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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. Lynn Peachey, director of business development at Arete Incident Response, breaks down the basics of these insurance policies.

Insurance 265
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CrowdStrike Outage Could Cost Cyber Insurers $1.5 Billion

Data Breach Today

billion in payouts to cyber insurance policyholders, although the nonstandardized language used for such policies will make determining final losses a "lengthy process," analysts say.

Insurance 222
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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 210
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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 258
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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 339
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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. Customers should expect delayed service in claims processing.

Insurance 130
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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 332