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Skyrocketing Cyber Insurance Premium Growth May Slow

Data Breach Today

Increased Competition and Capital Suggest Softening Market, Says Marsh Executive Premiums for cyber insurance have climbed sharply along with global rates of ransomware.

Insurance 130
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Who is Extorting Australian Health Insurer Medibank?

Data Breach Today

Who is attempting to extort Australian health insurer Medibank, why did Medibank tell its attackers it wouldn't pay a ransom and will this deter future cyber extortionists? A Ransomware Group Has Given Medibank 24 Hours to Pay. But Medibank Says it Won't.

Insurance 217
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Insurer Tokio Marine Hit by Ransomware

Data Breach Today

Firm Says Singapore Unit Was Targeted Tokio Marine, a Japan-based property and casualty insurer, says its Tokio Marine Insurance Singapore unit was hit by a ransomware attack this week

Insurance 273
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Australian Insurer Medibank Says Incident Was Ransomware

Data Breach Today

Apparent Spate of Australian Data Breaches Continues Australian health insurer Medibank told investors it stopped a probable ransomware attack before the attack could steal data or maliciously encrypt its systems.

Insurance 207
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U.K. Insurers Mostly Withstand Cyber Stress Test

Data Breach Today

insurers by the Bank of England found underwriters mostly withstood extreme cyber events. Exclusions and Reinsurance Bolster Resiliency to Extreme Cyber Risk A periodic stress test assessment of U.K.

Insurance 130
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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.

Insurance 242
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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."

Insurance 256
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Changing Data Quantification in Security Insurance

Data Breach Today

Lynn Peachey, the director of business development at Arete Incident Response, says that insurance companies have made "a pretty quick turnaround in terms of trying to respond to the ransomware epidemic."

Insurance 219
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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

Insurance 270
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Cyber Insurer Sees Remote Access, Cloud Databases Under Fire

Data Breach Today

So warns cyber insurer Coalition, based on analyzing in-the-wild attacks seen in 2022 via underwriting and claims data, scans of IP addresses and honeypots

Honeypots 130
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Premium Hikes Spur Improved US Cyber Insurance Loss Ratios

Data Breach Today

Declining Loss Ratios Means Insurance Premium Increases Might Moderate in Late 2022 A surprising improvement in loss ratios for cyber insurance providers in 2021 means the rapid rise in premiums might at last subside later this year.

Insurance 234
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Cyber Insurance: A Helping Hand But Premiums Are Rising

Data Breach Today

Kelly Butler Says Underwriting Requirements Are Becoming More Strict Cyber insurance can defray costs associated with data breaches and ransomware attacks.

Insurance 201
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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

Insurance 226
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Top 8 Cyber Insurance Companies for 2022

eSecurity Planet

That’s where cyber insurance may be able to help. But there’s a catch: Insurers are going to carefully assess your cybersecurity controls before writing any policy, and there are limits to coverage. Cyber Insurance is Booming. Selecting a Cyber Insurer.

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US Government to Study Cyber Insurance Backstop

Data Breach Today

Cyber Insurers Limit Financial Exposure While Risk Grows The Department of Treasury and the Cybersecurity and Infrastructure Agency are soliciting comments on whether risks to critical infrastructure from a catastrophic cyber attack - and the concurrent potential for ruinous financial exposure by insurers - should lead to a new federal approach.

Insurance 130
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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. Although it is a societal problem, cyber insurers have received considerable criticism for facilitating ransom payments to cybercriminals.

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Australian Insurer Back Online After Cyberattack

Data Breach Today

Medibank Group Says No Evidence of Data Compromise Australian health insurer Medibank Group says it has found no evidence of data compromise following its Wednesday detection of unusual network activity.

Insurance 141
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Insurance Coverage for NotPetya Losses

Schneier on Security

Tarah Wheeler and Josephine Wolff analyze a recent court decision that the NotPetya attacks are not considered an act of war under the wording of Merck’s insurance policy, and that the insurers must pay the $1B+ claim.

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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

Insurance 230
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UK Insurer Recovering From Ransomware Attack

Data Breach Today

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

Insurance 221
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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

Insurance 170
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How to Optimize Your Cyber Insurance Coverage

Dark Reading

From prevention and detection processes to how you handle policy information, having strong cyber insurance coverage can help mitigate cybersecurity attacks

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Oreo Maker Settles With Insurer Over NotPetya Damages Claim

Data Breach Today

When A Cyberattack Is Cyberwar Still Being Litigated Five Years After NotPetya Wave Cookie and cracker giant Mondelez International settled litigation launched in 2018 against Zurich Insurance after the underwriter denied a claim for property damages stemming from the NotPetya malware wave.

Insurance 141
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Insurer: Size of Claims Paid for Ransomware Attacks Declines

Data Breach Today

Key Factors: Negotiating Lower Ransoms, Improving Recovery Cyber insurance provider Coalition Inc. says its clients' average claims for losses when they were hit by a ransomware attack totaled $184,000 in the first half of this year, down 45% compared to the second half of 2020.

Insurance 264
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Report: Health Insurance Exchange Suffered Dozens of Breaches

Data Breach Today

Insurance 213
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WSJ: "Cyber Insurance Prices Soar"

KnowBe4

The WSJ reported Aug 8, 2020: It is becoming more expensive and difficult for companies to get or renew cyber insurance. cyber insurance policies increased by 79% from a year earlier. Insurers have made it harder to get or keep a policy, too.

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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.,

Insurance 271
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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

Insurance 236
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Health Insurer Sues Accellion in Wake of Hacking Incident

Data Breach Today

Centene Corp.

Insurance 266
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Cyber-Insurance Firms Limit Payouts, Risk Obsolescence

Dark Reading

Businesses need to re-evaluate their cyber-insurance policies as firms like Lloyd's of London continue to add restrictions, including excluding losses related to state-backed cyberattackers

Insurance 106
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The Future of Cyber Insurance

Dark Reading

Having cyber insurance is a good idea if the costs make sense — it could be the difference between going out of business and staying afloat. But it shouldn't be your first course of action

Insurance 109
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New Zealand Health Insurer Investigates IT Provider Hack

Data Breach Today

Accuro Says Claims Processing Affected, No Evidence of Data Breach New Zealand private health insurer Accuro says an investigation into a cyber incident at a third party IT infrastructure provider so far has not revealed evidence of a data breach affecting its 34,000 customers.

Insurance 130
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Two States Enact Insurance Data Security Laws

Hunton Privacy

In April 2022, two states enacted insurance data security legislation based on the National Association of Insurance Commissioners (“NAIC”) Insurance Data Security Model Law (MDL-668). Cyber Insurance Cybersecurity Information Security U.S.

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Acuity Reports Increase in Cyber Liability Insurance Claims as Cybercrime Skyrockets

Dark Reading

Acuity Insurance reports ongoing increased insurance risk for individuals and businesses

Risk 102
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Kids’ Health Insurer’s Website Vulnerable for 7 Years

Data Breach Today

Insurance 233
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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?

Insurance 203
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Cyber-Insurance Fail: Most Businesses Lack Ransomware Coverage

Dark Reading

Even among businesses with cyber insurance, they lack coverage for basic costs of many cyberattacks, according to a BlackBerry survey

Insurance 110
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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

Insurance 207
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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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Oreo Giant Mondelez Settles NotPetya 'Act of War' Insurance Suit

Dark Reading

The settlement muddies the waters even further for the viability of war exclusion clauses when it comes to cyber insurance