Cybersecurity Insurance: Has It's Time Come?

Data Breach Today

As the cyberthreat landscape grows exponentially more complicated, the insurance industry is trying to keep pace. Yet, many organizations still lack cybersecurity insurance.

Achieving digital transformation in the insurance industry

OpenText Information Management

Research has consistently shown that senior management within the insurance sector think digital transformation is critical to their business. While executives see transformation as essential, achieving success is proving to be much more difficult, with a global report recently published by Cap Gemini suggests that insurance companies are lagging behind other Financial Services organizations.

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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. However, the most pressing challenge currently facing the industry is ransomware.

Early adopter in a laggard industry: Accelerating tech innovation in insurance

OpenText Information Management

In an industry generally known for slow adoption of technology, one insurance business discovered that the COVID-19 pandemic provided the catalyst it needed to prioritize digital transformation.

Insurance Fraud is Evolving: So Must Our Response

Data Breach Today

Dennis Toomey explains why the industry must turn not only to sophisticated tools and technologies, but also unite around a strategy based on collaboration - in order to tackle insurance fraud

Percayso Inform – powering data-driven innovation for the insurance industry.

Information Matters

Finding new ways to use data and technology to transform this multi-billion pound industry is helping insurers and brokers Read more. The post Percayso Inform – powering data-driven innovation for the insurance industry.

LexisNexis Risk Solutions – helping the insurance industry innovate with data

Information Matters

Data has always been a core asset for the insurance industry. The post LexisNexis Risk Solutions – helping the insurance industry innovate with data appeared first on Information Matters.

How Are Cyber Insurance Companies Assessing Ransomware Risk?

Dark Reading

From limiting claims payments to tying payments to policyholders' actions, the cyber insurance industry is in "a very dynamic place right now," says Corvus Insurance CEO Phil Edmundson

10 ways insurers can — and should — adapt their business models now

DXC

The insurance industry is in the midst of a brutal stress test, due to the current environment. Some insurance products may become uneconomical. And many insurers will come under pressure to reduce their spending. Insurance

[Guide] 2018 State of the Insurance Industry

Perficient Data & Analytics

Creating value for customers, employees, partners, and shareholders has always been the core objective of insurance companies. Our new guide highlights the: State of the insurance industry based on our own insights, as well as those from leaders in the space. Most significant challenges diversified insurance, life insurance, and property and casualty insurance companies face and how they are solving them.

Expanding Through M&A in the Insurance Industry

Perficient Data & Analytics

Yet even as insurance companies lean on M&A for growth, every insurance company requires a more comprehensive program to achieve its growth targets. — To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry. M&A is always on the table, as it can provide quicker access to more customers through geographic expansion, as well as new business lines and capabilities.

Embracing Strategic Initiatives in the Insurance Industry

Perficient Data & Analytics

Today, insurance companies remain heavily focused on growth, productivity, and efficiency. The answers to these big questions lie in the strategic initiatives that insurance companies must embrace to move their business forward. To learn about them, download our new guide: 2018 State of the Insurance Industry. That is, how can they generate more revenue and increase profitability?

Transforming With Optimism in the Insurance Industry

Perficient Data & Analytics

Mario Greco, CEO of Zurich Insurance Group, one of the world’s largest insurance companies, sat down with CNBC following the release of the company’s Q4 2017 earnings. He shared his views on how the industry is doing as a whole, as well as how Zurich is maintaining its leadership position in such a competitive environment. The industry is in a fantastic state of transformation. Greco’s positive tone and outlook on the industry isn’t unique by a long shot.

Enabling Key Stakeholders in the Insurance Industry

Perficient Data & Analytics

Ensuring that agents and brokers have the best tools to evaluate and close opportunities can be a real differentiator for insurance companies. — To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry.

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

Cyber Insurance: The Myths and Realities

Data Breach Today

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

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.

Attracting and Cultivating Customers in the Insurance Industry

Perficient Data & Analytics

In a digital and mobile era, insurance companies must cater to customers’ demands and expectations by providing fast and frequent communication, access to more digestible and transparent information, and, of course, convenience. — To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry.

Cybersecurity Insurance Not Paying for NotPetya Losses

Schneier on Security

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. I get that $100 million is real money, but the insurance industry needs to figure out how to properly insure commercial networks against this sort of thing. cybersecurity hacking insurance malware ransomware russia war

17 Cybersecurity Products the Cyber Insurance Industry Says Are Worthwhile via Claims Journal

IG Guru

Insurance broker Marsh has unveiled the inaugural class of cybersecurity products and services receiving a Cyber Catalyst designation that is part of an evaluation program its backers hope will bring greater clarity in the crowded cybersecurity marketplace. Cyber Catalyst by Marsh, launched earlier this year, convened cyber insurers Allianz, AXIS, AXA XL, Beazley, CFC, Munich […].

