article thumbnail

Insurers Drop Bid to Exclude Merck's $1.4B NotPetya Claims

Data Breach Today

and several insurers that were appealing a 2023 court decision saying the insurance companies could not invoke "hostile warlike action" exclusions in refusing to pay drugmakers' claims filed after the 2017 NotPetya cyberattack. A Settlement Has Been Reached. So, How Might This Affect Similar Cases?

Insurance 343
article thumbnail

UK Conservatives Say 'No' to Cyber Insurance Backstop

Data Breach Today

Committee Chairs Accuses UK of Favoring an 'Ostrich Strategy' For Ransomware The Conservative government of British Prime Minister Rishi Sunak says it won't champion a reinsurance plan for cyber insurance similar to flood insurance, telling a parliamentary committee it doesn't want to "damage competition."

Insurance 277
Insiders

Sign Up for our Newsletter

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

article thumbnail

How the Merck Case Shapes the Future of Cyber Insurance

Data Breach Today

s proposed settlement with insurers over a $1.4 billion claim related to the NotPetya attack will change the language the insurance industry uses to exclude acts of war in its policies, and organizations need to consider how those changes affect risk, said attorney Peter Halprin. Merck & Co.'s

Insurance 308
article thumbnail

Insurance Broker Notifying 1.5 Million of Health Info Hack

Data Breach Today

California Firm Said August Attack Affected Clients' Data A California insurance broker that handles employee benefits, workers' compensation and property liability is notifying more than 1.5

Insurance 257
article thumbnail

Cyber Insurers Pledge to Help Reduce Ransom Payments

Data Breach Today

Firms Back New Guidance for Victims From UK's National Cyber Security Centre A coalition of cyber insurance associations has pledged to back fresh government cybersecurity guidance designed to help victims avoid ever paying a ransom, as part of an ongoing push to reduce ransomware's profitability for criminals in part by improving organizations' resilience (..)

Insurance 177
article thumbnail

Lawsuit: Health Insurer's AI Tool 'Illegally' Denies Claims

Data Breach Today

Plaintiffs Say UnitedHealthcare Algorithm Rejects Coverage for Elderly Patients The estates of two deceased UnitedHealthcare Medicare Advantage policyholders allege in a proposed federal class action lawsuit filed this week that the insurance giant is using an AI tool to illegally deny necessary coverage for post-acute care, such as skilled nursing, (..)

Insurance 278
article thumbnail

Study Downplays Cyber Insurance As Incentive to Pay Ransom

Data Breach Today

RUSI Study Finds 'No Smoking Gun' Suggesting Insureds Pay Extortion More Readily Fears that cyber insurance coverage drives companies into paying ransomware demands more easily than not appear unfounded, concludes a British think tank study that also suggests insurers should do more to enact corporate discipline.

Insurance 246