article thumbnail

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.

article thumbnail

US Government to Study Cyber Insurance Backstop

Data Breach Today

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.

Insurance 130
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Cyber Insurance: Higher Premiums, Limited Coverage

Data Breach Today

GAO Report Summarizes Market Trends The increasing number of cyberthreats, especially ransomware attacks, is leading some cyber insurers to raise premiums and limit some coverage in hard-hit sectors, such as healthcare and education, according to a report from the Government Accountability Office.

Insurance 240
article thumbnail

Ransomware: Should Governments Hack Cybercrime Cartels?

Data Breach Today

Banning Ransom Payments and Unleashing Offensive Hacking Teams Being Mooted With ransomware continuing to fuel a massive surge in illicit profits, some experts have been calling on governments to launch offensive hacking teams to target cybercrime cartels.

article thumbnail

NYDFS issues significant guidance on insurers using AI or external data

Data Protection Report

On January 17, 2024 the New York Department of Financial Services (“NYDFS”) published a Proposed Insurance Circular Letter (“Proposed Circular”) regarding the use of artificial intelligence systems (“AIS”) and external consumer data and information sources (“ECDIS”) in insurance underwriting and pricing. Actual Actuarial Validity.

article thumbnail

U.S. Secret Service: “Massive Fraud” Against State Unemployment Insurance Programs

Krebs on Security

A well-organized Nigerian crime ring is exploiting the COVID-19 crisis by committing large-scale fraud against multiple state unemployment insurance programs, with potential losses in the hundreds of millions of dollars, according to a new alert issued by the U.S. Secret Service.

Insurance 363
article thumbnail

Australia, US, UK Sanction Russian Over 2022 Medibank Breach

Data Breach Today

Governments Accuse Aleksandr Ermakov and REvil of Being Medibank Hackers The United States, Australia and the United Kingdom sanctioned a Russian man the governments say was behind the October 2022 hacking of Medibank, Australia's largest private health insurer.

Insurance 285