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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
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 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
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
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
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
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. 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
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 MORE
based insurance firm One Call says its systems were disrupted by a ransomware attack May 13 and it's still working to restore them. Local Newspaper Says DarkSide Gang Suspected to Be Involved The U.K.-based MORE
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 MORE
As the cyberthreat landscape grows exponentially more complicated, the insurance industry is trying to keep pace. Yet, many organizations still lack cybersecurity insurance. MORE
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 MORE
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. 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
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
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
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
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
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 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
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
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
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
Expect to See Extortion and Social Engineering Attacks Excluded From More Policies Are insurers getting cold feet over covering losses to ransomware? MORE
Companies relying on their cyber-insurance policies to pay off ransomware criminals are being blamed for a recent uptick in ransomware attacks. Malware Vulnerabilities MORE
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. 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
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., MORE
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 MORE
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 MORE
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 MORE
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 MORE
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. MORE
While quarantined workers are keeping safe at home, they could be jeopardizing your insurance policy MORE
Centene Corp. MORE
Maze Gang Claims Insurer Is a Victim, Emsisoft Reports Switzerland-based global insurance firm Chubb acknowledges that it's investigating a "security incident." MORE
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 MORE
Insurance Related Topics 
Data Breach Today
JUNE 15, 2021
As the cyberthreat landscape grows exponentially more complicated, the insurance industry is trying to keep pace. Yet, many organizations still lack cybersecurity insurance.
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."
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Data Breach Today
MARCH 24, 2021
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
Data Breach Today
MAY 24, 2021
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
Data Breach Today
APRIL 13, 2021
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
Data Breach Today
MAY 28, 2021
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
Data Breach Today
MAY 17, 2021
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
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.,
Data Breach Today
MARCH 18, 2021
Centene Corp.
IG Guru
MAY 21, 2021
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.
|
Data Breach Today
DECEMBER 8, 2020
Expect to See Extortion and Social Engineering Attacks Excluded From More Policies Are insurers getting cold feet over covering losses to ransomware?
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.
CGI
JUNE 15, 2021
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
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.
Threatpost
JUNE 1, 2021
Companies relying on their cyber-insurance policies to pay off ransomware criminals are being blamed for a recent uptick in ransomware attacks. Malware Vulnerabilities
eSecurity Planet
MAY 27, 2021
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.
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.
Dark Reading
MAY 26, 2021
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
OpenText Information Management
MAY 17, 2021
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.
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
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.,
Data Breach Today
NOVEMBER 25, 2020
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
Dark Reading
NOVEMBER 10, 2020
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
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
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
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
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.
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
DXC
AUGUST 10, 2020
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
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
Dark Reading
APRIL 27, 2020
While quarantined workers are keeping safe at home, they could be jeopardizing your insurance policy
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
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.
Adam Levin
DECEMBER 8, 2020
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.
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
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.
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
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
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