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Coverage Required Because Attack Caused 'Physical Loss or Damage' A federal judge has ruled that an insurer providing a "business owner's insurance policy" to a company that sustained a ransomware attack and was forced to replace most of its IT infrastructure must pay for the damages the security incident caused MORE
Dominion National Says Recently Discovered Incident Dates Back to 2010 A dental and vision insurer's revelation that it recently discovered a 9-year-old data security incident offers an extreme example of the difficulty some organizations have in detecting data breaches MORE
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. MORE
Purchasing life insurance once meant going to an insurer’s office or booking an appointment with an insurance agent. Today’s generation is used to getting everything done fast and easy, so life insurance providers had to get with the times and cover all customers’ needs and requirements. Now everyone has the possibility to purchase life insurance from the comfort of their home by simply going online and looking for the policies that will fit their needs. MORE
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 MORE
More businesses are recognizing the need for cyber insurance as part of an overall security strategy. Here are some key points to consider when evaluating, purchasing, and relying on a policy MORE
Security Experts Express Skepticism That Criminals Would Bother Do criminal organizations prefer to target organizations that hold cyber insurance policies? A ProPublica report suggests that because cyber insurance policyholders are more likely to pay ransoms, they're a more frequent target. But some cybersecurity experts have expressed skepticism MORE
Ken Suh of Beazley on Assessing the Options In light of emerging cyberthreats, including ransomware, organizations must change how they assess their cyber insurance options, says Ken Suh of Beazley MORE
Policies Offer Incentives for Good Information Security Practices Apple and Cisco say they've partnered with insurers Aon and Allianz to offer cyber insurance policies for organizations that meet best security practices and use products from the technology companies. The partnership follows increasing interest in cyber insurance as a hedge against hacking risks MORE
Cybersecurity insurers, faced with growing demand, are looking for new ways to better measure their risks, says Aleksandr Yampolskiy, CEO of SecurityScorecard. So some are moving toward more carefully scrutinizing the cybersecurity postures of their potential clients MORE
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 MORE
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. MORE
Professor Daneil Solove interviews Kimberly Horn about Cyber Insurance and Ransomeware here. The post Ransomware and the Role of Cyber Insurance via Teach Privacy appeared first on IG GURU. Business IG News Information Governance information privacy information security Privacy Risk News Security Daniel Solove Insurance Kimberly Horn Ransomware Teach Privacy MORE
These trends resonate strongly across the insurance industry, which has undergone significant change […]. Insurance digital trendsAt the start of the year, DXC Technology issued its 2020 predictions for the future of work, which show renewed focus on technology to drive growth while ensuring the right environment for the teams and leaders to take companies into the future. MORE
For the insurance sector, this has brought forth both new market opportunities and new market confusion. The insurance sector has leveraged digital for new ways of working, and that has proven to be especially valuable in light of […]. Insurance digital insurance MORE
Report: Blue Cross and Blue Shield Minnesota Had Thousands of Old 'Critical' Vulnerabilities Blue Cross and Blue Shield Minnesota is reportedly racing to address tens of thousands of security vulnerabilities after a whistleblower on the health insurer's security team alerted the company's board of trustees about the problems. MORE
Cyber insurance is one more way to manage cybersecurity risk. Here are the top cyber insurance vendors that can help MORE
One of the major challenges for CISOs is on deciding the indemnity limit for cyber insurance, says Bhishma Maheshwari, executive vice president at Marsh India MORE
Million Individuals Was Encrypted, Sent to China, US Alleges Two Chinese men have been indicted on charges related to the breach of health insurer Anthem, which saw the personal information of 78.8 Data of 78.8 million individuals stolen, as well as attacks against three other large U.S. companies MORE
Gallagher (AJG) insurance giant disclosed a ransomware attack, the security breach took place on Saturday. Gallagher (AJG) global insurance brokerage firm confirmed that it was his with a ransomware attack on Saturday, September 26. US-based Arthur J. MORE
A ransomware operator claims to have successfully attacked Chubb Insurance databases MORE
With the average cost of a data breach exceeding three million dollars, cyber insurance has become a necessity for SMBs. The post SMBs and Cyber Insurance – Third Certainty #27 appeared first on Adam Levin. MORE
