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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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Who is Extorting Australian Health Insurer Medibank?

Data Breach Today

But Medibank Says it Won't. 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.

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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U.K. Insurers Mostly Withstand Cyber Stress Test

Data Breach Today

insurers by the Bank of England found underwriters mostly withstood extreme cyber events. Still, underwriters may not be operating from the same set of assumptions when it comes to the likelihood of having to manage an actual extreme cyber event

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 207
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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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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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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 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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Top 8 Cyber Insurance Companies for 2022

eSecurity Planet

That’s where cyber insurance may be able to help. If your company has not already experienced a significant cybersecurity event, it is probably only a matter of time before it does. Cyber Insurance is Booming. Selecting a Cyber Insurer. Top 8 Cyber Insurers.

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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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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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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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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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Health Insurer Sues Accellion in Wake of Hacking Incident

Data Breach Today

Centene Corp.

Insurance 266
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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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3 ways to modernize legacy insurance systems

DXC

Many insurance companies are suffering from the negative effects of historically low interest rates in a low-growth business environment. A recent Computer Economics report shows the urgency for insurers […].

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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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Kids’ Health Insurer’s Website Vulnerable for 7 Years

Data Breach Today

Insurance 233
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3 ways to modernize legacy insurance systems

DXC

by Jeff Williams Many insurance companies are suffering from the negative effects of historically low interest rates in a low-growth business environment. The post 3 ways to modernize legacy insurance systems appeared first on DXC Blogs.

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Why Cyber Insurance is Essential in 2022

IT Governance

One of the most common ways to mitigate the risk of a cyber security incident is cyber insurance. These activities aren’t typically included in standard business insurance policies, which tend to only cover costs related to technical issues, such as corrupted hard drives and lost devices.

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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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3 ways to modernize legacy insurance systems

DXC

Many insurance companies are suffering from the negative effects of historically low interest rates in a low-growth business environment. A recent Computer Economics report shows the urgency for insurers […].

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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

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U.S. Secret Service: “Massive Fraud” Against State Unemployment Insurance Programs

Krebs on Security

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.

Insurance 285
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How Much Cyber Liability Insurance Do You Need?

IT Governance

Cyber liability insurance helps organisations cover the financial costs of a data breach. It’s essential for any business that wishes to adequately prepare for disruptive incidents. Without insurance, organisations spend £3.6 What does cyber insurance include?

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Cyber Insurance and the Changing Global Risk Environment

Security Affairs

When security fails, cyber insurance can become crucial for ensuring continuity. Our reliance on digital technology and the inherited risk is a key driving factor for buying cyber risk insurance. When security fails, cyber insurance can become crucial for ensuring continuity.

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Lloyd’s Will No Longer Include Nation-State Attacks in its Cyber Insurance Policies

IT Governance

Lloyd’s of London has announced that its insurance policies will no longer cover losses resulting from certain nation-state cyber attacks or acts of war. Ukraine has used cyber attacks, but it’s not only the sides in direct conflict that are at risk.

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How Cyber Insurance Is Changing in the GDPR Era

Data Breach Today

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

Insurance 211
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Cyber Insurers Pull Back Amid Increase in Cyber Attacks, Costs

eSecurity Planet

The explosion of ransomware and similar cyber incidents along with rising associated costs is convincing a growing number of insurance companies to raise the premiums on their cyber insurance policies or reduce coverage, moves that could further squeeze organizations under siege from hackers.

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Merck Wins Insurance Lawsuit re NotPetya Attack

Schneier on Security

The insurance company Ace American has to pay for the losses: On 6th December 2021, the New Jersey Superior Court granted partial summary judgment (attached) in favour of Merck and International Indemnity, declaring that the War or Hostile Acts exclusion was inapplicable to the dispute.

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GUEST ESSAY: Skeptical about buying life insurance online? Here’s how to do it — securely

The Last Watchdog

Purchasing life insurance once meant going to an insurer’s office or booking an appointment with an insurance agent. Today’s generation is used to getting everything done fast and easy, so life insurance providers had to get with the times and cover all customers’ needs and requirements. Now everyone has the possibility to purchase life insurance from the comfort of their home by simply going online and looking for the policies that will fit their needs.

Insurance 132
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U.S. Treasury Department Seeks Public Comment On Potential Federal Cyber Insurance Program

Data Matters

Treasury Department is seeking public comment on the need and scope for a potential federal insurance response to catastrophic cyber incidents, akin to the one put in place for terrorism insurance after the attacks of September 11, 2001. The U.S.

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Insurer: Breach Undetected for Nine Years

Data Breach Today

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

Insurance 149
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Two Years on from GDPR: Has It Driven Growth in Cybersecurity Insurance?

Dark Reading

Whilst GDPR has put the spotlight on data privacy and cyber issues, there are other more prominent trends that are driving a greater take-up of cyber insurance, says Ben Maidment, Class Underwriter - Cyber, Physical & Technology at Brit Insurance

Insurance 109
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Blackbaud Expects Cyber Insurer Will Cover Most Attack Costs

Data Breach Today

Insurance 163
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What We Mean When We Talk About Cyber Insurance

Dark Reading

Cyber insurance is more than a policy for paying off ransomware gangs. It's designed to be something you transfer risk to when security controls fail

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The ‘Zelle Fraud’ Scam: How it Works, How to Fight Back

Krebs on Security

What follows is a deep dive into how this increasingly clever Zelle fraud scam typically works, and what victims can do about it. The caller’s number will be spoofed so that it appears to be coming from the victim’s bank.

IT 279