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.

How Cyber Insurance Is Changing in the GDPR Era

Data Breach Today

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. In my new book -- out in September -- I write: There are challenges to creating these new insurance products. There are two basic models for insurance.

Artificial Intelligence Is Set to Rewrite the Rules of Insurance

InfoGoTo

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.

Apple, Cisco Strike Partnerships for Cyber Insurance

Data Breach Today

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.

8 Top Cyber Insurance Vendors

eSecurity Planet

Cyber insurance is one more way to manage cybersecurity risk. Here are the top cyber insurance vendors that can help

Insurance Occurrence Assurance?

Andrew Hay

Though the breaches are concerning, the real story is that the financial institution suing its insurance provider for refusing to fully cover the losses. This, unfortunately, is the nature of insurance. News ciso cyber insurance cyber security insurance security security program

Property and Casualty Insurance needs modernizing

OpenText Information Management

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

Expanding Through M&A in the Insurance Industry

Perficient Data & Analytics

Yet even as insurance companies lean on M&A for growth, every insurance company requires a more comprehensive program to achieve its growth targets. — To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry. M&A is always on the table, as it can provide quicker access to more customers through geographic expansion, as well as new business lines and capabilities.

[Guide] 2018 State of the Insurance Industry

Perficient Data & Analytics

Creating value for customers, employees, partners, and shareholders has always been the core objective of insurance companies. Our new guide highlights the: State of the insurance industry based on our own insights, as well as those from leaders in the space. Most significant challenges diversified insurance, life insurance, and property and casualty insurance companies face and how they are solving them.

Michigan Adopts National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law

Data Matters

On December 28, 2018, Michigan adopted the National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law in the form of Michigan H.B. By doing so, Michigan joins Ohio and South Carolina as the third state to adopt the Model Law and the fifth state – along with Connecticut and New York – to have enacted cybersecurity regulations focused on insurance companies. This means all insurers, agencies, and brokers doing business in Michigan are covered.

7 digital customer experience trends in insurance

Information Management Resources

SMA sees significant spending and shifts in personal lines projects that are aimed at aligning insurers’ strategies to transformation and growth. Customer experience Insurance technology Property and casualty insurance Investment strategies Customer-centricity Core systems Artificial intelligence Strategy Meets Action

Embracing Strategic Initiatives in the Insurance Industry

Perficient Data & Analytics

Today, insurance companies remain heavily focused on growth, productivity, and efficiency. The answers to these big questions lie in the strategic initiatives that insurance companies must embrace to move their business forward. To learn about them, download our new guide: 2018 State of the Insurance Industry. That is, how can they generate more revenue and increase profitability? How can they get a bigger piece of the pie in a market that offers customers so many options?

Insurers need to formalize IoT strategy

Information Management Resources

Telematics Internet of things Connected cars Connected home Growth strategies Big data Claims Property and casualty insurance Life insurance LexisNexisFour out of five carriers don't have a plan for collecting, analyzing or securing the flood of data from connected devices, according to LexisNexis survey.

At a premium: how technology has revolutionised the insurance market

Micro Focus

Instead, the insurance market, an industry worth $1.2 TN, has morphed into a tech-fest where insurers spent. Application Modernization and Connectivity Disruptive technologies Enterprise Applications Host Connectivity Insurance Mainframe Modernization Terminal EmulationTake cover! A new front has opened up on the digital battleground where enterprise technology is matched against the demand for customer innovation.

How Hanzo Is Helping in the Fight Against Insurance Fraud

Hanzo Learning Center

Insurance companies don’t always inspire a great deal of sympathy; after all, who enjoys paying their car insurance premium? But insurance companies are engaged in a war. insurance fraud

Ohio Adopts National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law

Data Matters

On December 19, 2018, Ohio adopted the National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law. By doing so, Ohio joins South Carolina as the second state to have adopted the Model Law and the fourth state – along with Connecticut and New York – to have enacted cybersecurity regulations for insurance companies. This means all insurers, agencies, and brokers doing business in Ohio are covered.

Enabling Key Stakeholders in the Insurance Industry

Perficient Data & Analytics

Ensuring that agents and brokers have the best tools to evaluate and close opportunities can be a real differentiator for insurance companies. — To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry.

ONE Insurance, Munich Re team up for personalized insurance

Information Management Resources

Sensor data Usage-based insurance Customer data Customer-centricity Munich ReThe ONE Coach platform will use sensor data to identify opportunities for risk-management products tailored to the customer.

Transforming With Optimism in the Insurance Industry

Perficient Data & Analytics

Mario Greco, CEO of Zurich Insurance Group, one of the world’s largest insurance companies, sat down with CNBC following the release of the company’s Q4 2017 earnings. Even after a year full of natural disasters (2017 happens to be the costliest year on record for the global insurance industry) and the potential financial burden (i.e., more claims) that climate change can place on insurers moving forward, the overall feeling about the future is optimistic.

How the top 15 car insurers are going digital

Information Management Resources

Digital Insurance takes a look at the auto insurance carriers with the biggest U.S. Auto insurance Insurtech State Farm Allstate Nationwide Progressive Liberty Mutual Farmers Insurance GEICO Travelersmarket presence and their recent technological initiatives.

3 large health insurers, 2 vendors begin test of blockchain

Information Management Resources

Blockchain Distributed ledger technology Health insurancePilot program to use the emerging technology to validate info in provider directories, says Mike Jacobs.

