Cyber Insurance: Higher Premiums, Limited Coverage

Data Breach Today

GAO Report Summarizes Market Trends The increasing number of cyberthreats, especially ransomware attacks, is leading some cyber insurers to raise premiums and limit some coverage in hard-hit sectors, such as healthcare and education, according to a report from the Government Accountability Office

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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Cyber Insurance: Important Lessons for New Markets

Data Breach Today

One of the major challenges for CISOs is on deciding the indemnity limit for cyber insurance, says Bhishma Maheshwari, executive vice president at Marsh India

Why consumer education is needed in the digital insurance age

DXC

For the insurance sector, this has brought forth both new market opportunities and new market confusion. The insurance sector has leveraged digital for new ways of working, and that has proven to be especially valuable in light of […]. Insurance digital insurance

On Cybersecurity Insurance

Schneier on Security

Good paper on cybersecurity insurance: both the history and the promise for the future. From the conclusion: Policy makers have long held high hopes for cyber insurance as a tool for improving security. Cyber insurance appears to be a weak form of governance at present. However, the cost of external response services is covered, which suggests insurers believe ex-post responses to be more effective than ex-ante mitigation.

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.

1M compromised cards available for free in the underground market

Security Affairs

It’s especially unusual for a previously unknown market player. Further research revealed that the post was nothing but a very bold ad to scale up the user base of newly established card shop All World Cards, which joined the carding market in May 2021.

Investing in Technology Across the Board in Insurance

Perficient Data & Analytics

ERP, marketing, sales) that customers and stakeholders don’t necessarily interact with, but that help a company operate smoothly and be more productive. — 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.

What You Need to Know About Cyber Insurance Coverage

InfoGoTo

One thing that can mitigate this risk is cyber insurance. Benefits of Cyber Insurance. A cyber insurance policy is a great line of defense that can minimize or defray the costs associated with negative IT-related security events, such as: Incident response activities.

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. While acknowledging that “[e]ach insurer’s cyber insurance risk will vary based [on] many factors,” the Framework nonetheless describes seven practices that authorized property/casualty insurers should use to manage their cyber insurance risk. Manage and Eliminate Exposure to Silent Cyber Insurance Risk.

Embracing Strategic Initiatives in the Insurance Industry

Perficient Data & Analytics

Today, insurance companies remain heavily focused on growth, productivity, and efficiency. How can they get a bigger piece of the pie in a market that offers customers so many options? 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.

Max Jaiswal on managing data for the world’s largest life insurer

IBM Big Data Hub

Max Jaiswal is the enterprise data team lead at AIA Australia , a pan-Asian life insurance company with presence in 18 markets across the Asia-Pacific region.

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. Even after a year full of natural disasters (2017 happens to be the costliest year on record for the global insurance industry) and the potential financial burden (i.e., more claims) that climate change can place on insurers moving forward, the overall feeling about the future is optimistic.

Artificial Intelligence Is Set to Rewrite the Rules of Insurance

InfoGoTo

Few industries stand to gain as much by adopting artificial intelligence as insurance. Insurance companies rarely relate to their customers other than at the time of the claim, so making that experience as simple and productive as possible is key to customer retention. Fraud is a major problem for insurers, accounting for 10% of all claims expenditures in some regions. Other insurers are experimenting with discounts tied to the use of fitness trackers and heart monitors.

New York Regulators Call on Insurers to Strengthen the Cyber Underwriting Process

Hunton Privacy

As reported on the Hunton Insurance Recovery blog , on February 4, 2021, the New York Department of Financial Services (“NYDFS”), which regulates the business of insurance in New York, has issued guidelines, in the Insurance Circular Letter No. 2 (2021) regarding “Cyber Insurance Risk Framework” (the “Guidelines”), calling on insurers to take more stringent measures in underwriting cyber risks. sought coverage for expenses under its property insurance policy.

Spurring Growth Initiatives Through Tax Reform in Insurance

Perficient Data & Analytics

has created a jubilant atmosphere, as the rates are generally expected to boost earnings and investments for many insurers. We are investing in growth in many of our market-facing businesses through marketing, distribution, telematics, new products, and technology.”. — To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry.

