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.

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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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.

Insurer Chubb Investigating 'Security Incident'

Data Breach Today

Maze Gang Claims Insurer Is a Victim, Emsisoft Reports Switzerland-based global insurance firm Chubb acknowledges that it's investigating a "security incident."

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 […].

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

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

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.,

Kids’ Health Insurer’s Website Vulnerable for 7 Years

Data Breach Today

Health Insurer Sues Accellion in Wake of Hacking Incident

Data Breach Today

Centene Corp.

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?

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.

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.

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.

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

Early adopter in a laggard industry: Accelerating tech innovation in insurance

OpenText Information Management

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.

Cybersecurity Insurance

Schneier on Security

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.

Blackbaud Expects Cyber Insurer Will Cover Most Attack Costs

Data Breach Today

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

Crooks stole driver’s license numbers from Geico auto insurer

Security Affairs

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.,

Judge Rules Insurer Must Pay for Ransomware Damage

Data Breach Today

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.

Norsk Hydro Breach: Update on Insurance Coverage

Data Breach Today

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

Insurance firm CNA discloses data breach after March ransomware attack

Security Affairs

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.

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

Major Israeli Insurance Company Hacked

Adam Levin

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.

Cyber insurance: A guide for businesses

IT Governance

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?

Cyber Insurance: The Myths and Realities

Data Breach Today

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

Arthur J. Gallagher (AJG) insurance giant discloses ransomware attack

Security Affairs

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.

GUEST ESSAY: Cyber insurance 101 — for any business operating in today’s digital environment

The Last Watchdog

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.

Delivering business value for insurance companies

Collibra

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.

How technology and professional trends are shaking up insurance

DXC

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

Property and Casualty Insurance needs modernizing

OpenText Information Management

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.

Insurance giant CNA Financial paid a $40 million ransom

Security Affairs

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.

[Guide] 2018 State of the Insurance Industry

Perficient Data & Analytics

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.

Expanding Through M&A in the Insurance Industry

Perficient Data & Analytics

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.

Fraud Thrives in a Crisis - Why The Insurance Community Needs to Stay Vigilant

Data Breach Today

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

What You Need to Know About Cyber Insurance Coverage

InfoGoTo

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.

Survey data shows insurance consumers are clamoring for better digital experiences

DXC

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

Embracing Strategic Initiatives in the Insurance Industry

Perficient Data & Analytics

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?

New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance

Data Matters

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.