Martin Overton on What to Look for in an Effective Cyber Policy Martin Overton has worked both in cybersecurity and insurance, so he has a unique perspective on cyber insurance - the genuine benefits as well as the potential pitfalls. He shares tips on what to seek in an effective policy MORE
Company Could Be Fined $1,000 for Each Violation of State Cybersecurity Law The New York State Department of Financial Services has filed civil charges against First American Title Insurance Co., MORE
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. MORE
Privacy Breach Claims Are Rising, Says Thomas Clayton of Zurich Insurance Although the EU's General Data Protection Regulation only went into full effect on May 25, its mandatory privacy breach notifications are already having an effect on the cyber insurance marketplace, says Thomas Clayton of Zurich Insurance MORE
Good paper on cybersecurity insurance: both the history and the promise for the future. From the conclusion: Policy makers have long held high hopes for cyber insurance as a tool for improving security. Cyber insurance appears to be a weak form of governance at present. However, the cost of external response services is covered, which suggests insurers believe ex-post responses to be more effective than ex-ante mitigation. MORE
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? MORE
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. MORE
Lawsuit Claims Insurer Owes Retailer for Coverage of Card Replacement Costs Target has filed a lawsuit against its long-time insurer, ACE American Insurance Co., in an attempt to recoup money it spent to replace payment cards as part of settlements over the retailer's massive 2013 data breach. Find out how much money the company is seeking MORE
One thing that can mitigate this risk is cyber insurance. Benefits of Cyber Insurance. A cyber insurance policy is a great line of defense that can minimize or defray the costs associated with negative IT-related security events, such as: Incident response activities. MORE
Last year when I was in the process of buying a new house for my family, a home owners insurance company approached me and offered a good insurance policy. It was about the same price as others … The post Property and Casualty Insurance needs modernizing appeared first on OpenText Blogs. Business Process Management Information Management case management Insurance OpenText Process Suite 16 P&C insurance Property and Casualty Insurance MORE
So Far, Insurance Has Paid $3.6 million from its cyber insurer to cover expenses related to the LockerGoga ransomware attack it suffered in March that led to losses of $50 million to $71 million, the company revealed in its third quarter report Million, But More Anticipated So far, Norweigan aluminum company Norsk Hydro has received just $3.6 MORE
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. Other insurers are experimenting with discounts tied to the use of fitness trackers and heart monitors. MORE
A group of insurers will base rates and terms on whether customers purchase technology that has earned a stamp of approval MORE
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 MORE
Maze Gang Claims Insurer Is a Victim, Emsisoft Reports Switzerland-based global insurance firm Chubb acknowledges that it's investigating a "security incident." Meanwhile, the Maze ransomware gang is claiming Chubb is its latest victim, according to researchers at the security firm Emsisoft MORE
Whilst GDPR has put the spotlight on data privacy and cyber issues, there are other more prominent trends that are driving a greater take-up of cyber insurance, says Ben Maidment, Class Underwriter - Cyber, Physical & Technology at Brit Insurance MORE
Insurance Related Topics Data Breach Today
MARCH 27, 2020
Maze Gang Claims Insurer Is a Victim, Emsisoft Reports Switzerland-based global insurance firm Chubb acknowledges that it's investigating a "security incident." Meanwhile, the Maze ransomware gang is claiming Chubb is its latest victim, according to researchers at the security firm Emsisoft
Data Breach Today
JULY 23, 2020
Company Could Be Fined $1,000 for Each Violation of State Cybersecurity Law The New York State Department of Financial Services has filed civil charges against First American Title Insurance Co.,
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Data Breach Today
NOVEMBER 21, 2019
Lawsuit Claims Insurer Owes Retailer for Coverage of Card Replacement Costs Target has filed a lawsuit against its long-time insurer, ACE American Insurance Co., in an attempt to recoup money it spent to replace payment cards as part of settlements over the retailer's massive 2013 data breach. Find out how much money the company is seeking
Schneier on Security
SEPTEMBER 10, 2019
Good paper on cybersecurity insurance: both the history and the promise for the future. From the conclusion: Policy makers have long held high hopes for cyber insurance as a tool for improving security. Cyber insurance appears to be a weak form of governance at present. However, the cost of external response services is covered, which suggests insurers believe ex-post responses to be more effective than ex-ante mitigation.
