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Insurer Chubb Investigating 'Security Incident'
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."
Target Sues Insurer Over 2013 Data Breach Costs
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.,
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Trending Sources
U.S. Secret Service: “Massive Fraud” Against State Unemployment Insurance Programs
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.
How Cyber Insurance Is Changing in the GDPR Era
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.
Insurer: Breach Undetected for Nine Years
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
Norsk Hydro Breach: Update on Insurance Coverage
Data Breach Today
NOVEMBER 4, 2019
So Far, Insurance Has Paid $3.6 million from its cyber insurer to cover expenses related to the LockerGoga ransomware attack it suffered in March that led to losses of $50 million to $71 million, the company revealed in its third quarter report
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Judge Rules Insurer Must Pay for Ransomware Damage
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.
Cybersecurity Insurance
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. In my new book -- out in September -- I write: There are challenges to creating these new insurance products. breaches cybersecurity insurance
How technology and professional trends are shaking up insurance
DXC Technology
MARCH 31, 2020
At the start of the year, DXC Technology issued its 2020 predictions for the future of work, which show renewed focus on technology to drive growth while ensuring the right environment for the teams and leaders to take companies into the future. Insurance digital trends
Fraud Thrives in a Crisis - Why The Insurance Community Needs to Stay Vigilant
Data Breach Today
APRIL 21, 2020
The insurance community is bracing itself for a rise in the direct cost of claims - ranging from life insurance, to event cancellations and travel insurance Alongside the sad and vast expense of legitimate claims, it is an unfortunate fact that in times of economic hardship, people have a history of taking any opportunity to exploit financial institutions for ill-gotten gain
GUEST ESSAY: Cyber insurance 101 — for any business operating in today’s digital environment
The Last Watchdog
JANUARY 20, 2020
To help mitigate the risk of financial losses, more companies are turning to cyber insurance. Related: Bots attack business logic Cyber insurance, like other forms of business insurance, is a way for companies to transfer some of numerous potential liability hits associated specifically with IT infrastructure and IT activities. Some coverage is inherently added to any cyber insurance policy.
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First American Financial Corp. Leaked Hundreds of Millions of Title Insurance Records
Krebs on Security
MAY 24, 2019
The Web site for Fortune 500 real estate title insurance giant First American Financial Corp. based First American is a leading provider of title insurance and settlement services to the real estate and mortgage industries. It employs some 18,000 people and brought in more than $5.7
[Guide] 2018 State of the Insurance Industry
Perficient Data & Analytics
APRIL 25, 2018
Creating value for customers, employees, partners, and shareholders has always been the core objective of insurance companies. While expectations are increasing, it is becoming more challenging to establish and retain relationships, and grow at more profitable levels. Our new guide highlights the: State of the insurance industry based on our own insights, as well as those from leaders in the space.
Property and Casualty Insurance needs modernizing
OpenText Information Management
NOVEMBER 13, 2017
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. The policy was good in that it covered the home against the damages, theft and other usual risks. It was about the same price as others … The post Property and Casualty Insurance needs modernizing appeared first on OpenText Blogs.
Expanding Through M&A in the Insurance Industry
Perficient Data & Analytics
MAY 15, 2018
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. It’s also a way to reinforce a company’s innovation strategy. Yet even as insurance companies lean on M&A for growth, every insurance company requires a more comprehensive program to achieve its growth targets.
Embracing Strategic Initiatives in the Insurance Industry
Perficient Data & Analytics
MAY 8, 2018
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?
Insurance Occurrence Assurance?
Andrew Hay
JULY 26, 2018
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 progra
Transforming With Optimism in the Insurance Industry
Perficient Data & Analytics
MAY 1, 2018
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. He shared his views on how the industry is doing as a whole, as well as how Zurich is maintaining its leadership position in such a competitive environment. It’s something that we’ve been waiting for a long time. It is exciting. It’s happening very, very fast, and very quickly,” Greco said.
Enabling Key Stakeholders in the Insurance Industry
Perficient Data & Analytics
JUNE 5, 2018
Ensuring that agents and brokers have the best tools to evaluate and close opportunities can be a real differentiator for insurance companies. It’s about risk selection and pricing, and we’ve been a pioneer for a long time in not just data analytics but delivering that data and analytics to the screen of the local underwriter at the point of sale.”.
17 Cybersecurity Products the Cyber Insurance Industry Says Are Worthwhile via Claims Journal
IG Guru
OCTOBER 11, 2019
Insurance broker Marsh has unveiled the inaugural class of cybersecurity products and services receiving a Cyber Catalyst designation that is part of an evaluation program its backers hope will bring greater clarity in the crowded cybersecurity marketplace.
American Insurance firm State Farm victim of credential stuffing attacks
Security Affairs
AUGUST 7, 2019
The American group of insurance and financial services companies State Farm disclosed a credential stuffing attack it has suffered in July. The insurance firm is notifying the impacted customers, but it did not disclose the number of affected users.
