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.

Insurer Chubb Investigating 'Security Incident'

Data Breach Today

Maze Gang Claims Insurer Is a Victim, Emsisoft Reports Switzerland-based global insurance firm Chubb acknowledges that it's investigating a "security incident."

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Insurer CNA Disconnects Systems After 'Cybersecurity Attack'

Data Breach Today

Investigation Continues; Law Enforcement Notified Insurance provider CNA reported Tuesday it was victimized over the weekend by a "cybersecurity attack" that caused a network disruption and impacted certain systems, including corporate email

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

Cyberattacks on Health Insurers Continue

Data Breach Today

The Latest Victim: DC Blue Cross Blue Shield Plan A recent cyberattack on a Washington-based health plan, which the company believes was carried out by a foreign cybercrime group, is the latest in a series of hacking incidents targeting health insurers

ISMG Editors’ Panel: Cyber Insurance; Ransomware Update

Data Breach Today

Also: Debating the Issue of Banning Ransom Payments In this week's panel discussion, four editors at Information Security Media Group discuss cyber insurance, persistent ransomware attacks and whether ransom payments should be banned

Ransomware Attack Hits Asian Unit of Insurer AXA

Data Breach Today

Avaddon Ransomware Gang Claims Responsibility Asia Assistance, a subsidiary of Paris-based multinational insurance company AXA, was hit by a ransomware attack that affected its IT operations in Thailand, Malaysia, Hong Kong and the Philippines, the company reports

Target Sues Insurer Over 2013 Data Breach Costs

Data Breach Today

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.,

Health Insurer Sues Accellion in Wake of Hacking Incident

Data Breach Today

Centene Corp.

Insurer AXA to Stop Paying for Ransomware Crime Payments in France via Insurance Journal

IG Guru

The post Insurer AXA to Stop Paying for Ransomware Crime Payments in France via Insurance Journal appeared first on IG GURU. “The word to get out today is that, regarding ransomware, we don’t pay and we won’t pay,” cybercrime prosecutor Johanna Brousse said at the hearing. Only the U.S.

Kids’ Health Insurer’s Website Vulnerable for 7 Years

Data Breach Today

As Ransomware Booms, Are Cyber Insurers Getting Cold Feet?

Data Breach Today

Expect to See Extortion and Social Engineering Attacks Excluded From More Policies Are insurers getting cold feet over covering losses to ransomware?

On Cybersecurity Insurance

Schneier on Security

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.

Wanted: More insurance innovation

CGI

Wanted: More insurance innovation. This CGI blog post discusses the need and opportunities for insurers to drive more innovation. dharini.s@cgi.com. Tue, 06/15/2021 - 07:04

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.

Cyber-Insurance Fuels Ransomware Payment Surge

Threatpost

Companies relying on their cyber-insurance policies to pay off ransomware criminals are being blamed for a recent uptick in ransomware attacks. Malware Vulnerabilities

Cyber Insurers Pull Back Amid Increase in Cyber Attacks, Costs

eSecurity Planet

The explosion of ransomware and similar cyber incidents along with rising associated costs is convincing a growing number of insurance companies to raise the premiums on their cyber insurance policies or reduce coverage, moves that could further squeeze organizations under siege from hackers.

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.

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

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.

Cyber Insurance Changes as Threats Evolve

Data Breach Today

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

First American Title Insurance Co. Faces Charges in NY

Data Breach Today

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.,

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

The Double-Edged Sword of Cybersecurity Insurance

Dark Reading

With ransomware on the rise, more organizations are opting to purchase cyber insurance -- tipping off criminals about how much to demand for access back to pilfered systems and data

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.

How Cyber Insurance Is Changing in the GDPR Era

Data Breach Today

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

Cyber Insurance: Benefits and Pitfalls

Data Breach Today

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

Blackbaud Expects Cyber Insurer Will Cover Most Attack Costs

Data Breach Today

Insurer Races to Fix Security Flaws After Whistleblower Alert

Data Breach Today

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.

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

Why consumer education is needed in the digital insurance age

DXC

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

Do Ransomware Attackers Single Out Cyber Insurance Holders?

Data Breach Today

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

Will the Pandemic Complicate Cyber Insurance Claims?

Dark Reading

While quarantined workers are keeping safe at home, they could be jeopardizing your insurance policy

Insurer: Breach Undetected for Nine Years

Data Breach Today

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

Judge Rules Insurer Must Pay for Ransomware Damage

Data Breach Today

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.

Major Israeli Insurance Company Hacked

Adam Levin

The personal information of thousands of Israeli citizens has been compromised as the result of a cyberattack on Shirbit, a leading insurance company. . The post Major Israeli Insurance Company Hacked appeared first on Adam Levin.

Chinese Men Charged With Hacking Health Insurer Anthem

Data Breach Today

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

SMBs and Cyber Insurance – Third Certainty #27

Adam Levin

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.

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

Cyber Insurance: Important Lessons for New Markets

Data Breach Today

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