IT Governance
OCTOBER 15, 2020
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?
Data Breach Today
AUGUST 27, 2019
Ken Suh of Beazley on Assessing the Options In light of emerging cyberthreats, including ransomware, organizations must change how they assess their cyber insurance options, says Ken Suh of Beazley
|
OpenText Information Management
APRIL 22, 2019
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.
DXC
SEPTEMBER 16, 2020
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
Adam Levin
SEPTEMBER 7, 2020
With the average cost of a data breach exceeding three million dollars, cyber insurance has become a necessity for SMBs. The post SMBs and Cyber Insurance – Third Certainty #27 appeared first on Adam Levin.
Krebs on Security
MAY 15, 2020
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.
Data Breach Today
NOVEMBER 5, 2019
Martin Overton on What to Look for in an Effective Cyber Policy Martin Overton has worked both in cybersecurity and insurance, so he has a unique perspective on cyber insurance - the genuine benefits as well as the potential pitfalls. He shares tips on what to seek in an effective policy
|
InfoGoTo
SEPTEMBER 16, 2020
One thing that can mitigate this risk is cyber insurance. Benefits of Cyber Insurance. A cyber insurance policy is a great line of defense that can minimize or defray the costs associated with negative IT-related security events, such as: Incident response activities.
Data Breach Today
NOVEMBER 7, 2018
Privacy Breach Claims Are Rising, Says Thomas Clayton of Zurich Insurance Although the EU's General Data Protection Regulation only went into full effect on May 25, its mandatory privacy breach notifications are already having an effect on the cyber insurance marketplace, says Thomas Clayton of Zurich Insurance
Data Breach Today
JUNE 26, 2019
Dominion National Says Recently Discovered Incident Dates Back to 2010 A dental and vision insurer's revelation that it recently discovered a 9-year-old data security incident offers an extreme example of the difficulty some organizations have in detecting data breaches
Data Breach Today
SEPTEMBER 3, 2019
Security Experts Express Skepticism That Criminals Would Bother Do criminal organizations prefer to target organizations that hold cyber insurance policies? A ProPublica report suggests that because cyber insurance policyholders are more likely to pay ransoms, they're a more frequent target. But some cybersecurity experts have expressed skepticism
Schneier on Security
APRIL 12, 2018
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.
Data Breach Today
JANUARY 5, 2020
One of the major challenges for CISOs is on deciding the indemnity limit for cyber insurance, says Bhishma Maheshwari, executive vice president at Marsh India
Data Breach Today
MAY 10, 2019
Million Individuals Was Encrypted, Sent to China, US Alleges Two Chinese men have been indicted on charges related to the breach of health insurer Anthem, which saw the personal information of 78.8 Data of 78.8 million individuals stolen, as well as attacks against three other large U.S. companies
Data Breach Today
NOVEMBER 4, 2019
So Far, Insurance Has Paid $3.6 million from its cyber insurer to cover expenses related to the LockerGoga ransomware attack it suffered in March that led to losses of $50 million to $71 million, the company revealed in its third quarter report Million, But More Anticipated So far, Norweigan aluminum company Norsk Hydro has received just $3.6
Data Breach Today
OCTOBER 31, 2019
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
Data Breach Today
DECEMBER 16, 2019
Report: Blue Cross and Blue Shield Minnesota Had Thousands of Old 'Critical' Vulnerabilities Blue Cross and Blue Shield Minnesota is reportedly racing to address tens of thousands of security vulnerabilities after a whistleblower on the health insurer's security team alerted the company's board of trustees about the problems.
