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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. MORE
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. MORE
Good article about how difficult it is to insure an organization against Internet attacks, and how expensive the insurance is. Typically in insurance we use the past as prediction for the future, and in cyber that's very difficult to do because no two incidents are alike," said Lori Bailey, global head of cyberrisk for the Zurich Insurance Group. In my new book -- out in September -- I write: There are challenges to creating these new insurance products. MORE
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 MORE
The US insurance giant CNA Financial reportedly paid a $40 million ransom to restore access to its files following a ransomware attack. According to Bloomberg , CNA Financial opted to pay the ransom two weeks after the security breach because it was not able to restore its operations. MORE
Insurance giant CNA notifies customers of a data breach after the Phoenix CryptoLocker ransomware attack suffered in March. US insurance giant CNA is notifying customers of a data breach after the ransomware attack that it suffered in March. MORE
Recapping a discussion moderated by Stijn Christiaens and featuring insurance data experts from Deloitte UK . Insurance is a data-intensive business. Insurance companies need data to better assess risks and price policies competitively, but also profitably. MORE
Car insurance provider Geico has suffered a data breach, attackers have stolen the driver’s licenses for policyholders for several weeks. Geico, the second-largest auto insurer in the U.S., MORE
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 MORE
As the cyberthreat landscape grows exponentially more complicated, the insurance industry is trying to keep pace. Yet, many organizations still lack cybersecurity insurance. MORE
Beazley's Mark Singer Demystifies the Growing Industry It's one thing to plan for a cybersecurity incident, but quite another to have proper insurance coverage to prepare for such an event. Mark Singer of Beazley shares an overview of the cyber insurance myths and realities MORE
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. MORE
In an industry generally known for slow adoption of technology, one insurance business discovered that the COVID-19 pandemic provided the catalyst it needed to prioritize digital transformation. MORE
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. MORE
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 MORE
Gallagher (AJG) insurance giant disclosed a ransomware attack, the security breach took place on Saturday. Gallagher (AJG) global insurance brokerage firm confirmed that it was his with a ransomware attack on Saturday, September 26. US-based Arthur J. MORE
2 announcing a Cyber Insurance Risk Framework (the Framework) that describes industry best practices for New York-regulated property/casualty insurers. Issuance of the Framework is notable as it represents the first official guidance by a U.S. According to NYDFS, the incorporation of these practices should be proportionate to each insurer’s size, resources, geographic distribution, and other factors. Insurers should: Establish a Formal Cyber Insurance Risk Strategy. MORE
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 MORE
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. MORE
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 MORE
Expect to See Extortion and Social Engineering Attacks Excluded From More Policies Are insurers getting cold feet over covering losses to ransomware? MORE
That’s certainly true when it comes to insurance, as evidenced by the findings of our recent consumer survey. Based on responses from more than 2,000 individuals in the United States, the 2020 DXC Insurance Survey Report presents […]. Digital Transformation Insurance MORE
The personal information of thousands of Israeli citizens has been compromised as the result of a cyberattack on Shirbit, a leading insurance company. . The post Major Israeli Insurance Company Hacked appeared first on Adam Levin. MORE
Cyber threats are so numerous that it’s impossible to prevent security incidents altogether. That’s why they organisations increasingly relying on cyber insurance policies to cover the costs when data breaches and cyber attacks occur. But just how helpful is cyber insurance? MORE
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. MORE
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 […]. MORE
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., MORE
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. MORE
This constant exposure has created so-called “breach fatigue,” where people are no longer surprised by the security gaffes they hear about in the news and end up taking it all in stride. One thing that can mitigate this risk is cyber insurance. Benefits of Cyber Insurance. MORE
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? MORE
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 MORE
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. MORE
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. MORE
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 Million, But More Anticipated So far, Norweigan aluminum company Norsk Hydro has received just $3.6 MORE
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. MORE
Centene Corp. MORE
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 MORE
Maze Gang Claims Insurer Is a Victim, Emsisoft Reports Switzerland-based global insurance firm Chubb acknowledges that it's investigating a "security incident." MORE
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 MORE
Data Breach Today
JUNE 15, 2021
As the cyberthreat landscape grows exponentially more complicated, the insurance industry is trying to keep pace. Yet, many organizations still lack cybersecurity insurance.
DXC
JULY 18, 2021
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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Schneier on Security
JULY 1, 2021
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.