New Orleans to Boost Cyber Insurance to $10M Post-Ransomware
Dark Reading
DECEMBER 20, 2019
Mayor LaToya Cantrell anticipates the recent cyberattack to exceed its current $3 million cyber insurance policy
The Evolution of Health IT is Affecting How People Think of Benefits and Insurance
InfoGoTo
JUNE 27, 2019
The healthcare industry has increased access to health services and patient data with advances in health IT. These advances are impacting insurance benefit offerings. News Amazon healthcare industry insurance benefit offeringsOne example is with recent Amazon Alexa updates where PHI can be communicated through Alexa in a HIPAA compliant way. Read more here.
Investing in Technology Across the Board in Insurance
Perficient Data & Analytics
MAY 22, 2018
But equally important is technology that sits in corporate IT to promote operational efficiency. — 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.
Episode 158: How NotPetya has Insurers grappling with Systemic Cyber Risk
The Security Ledger
AUGUST 20, 2019
We talk to Bruce McDonnell of the East West Institute about how insurers are responding. We talk to Bruce McConnell of the East West Institute about how insurers are responding. It was one of the most expensive malware attacks of all time : with damages totaling $10 billion.
Spurring Growth Initiatives Through Tax Reform in Insurance
Perficient Data & Analytics
JUNE 12, 2018
Recent months have seen many discussions and questions about tax reform and its impact on the industry as a whole. has created a jubilant atmosphere, as the rates are generally expected to boost earnings and investments for many insurers. This investment is meant to “accelerate a culture of learning and innovation” and help it compete in the “21st century digital workplace.”.
Attracting and Cultivating Customers in the Insurance Industry
Perficient Data & Analytics
MAY 29, 2018
When speaking of customer experience, one typically thinks of the technology customers interact with, be it a website or a mobile app. Is it easy to request a new quote? 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.
How Hanzo Is Helping in the Fight Against Insurance Fraud
Hanzo Learning Center
OCTOBER 1, 2018
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. And believe it or not, you’re not the enemy. insurance fraud
How to make sure your cyber insurance policy pays out
IT Governance
JULY 15, 2019
Cyber insurance is big business these days. Find out how a ransomware victim used cyber insurance to guide its response effort >> A cyber insurance policy doesn’t necessarily guarantee that you will receive aid following a data breach.
Arron Banks, the insurers and my strange data trail
The Guardian Data Protection
APRIL 21, 2018
Carole Cadwalladr just wanted to insure her car. How did it get there? If a 29-year-old Peugeot 309 is the answer, it’s fair to wonder: what on earth is the question? 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 Internet
Experts: Breach at IT Outsourcing Giant Wipro
Krebs on Security
APRIL 15, 2019
Indian information technology (IT) outsourcing and consulting giant Wipro Ltd. [ NYSE:WIT ] is investigating reports that its own IT systems have been hacked and are being used to launch attacks against some of the company’s customers, multiple sources tell KrebsOnSecurity.
New Hampshire Governor Signs Insurance Data Security Law
Hunton Privacy
AUGUST 6, 2019
On August 2, 2019, New Hampshire Governor Chris Sununu signed into law SB 194 (the “Bill”), which requires insurers licensed in the state (“licensees”) to put in place data security programs and report cybersecurity events. identified risks” and, among other enumerated requirements, be designed to “define and periodically reevaluate a schedule for retention of nonpublic information and a mechanism for its destruction when no longer needed.”.
Michigan Adopts National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law
Data Matters
FEBRUARY 11, 2019
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.
Ohio Adopts National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law
Data Matters
JANUARY 14, 2019
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.
Information Advantage for Financial Services in 2020
OpenText Information Management
JANUARY 6, 2020
It’s that time again when we look ahead to the year to come. Financial Services and Insurance organizations will continue … The post Information Advantage for Financial Services in 2020 appeared first on OpenText Blogs.
Group-IB and CryptoIns introduce the world’s first insurance against cyber threats for cryptocurrency exchanges
Security Affairs
NOVEMBER 6, 2018
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.
Insurers: What’s Your Plan for Virtual Claims Handling?
Nuxeo
JUNE 17, 2019
When it comes to auto insurance, 95% of the nation’s top 50 carriers are already using virtual claims handling and are actively exploring the potential of touchless claims, where a claim is handled electronically from first notice of loss through payment
For insurers, operationalizing data activates innovation
Information Management Resources
SEPTEMBER 18, 2019
It doesn't take a flashy application for digital data to revolutionalize insurance, panelists say. Big data Insurtech Swiss Re MetLife
Hunton Insurance Head Comments on Hotel Data Breach Coverage Dispute
Hunton Privacy
OCTOBER 10, 2018
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.”.
Digital Preservation -- High Stakes for Finance and Insurance Companies
AIIM
FEBRUARY 22, 2018
It is time to think about Digital Preservation differently — as a dedicated capability that keeps long-term information alive and usable and trusted and easily found. In a recent AIIM survey, 85% of finance and insurance executives said that digital preservation was “important” or “very important” to their organizations – even higher than the 77% reported in other industries. Why is it particularly important in finance and insurance?
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