The Last Watchdog
AUGUST 24, 2020
Purchasing life insurance once meant going to an insurer’s office or booking an appointment with an insurance agent. Today’s generation is used to getting everything done fast and easy, so life insurance providers had to get with the times and cover all customers’ needs and requirements. Now everyone has the possibility to purchase life insurance from the comfort of their home by simply going online and looking for the policies that will fit their needs.
Security Affairs
SEPTEMBER 29, 2020
Gallagher (AJG) insurance giant disclosed a ransomware attack, the security breach took place on Saturday. Gallagher (AJG) global insurance brokerage firm confirmed that it was his with a ransomware attack on Saturday, September 26. US-based Arthur J.
Dark Reading
MARCH 26, 2020
A ransomware operator claims to have successfully attacked Chubb Insurance databases
Schneier on Security
MARCH 8, 2019
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
Dark Reading
SEPTEMBER 10, 2020
Whilst GDPR has put the spotlight on data privacy and cyber issues, there are other more prominent trends that are driving a greater take-up of cyber insurance, says Ben Maidment, Class Underwriter - Cyber, Physical & Technology at Brit Insurance
Data Breach Today
JANUARY 31, 2020
Coverage Required Because Attack Caused 'Physical Loss or Damage' A federal judge has ruled that an insurer providing a "business owner's insurance policy" to a company that sustained a ransomware attack and was forced to replace most of its IT infrastructure must pay for the damages the security incident caused
Data Breach Today
FEBRUARY 6, 2018
Policies Offer Incentives for Good Information Security Practices Apple and Cisco say they've partnered with insurers Aon and Allianz to offer cyber insurance policies for organizations that meet best security practices and use products from the technology companies. The partnership follows increasing interest in cyber insurance as a hedge against hacking risks
Data Breach Today
JUNE 18, 2018
Cybersecurity insurers, faced with growing demand, are looking for new ways to better measure their risks, says Aleksandr Yampolskiy, CEO of SecurityScorecard. So some are moving toward more carefully scrutinizing the cybersecurity postures of their potential clients
The Last Watchdog
JANUARY 20, 2020
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.
eSecurity Planet
NOVEMBER 9, 2018
Cyber insurance is one more way to manage cybersecurity risk. Here are the top cyber insurance vendors that can help
Data Breach Today
APRIL 21, 2020
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
Dark Reading
APRIL 27, 2020
While quarantined workers are keeping safe at home, they could be jeopardizing your insurance policy
InfoGoTo
DECEMBER 7, 2018
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. Other insurers are experimenting with discounts tied to the use of fitness trackers and heart monitors.
OpenText Information Management
NOVEMBER 13, 2017
Last year when I was in the process of buying a new house for my family, a home owners insurance company approached me and offered a good insurance policy. It was about the same price as others … The post Property and Casualty Insurance needs modernizing appeared first on OpenText Blogs. Business Process Management Information Management case management Insurance OpenText Process Suite 16 P&C insurance Property and Casualty Insurance
IG Guru
APRIL 16, 2020
Professor Daneil Solove interviews Kimberly Horn about Cyber Insurance and Ransomeware here. The post Ransomware and the Role of Cyber Insurance via Teach Privacy appeared first on IG GURU. Business IG News Information Governance information privacy information security Privacy Risk News Security Daniel Solove Insurance Kimberly Horn Ransomware Teach Privacy
Dark Reading
JUNE 18, 2020
New data reveals 65% of SMEs plan to invest more in cyber insurance, compared with 58% of large enterprises
Dark Reading
AUGUST 15, 2019
More businesses are recognizing the need for cyber insurance as part of an overall security strategy. Here are some key points to consider when evaluating, purchasing, and relying on a policy
DXC
MARCH 31, 2020
These trends resonate strongly across the insurance industry, which has undergone significant change […]. Insurance digital trendsAt the start of the year, DXC Technology issued its 2020 predictions for the future of work, which show renewed focus on technology to drive growth while ensuring the right environment for the teams and leaders to take companies into the future.
Dark Reading
MARCH 26, 2019
A group of insurers will base rates and terms on whether customers purchase technology that has earned a stamp of approval
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