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."
DXC
JULY 11, 2021
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 […].
Data Breach Today
MARCH 24, 2021
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
Data Breach Today
MAY 25, 2021
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
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.,
Data Breach Today
MARCH 18, 2021
Centene Corp.
Data Breach Today
DECEMBER 8, 2020
Expect to See Extortion and Social Engineering Attacks Excluded From More Policies Are insurers getting cold feet over covering losses to ransomware?
|
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.
The Last Watchdog
AUGUST 24, 2020
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.
eSecurity Planet
MAY 27, 2021
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.
Dark Reading
SEPTEMBER 10, 2020
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
OpenText Information Management
MAY 17, 2021
In an industry generally known for slow adoption of technology, one insurance business discovered that the COVID-19 pandemic provided the catalyst it needed to prioritize digital transformation.
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. Typically in insurance we use the past as prediction for the future, and in cyber that's very difficult to do because no two incidents are alike," said Lori Bailey, global head of cyberrisk for the Zurich Insurance Group. In my new book -- out in September -- I write: There are challenges to creating these new insurance products.
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
Security Affairs
APRIL 20, 2021
Car insurance provider Geico has suffered a data breach, attackers have stolen the driver’s licenses for policyholders for several weeks. Geico, the second-largest auto insurer in the U.S.,
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.
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 Million, But More Anticipated So far, Norweigan aluminum company Norsk Hydro has received just $3.6
Security Affairs
JULY 9, 2021
Insurance giant CNA notifies customers of a data breach after the Phoenix CryptoLocker ransomware attack suffered in March. US insurance giant CNA is notifying customers of a data breach after the ransomware attack that it suffered in March.
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
Adam Levin
DECEMBER 8, 2020
The personal information of thousands of Israeli citizens has been compromised as the result of a cyberattack on Shirbit, a leading insurance company. . The post Major Israeli Insurance Company Hacked appeared first on Adam Levin.
IT Governance
OCTOBER 15, 2020
Cyber threats are so numerous that it’s impossible to prevent security incidents altogether. That’s why they organisations increasingly relying on cyber insurance policies to cover the costs when data breaches and cyber attacks occur. But just how helpful is cyber insurance?
Data Breach Today
OCTOBER 31, 2019
Beazley's Mark Singer Demystifies the Growing Industry It's one thing to plan for a cybersecurity incident, but quite another to have proper insurance coverage to prepare for such an event. Mark Singer of Beazley shares an overview of the cyber insurance myths and realities
Security Affairs
SEPTEMBER 29, 2020
Gallagher (AJG) insurance giant disclosed a ransomware attack, the security breach took place on Saturday. Gallagher (AJG) global insurance brokerage firm confirmed that it was his with a ransomware attack on Saturday, September 26. US-based Arthur J.
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.
Collibra
APRIL 9, 2021
Recapping a discussion moderated by Stijn Christiaens and featuring insurance data experts from Deloitte UK . Insurance is a data-intensive business. Insurance companies need data to better assess risks and price policies competitively, but also profitably.
DXC
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
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.
Security Affairs
MAY 21, 2021
The US insurance giant CNA Financial reportedly paid a $40 million ransom to restore access to its files following a ransomware attack. According to Bloomberg , CNA Financial opted to pay the ransom two weeks after the security breach because it was not able to restore its operations.
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.
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.
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
InfoGoTo
SEPTEMBER 16, 2020
This constant exposure has created so-called “breach fatigue,” where people are no longer surprised by the security gaffes they hear about in the news and end up taking it all in stride. One thing that can mitigate this risk is cyber insurance. Benefits of Cyber Insurance.
DXC
JULY 14, 2020
That’s certainly true when it comes to insurance, as evidenced by the findings of our recent consumer survey. Based on responses from more than 2,000 individuals in the United States, the 2020 DXC Insurance Survey Report presents […]. Digital Transformation Insurance
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?
Data Matters
FEBRUARY 10, 2021
2 announcing a Cyber Insurance Risk Framework (the Framework) that describes industry best practices for New York-regulated property/casualty insurers. Issuance of the Framework is notable as it represents the first official guidance by a U.S. According to NYDFS, the incorporation of these practices should be proportionate to each insurer’s size, resources, geographic distribution, and other factors. Insurers should: Establish a Formal Cyber Insurance Risk Strategy.
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