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.

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Cybersecurity Insurance IT 337

Data Breach Today

JULY 29, 2021

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.

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Ransomware Insurance IT 325

Dark Reading

JUNE 29, 2023

Now, if you've got an IoT network powered by Pepper, you can insure it through Embedded Insurance — even if your business is too small to support a SOC.

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Insurance IoT IT 93

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., in an attempt to recoup money it spent to replace payment cards as part of settlements over the retailer's massive 2013 data breach.

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Data breaches Insurance Retail IT 291

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 A local newspaper, citing unnamed sources, says the DarkSide gang is suspected of being involved.

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Ransomware Insurance IT 203

Data Breach Today

MARCH 18, 2021

Alleges Vendor Failed to Comply With Business Associate Agreement As the list of healthcare sector entities affected by the recent hacking of Accellion's File Transfer Appliance platform continues to grow, the technology vendor faces a lawsuit filed by one of its affected clients, health insurer Centene Corp.

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Insurance IT 322

Data Breach Today

MAY 17, 2021

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.

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Ransomware Insurance IT 264

Data Breach Today

MARCH 7, 2023

Nick Schneider Shares How His Firm Can Help Clients Prepare for a Security Incident Arctic Wolf has expanded its security operations platform into threat intelligence, incident response and cyber insurance, says CEO Nick Schneider.

Insurance 141

Insurance Security IT 141

Data Breach Today

OCTOBER 14, 2022

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. The company, which serves nearly 4 million Australians, restored access to its policy websites on Friday.

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Insurance Access IT 141

Data Breach Today

JANUARY 26, 2023

insurers by the Bank of England found underwriters mostly withstood extreme cyber events. Exclusions and Reinsurance Bolster Resiliency to Extreme Cyber Risk A periodic stress test assessment of U.K.

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Insurance Risk IT 130

Data Breach Today

NOVEMBER 2, 2022

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.

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Insurance Healthcare IT 141

Data Matters

SEPTEMBER 7, 2023

The National Association of Insurance Commissioners (NAIC) held its Summer 2023 National Meeting (Summer Meeting) from August 12–16, 2023. The post Regulatory Update: National Association of Insurance Commissioners Summer 2023 National Meeting appeared first on Data Matters Privacy Blog.

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Insurance Artificial Intelligence Privacy Security 88

Krebs on Security

MAY 16, 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. Secret Service. Chamber of Commerce. Rhode Island is even worse off, with 31.4

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Insurance Security Government IT 364

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? With claims due to ransomware skyrocketing, some insurers have reportedly been revising offerings to make it tougher for companies claim for some types of cybercrime, including extortion.

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Ransomware Insurance IT 204

IBM Big Data Hub

MAY 1, 2023

In this first of two posts, I investigate the anatomy of artificial intelligence and its impact on insurance. Artificial intelligence applied to insurance The insurance industry has always made extensive use of data and algorithms, such as in the calculation of insurance premiums. It has taken the world by storm.

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Artificial Intelligence Insurance Risk Personal data 78

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.

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Insurance Security IT Access 156

Data Protection Report

MARCH 21, 2023

2] In this context, the Directorate General of the French Treasury has put forward a plan of action with a view to clarifying the cyber-insurance legal framework, better gauging cyber-risks, and enhancing companies’ awareness as regards cyber-risks. 12-10-1 into the French Insurance code. However, in the end, Article L.12-10-1

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Insurance Data breaches GDPR Cybersecurity 105

IT Governance

AUGUST 25, 2022

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. In a memo sent to the organisation’s insurance syndicates , Underwriting Director Tony Chaudhry said that Lloyd’s remains “strongly supportive” of policies that cover cyber attacks.

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Insurance IT Government Ransomware 96

IT Governance

MAY 24, 2022

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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Insurance Data breaches Ransomware GDPR 127

IT Governance

AUGUST 23, 2022

Cyber liability insurance helps organisations cover the financial costs of a data breach. Without insurance, organisations spend £3.6 By purchasing cyber liability insurance, organisations gain the resources they need at a fraction of the cost. What does cyber insurance include? First-party vs third-party insurance.

