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.,

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

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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

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.

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.

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

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.

First American Financial Corp. Leaked Hundreds of Millions of Title Insurance Records

Krebs on Security

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

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.

[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.

New Orleans to Boost Cyber Insurance to $10M Post-Ransomware

Dark Reading

Mayor LaToya Cantrell anticipates the recent cyberattack to exceed its current $3 million cyber insurance policy

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.

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?

Insurance Occurrence Assurance?

Andrew Hay

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

17 Cybersecurity Products the Cyber Insurance Industry Says Are Worthwhile via Claims Journal

IG Guru

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

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.

Transforming With Optimism in the Insurance Industry

Perficient Data & Analytics

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

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.”.

Investing in Technology Across the Board in Insurance

Perficient Data & Analytics

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.

The Evolution of Health IT is Affecting How People Think of Benefits and Insurance

InfoGoTo

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.

Episode 158: How NotPetya has Insurers grappling with Systemic Cyber Risk

The Security Ledger

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

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

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.

Experts: Breach at IT Outsourcing Giant Wipro

Krebs on Security

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.

IT 285

How to make sure your cyber insurance policy pays out

IT Governance

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

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

How Hanzo Is Helping in the Fight Against Insurance Fraud

Hanzo Learning Center

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

New Hampshire Governor Signs Insurance Data Security Law

Hunton Privacy

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.”.

For insurers, operationalizing data activates innovation

Information Management Resources

It doesn't take a flashy application for digital data to revolutionalize insurance, panelists say. Big data Insurtech Swiss Re MetLife

Group-IB and CryptoIns introduce the world’s first insurance against cyber threats for cryptocurrency exchanges

Security Affairs

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.

Michigan Adopts National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law

Data Matters

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

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.

Ransomware at Colorado IT Provider Affects 100+ Dental Offices

Krebs on Security

A Colorado company that specializes in providing IT services to dental offices suffered a ransomware attack this week that is disrupting operations for more than 100 dentistry practices, KrebsOnSecurity has learned. Multiple sources affected say their IT provider, Englewood, Colo.

Insurers: What’s Your Plan for Virtual Claims Handling?

Nuxeo

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

Hunton Insurance Head Comments on Hotel Data Breach Coverage Dispute

Hunton Privacy

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.”.

Information Advantage for Financial Services in 2020

OpenText Information Management

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.

Digital Preservation -- High Stakes for Finance and Insurance Companies

AIIM

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?