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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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Feds Seize LockBit Ransomware Websites, Offer Decryption Tools, Troll Affiliates

Krebs on Security

Instead of listing data stolen from ransomware victims who didn’t pay, LockBit’s victim shaming website now offers free recovery tools, as well as news about arrests and criminal charges involving LockBit affiliates. The DOJ today unsealed indictments against two Russian men alleged to be active members of LockBit.

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Insurance and Ransomware

Schneier on Security

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.

Insurance 113
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Life insurance policy administration system migrations: keys for staying on course

CGI

Why do so many life insurance carriers continue to live with outdated legacy administration platforms? The answer is that migrations are difficult and can go off course without the right people, governance, methodology and tools in place.

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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.

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Network Security Architecture: Best Practices & Tools

eSecurity Planet

Perimeter security tools include: Firewalls: Filter traffic and monitor access based upon firewall rules and policies for the network, network segment, or assets protected by different types of firewalls. Cloud Security Cloud security provides focused security tools and techniques to protect cloud resources.

Security 117
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The risks and limitations of AI in insurance

IBM Big Data Hub

In my previous post , I described the different capabilities of both discriminative and generative AI, and sketched a world of opportunities where AI changes the way that insurers and insured would interact. Usage risk—inaccuracy The performance of an AI system heavily depends on the data from which it learns.