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Insurance Data breaches Security e-Delivery 114

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. Often, that’s paying the ransom.

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Ransomware Insurance Paper Government 109

Security Affairs

APRIL 23, 2023

Non-profit health insurer Point32Health suffered a ransomware attack and has taken systems offline in response to the incident. Non-profit health insurer Point32Health has taken systems offline in response to a ransomware attack that took place on April 17. ” reads the statement published by the insurer.

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Ransomware Insurance Cybersecurity Security 76

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.

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Insurance GDPR Privacy IT 256

IBM Big Data Hub

MAY 8, 2023

In my previous post , I described the different capabilities of both discriminative and generative AI, and sketched a world of opportunities where AI changes the way that insurers and insured would interact. Artificial intelligence (AI) is polarizing. It excites the futurist and engenders trepidation in the conservative.

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Insurance Risk Artificial Intelligence Government 72

Hunton Privacy

MAY 4, 2022

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).

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Insurance Security Information Security Cybersecurity 110

Data Breach Today

MAY 24, 2023

Company Executive Hopes Insurance Will Help Cover Most Costs Hospital chain CommonSpirit has upped its estimate on the financial toll incurred by a ransomware incident last fall that disrupted IT systems and patient services at some of its facilities for weeks.

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Ransomware Insurance IT 130

KnowBe4

AUGUST 8, 2022

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. The price of U.S.

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Insurance IT Cybersecurity 94

eSecurity Planet

APRIL 22, 2022

That’s where cyber insurance may be able to help. For that reason, most experts now recognize that a complete cybersecurity strategy not only includes technological solutions aimed at preventing, detecting, and mitigating attacks, it should also include cyber insurance to help manage the associated financial risks. That’s a 29.1%

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Insurance Ransomware Cybersecurity Data breaches 95

Data Matters

OCTOBER 20, 2022

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 request, published by the Federal Insurance Office (FIO) in the U.S. Background.

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Insurance Cybersecurity Risk Government 88

Dark Reading

FEBRUARY 25, 2022

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.

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Insurance IT 102

Hunton Privacy

JUNE 9, 2022

515 , making Vermont the twenty-first state to enact legislation based on the National Association of Insurance Commissioners Insurance Data Security Model Law (“MDL-668”). On May 27, 2022, Vermont Governor Phil Scott signed H.515 Information Security Program Requirements.

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Insurance Security Information Security Cybersecurity 107

Dark Reading

MARCH 8, 2023

It's getting hard to buy cyber insurance, but not having it is not always an option. Low-coverage plans could bridge the gap.

Insurance 88

Insurance Compliance IT 88

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.

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Ransomware Insurance Security IT 134

Data Breach Today

NOVEMBER 3, 2020

Impacted Clients, Lawsuits Pile Up; SEC Filing Provides Incident Details Despite the soaring list of customers reporting data breaches tied to the May ransomware attack on Blackbaud - and numerous legal actions filed against the company - the fundraising software vendor recently told Wall Street that it expects cyber insurance to cover the bulk of (..)

Insurance 146

Insurance Data breaches Ransomware IT 146

Data Matters

APRIL 19, 2023

The National Association of Insurance Commissioners (NAIC) held its Spring 2023 National Meeting (Spring Meeting) March 21–25, 2023. The post Regulatory Update: National Association of Insurance Commissioners Spring 2023 National Meeting appeared first on Data Matters Privacy Blog.

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Insurance Privacy Security IT 88

IBM Big Data Hub

JUNE 23, 2023

Although interest rates have increased at an unprecedented rate over the past year due to efforts by central banks to curb inflation, insurers are locked into low-yielding investments, and it will take several years for their investment yields to improve. Core modernization (processes and technology) is a top priority for every insurer.

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Insurance Cloud Digital transformation Customer Experience 59

Thales Cloud Protection & Licensing

MAY 26, 2023

CIAM in insurance: A unified, secure user experience with a single login madhav Fri, 05/26/2023 - 07:33 In recent years, the insurance industry has transformed from a singularly focused entity to a multi-brand or multi-service type of business. Adding value to the user experience (a top priority for 59% of insurers) 2.

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Insurance Security Digital transformation Passwords 71