How insurers can really embrace big data

Information Management Resources

The insurance industry is rife with self-inflicted limitations that have created unnecessary business process steps and workarounds. Big data Analytics

Sensor technology making more appearances across insurance

Information Management Resources

Internet of things Homeowners insurance Commercial lines Travelers ChubbA diverse range of carriers including Travelers and Chubb are deploying internet of things devices to aid customers in several business lines.

Investing in Technology Across the Board in Insurance

Perficient Data & Analytics

— To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry. Technology investment is an essential component of most strategic growth and operational efficiency initiatives. Technology comes in two parts. There’s the front-end technology that customers experience. There’s also the back-end technology that other stakeholders (i.e.,

Arron Banks, the insurers and my strange data trail

The Guardian Data Protection

Carole Cadwalladr just wanted to insure her car. In fact, I had no idea about either the question or the answer when I submitted a “subject access request” to Eldon Insurance Services in December last year. Data protection Data and computer security Brexit Cambridge Analytica Insurance industry Insurance Twitter InternetSix months later, she found a mass of personal details held by a firm she had never contacted that is run by Leave.EU’s s biggest donor, Arron Banks.

Bankrupt Cancer Clinic Chain's Insurer to Cover Breach Fine

Data Breach Today

21st Century Oncology Faces More Than $29 Million in Penalties in Two Settlements In an usual move, federal regulators have made arrangements to have a cyber insurer cover a $2.3

Insurance data compromised at Minnesota Department of Human Services

Information Management Resources

About 21,000 individuals receiving health insurance through the Minnesota Department of Human Services are affected by a potential breach. Data breaches Phishing Identity theft protection Insurance

Marsh explores blockchain applications with proof of insurance

Information Management Resources

The commercial insurance broker's pilot, in partnership with IBM and ACORD, is the second such initiative in the P&C sector. Blockchain Brokers Claims Underwriting Risk management Insurance technology Marsh & McLennan Nationwide AIG

Incumbent insurers’ advantage: Terabytes of data

Information Management Resources

Insurtech Data warehouses Insurance Drones Blockchain Digital distribution AmTrustCarriers who develop internal innovation capabilities can outrun disruptors thanks to industry knowledge and information resources.

14 top home insurance companies' smart-tech initiatives

Information Management Resources

Homeowners insurance Analytics Internet of things Big data Data security Allstate State Farm Nationwide Progressive Farmers Insurance Liberty MutualA look at how leading property carriers are leveraging connected devices to improve the customer experience.

New York Department of Financial Services Issues Guidance Regarding Life Insurers’ Use of External Consumer Data in Underwriting

Data Matters

On January 18, 2019, the New York State Department of Financial Services (NYDFS) issued Circular Letter 2019-1 (the Circular Letter), addressing insurers’ use of external consumer data and information sources in underwriting for life insurance. In other words, insurers may not use an external data source to collect or use information that the insurer would otherwise be prohibited from collecting or using directly.

Hunton Insurance Head Comments on Hotel Data Breach Coverage Dispute

Hunton Privacy

As reported on the Insurance Recovery Blog , Hunton Andrews Kurth insurance practice head Walter Andrews recently commented to the Global Data Review regarding the infirmities underlying an Orlando, Florida federal district court’s ruling that an insurer does not have to defend its insured for damage caused by a third-party data breach. To me, it’s clear that there were two reasonable interpretations of the insurance policy here.”.

Spurring Growth Initiatives Through Tax Reform in Insurance

Perficient Data & Analytics

has created a jubilant atmosphere, as the rates are generally expected to boost earnings and investments for many insurers. — To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry. Recent months have seen many discussions and questions about tax reform and its impact on the industry as a whole. The introduction of lower corporate tax rates in the U.S.

Insurance data is a value-add in healthcare M&A frenzy

Information Management Resources

Retailers mull acquisition of health insurers, with their information assets and analytics prowess as potential prizes. Insurance M&A Integrations Pharmacy benefit management Retail industry Patient engagement

How Cyber Insurance Changes the Conversation Around Risk

Threatpost

In this InfoSec Insider cyber insurance expert Nick Sanna discusses how to balance threat exposures and protecting assets with insurance against hacking, breaches and vulnerabilities. Hacks Vulnerabilities Web Security Cyber Insurance Factor Analysis of Information Risk Maersk NotPetya

Attracting and Cultivating Customers in the Insurance Industry

Perficient Data & Analytics

In a digital and mobile era, insurance companies must cater to customers’ demands and expectations by providing fast and frequent communication, access to more digestible and transparent information, and, of course, convenience. — To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry.

Group-IB and CryptoIns introduce the world’s first insurance against cyber threats for cryptocurrency exchanges

Security Affairs

Group-IB and Swiss insurance broker ASPIS that owns CryptoIns project, have developed the world’s first scoring model for assessing cryptocurrency exchanges. Group-IB, an international company that specializes in preventing cyber attacks, and a Swiss insurance broker ASPIS SA that owns CryptoIns project, have developed the world’s first scoring model for assessing cryptocurrency exchanges cybersecurity, allowing the exchanges’ clients to ensure their assets.

How life insurers can kick-start digitalization efforts

Information Management Resources

Digital currencies Customer-centricity Customer experience Customer data Customer service Life insurance JD PowerCarriers in the business need to keep up with rapidly advancing customer expectations.

How Travelers is reinventing homeowners' insurance with data

Information Management Resources

The carrier is incorporating more third-party and sensor data into its new home coverage products, says SVP of personal insurance. Claims Connected home Homeowners insurance Customer data Customer experience Digital distribution Sensor data Vendor management Travelers