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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

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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 291
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A Cyber Insurance Backstop

Schneier on Security

In the first week of January, the pharmaceutical giant Merck quietly settled its years-long lawsuit over whether or not its property and casualty insurers would cover a $700 million claim filed after the devastating NotPetya cyberattack in 2017. The 9/11 attacks cost insurers and reinsurers $47 billion. 11, 2001, terrorist attacks.

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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 345
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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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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 242
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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. Here are a few thoughts on the high cybercrime drama playing out.

Insurance 243