How technology and professional trends are shaking up insurance

DXC

These trends resonate strongly across the insurance industry, which has undergone significant change […]. Insurance digital trends

Industry Guide to Financial Services: What’s driving digital transformation across financial services institutions?

OpenText Information Management

To compete and succeed in today’s fast-changing business climate, banks, insurance companies and other financial services institutions (FSIs) need to have three priorities to contend with new technologies, new market entrants and new ways of working that are changing expectations for the industry. Enterprise World Industry Bank banks Enterprise World 2019 financial services Insurance insurance industry

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?

As Ransomware Demands Boom, Insurance Keeps Paying Out

WIRED Threat Level

While major carriers like AXA have backed away from covering ransoms, don't expect the industry at large to break the vicious cycle. Security Security / Security News

Artificial Intelligence Is Set to Rewrite the Rules of Insurance

InfoGoTo

Few industries stand to gain as much by adopting artificial intelligence as insurance. Insurance companies rarely relate to their customers other than at the time of the claim, so making that experience as simple and productive as possible is key to customer retention. Fraud is a major problem for insurers, accounting for 10% of all claims expenditures in some regions. To learn more, read the white paper Data Search and Discovery in Insurance.

Information Advantage for Financial Services in 2020

OpenText Information Management

Financial Services and Insurance organizations will continue … The post Information Advantage for Financial Services in 2020 appeared first on OpenText Blogs. It’s that time again when we look ahead to the year to come.

Arron Banks, the insurers and my strange data trail

The Guardian Data Protection

Carole Cadwalladr just wanted to insure her car. In fact, I had no idea about either the question or the answer when I submitted a “subject access request” to Eldon Insurance Services in December last year. Data protection Data and computer security Brexit Cambridge Analytica Insurance industry Insurance Twitter InternetSix months later, she found a mass of personal details held by a firm she had never contacted that is run by Leave.EU’s

Kofax Accelerates Digital Transformation in the Insurance Industry

Document Imaging Report

Irvine, CA, April 4, 2018 – Kofax ® , a leading provider of software to simplify and transform the First Mile of business, today announced that Kofax TotalAgility® is accelerating the digital transformation efforts of half of the top-ranked life insurers in the U.S. A leading property and casualty insurer in the U.S. This insurer is now leveraging the unmatched capabilities of Kofax TotalAgility to digitally transform multiple use cases across the enterprise. .

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. Lacewell stated that cybersecurity is the biggest risk for government and private organizations and described how the Framework is based on “extensive dialogue with industry and experts.”. Insurers should: Establish a Formal Cyber Insurance Risk Strategy. Rigorously Measure Insured Risk.

The Insurance Industry: What Does the Future Hold?

Cllax

Without a doubt, one of the fastest-growing industries in today’s modern world is the insurance industry. Rising interest rates, high investment income, and all that on top with sustained economic. Guest Post

First American Financial Corp. Leaked Hundreds of Millions of Title Insurance Records

Krebs on Security

The Web site for Fortune 500 real estate title insurance giant First American Financial Corp. based First American is a leading provider of title insurance and settlement services to the real estate and mortgage industries. “Closing agencies are supposed to be the only neutral party that doesn’t represent someone else’s interest, and you’re required to have title insurance if you have any kind of mortgage,” Shoval said.

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?

Risky business: Why a rapidly changing insurance landscape necessitates a bold approach

DXC

The business of insurance is to define, evaluate and mitigate risk. But risk is becoming less predictable, and customer expectations for the purchase and delivery of insurance are changing. That puts added pressure on the industry to appropriately assess and cover risk, while also taking advantage of the growing opportunities that result from changing global […]. Insurance

Hackers Cashing In On Healthcare Industry Security Weaknesses

Threatpost

Hacks IoT dark net data breach Hospital insurance fraud internet of medical things malicious apps Medical ransomware scam smart medical devices

Investing in Technology Across the Board in Insurance

Perficient Data & Analytics

— To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry. Technology investment is an essential component of most strategic growth and operational efficiency initiatives. Technology comes in two parts. There’s the front-end technology that customers experience. There’s also the back-end technology that other stakeholders (i.e.,

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.

The insurance industry is a prime target for AI technologies and solutions

Information Management Resources

Artificial intelligence Machine learning InsuranceThose investing in artificial intelligence should consider exactly what the company will most benefit from, and which technology will help it reach those goals.

Spurring Growth Initiatives Through Tax Reform in Insurance

Perficient Data & Analytics

Recent months have seen many discussions and questions about tax reform and its impact on the industry as a whole. has created a jubilant atmosphere, as the rates are generally expected to boost earnings and investments for many insurers. — To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry.

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.

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.