over whether or not its property and casualty insurers would cover a $700 million claim filed after the devastating NotPetya cyberattack in 2017. The 9/11 attacks cost insurers and reinsurers $47 billion. 11, 2001, terrorist attacks.

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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).

Insurance 110
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Vermont Enacts Insurance Data Security Law

Hunton Privacy

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”). Information Security Program Requirements. Cybersecurity Event Investigation and Notification Requirements.

Insurance 107
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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 183
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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 request, published by the Federal Insurance Office (FIO) in the U.S. Background.

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Cyber-insurance – 72 hours for the insured party to file a criminal complaint: GDPR’s false friend

Data Protection Report

The French Information and Digital Security Experts Club ( CESIN ) has estimated that 54% of French companies were subject to cyberattacks in 2021, [1] while France Assureurs has put cyberattack risks on top of all other risks for the sixth year in a row. [2] 12-10-1 into the French Insurance code. However, in the end, Article L.12-10-1

Insurance 105