How Data Science Experience improves accuracy for the insurance industry

IBM Big Data Hub

In this Q&A, IBM financial services solution architect Irina Saburova discusses an insurance use case with IBM Data Science Marketing Lead Rosie Pongracz. In this scenario common to the insurance industry, an organization needs to adjust its operations based on upcoming weather event and multiple weather indicators can improve forecast accuracy

MongoDB Leak Exposed Millions of Medical Insurance Records

Threatpost

Millions of records containing personal information and medical insurance data were exposed by a database belonging to insurance marketing website MedicareSupplement.com. Breach Vulnerabilities cloud data exposure database medicaresupplement.com mongodb database

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.

How the top 15 car insurers are going digital

Information Management Resources

Digital Insurance takes a look at the auto insurance carriers with the biggest U.S. market presence and their recent technological initiatives. Auto insurance Insurtech State Farm Allstate Nationwide Progressive Liberty Mutual Farmers Insurance GEICO Travelers

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. Related Stories Episode 155: Disinformation is a Cyber Weapon and APTs warm to Mobile Malware Podcast Episode 117: Insurance Industry Confronts Silent Cyber Risk, Converged Threats NotPetya Horror Story Highlights Need for Holistic Security. We talk to Bruce McConnell of the East West Institute about how insurers are responding.

The man behind Cardplanet credit card market sentenced to 9 years in prison

Security Affairs

A 30-year old Russian national was sentenced to nine years in prison for running Cardplanet and Direct Connection credit card market. The membership also requested a sum of money, normally $5,000, as insurance.

CNIL Publishes Guidance on Web Scraping and Re-Use of Publicly Available Online Data for Direct Marketing

Hunton Privacy

On April 30, 2020, the French Data Protection Authority (the “CNIL”) published guidance on the extraction of web users’ personal data from online public spaces by web scraping tools and re-use of such data for direct marketing (the “Guidance”).

EUROPE: Are GDPR fines insurable in the countries where you operate?

DLA Piper Privacy Matters

The guide reviews the insurability of GDPR fines across Europe, which can reach up to €20 million or, if higher, up to 4% of a group’s annual global turnover. It also looks at insurability of costs associated with GDPR non-compliance (e.g. litigation, investigation and compensation), as well as the insurability of non-GDPR regulatory fines. Criminal penalties are almost never insurable. General Data Protection Regulation Uncategorized Insurance

Financial services are embracing multi-cloud

DXC

Banking & Capital Markets Cloud Insurance financial services hybrid cloudMulti-clouds — environments made up of multiple public and private clouds typically used for different purposes — may well be the cloud of choice for banks. That’s according to an independent report by 451 Research, ‘Multi-Cloud Fundamental to Financial Services Transformation.’ I’m not here to argue. This report, which was sponsored by Canonical — the […].

Regulatory Update: NAIC Summer 2021 National Meeting

Data Matters

The National Association of Insurance Commissioners (NAIC) held its Summer 2021 National Meeting (Summer Meeting) August 14-17, 2021. Highlights include, among others, adoption of revised risk-based capital bond factors for life insurers, amendments to SSAP No.

China Insurance Regulatory Agency Promulgates New Rule Protecting Personal Data of Life Insurance Customers

Hunton Privacy

On November 4, 2013, the China Insurance Regulatory Commission, which is the Chinese regulatory and administrative authority for the insurance sector, issued the Interim Measures for the Management of the Authenticity of Information of Life Insurance Customers (the “Measures”). The Measures require life insurance companies and their agents to ensure the authenticity of personal data of life insurance policy holders.

Insurers must fight tunnel vision to get the most out of digital efforts

Information Management Resources

There’s no shortage of tech solutions coming to market in the insurtech era, but it all comes back to customer wants, panel says. Insurtech Customer experience Customer data Digital distribution Data strategy Farmers Insurance AmFam

Worldwide Capture Software Market grows 11.3%

Document Imaging Report

the leading analyst firm covering the Capture Software market, reported that analysis of its annual Worldwide Market Survey showed that the Market for Capture Software experienced double-digit growth. . In 2017, the worldwide market grew by 11.3% Case Management applications are in demand in top vertical markets including: Retail Banking, Insurance, and Healthcare. The dynamics of the Capture Software market also are changing providing new opportunity.

Los servicios financieros abrazan la multinube

DXC

Banking & Capital Markets Cloud Insurance financial services hybrid cloudLos entornos multinube (formados por varias nubes, públicas y privadas, que se utilizan normalmente para diferentes propósitos) pueden considerarse como la opción preferida de los bancos. Eso se desprende del último informe realizado por 451 Research, “Multi-Cloud Fundamental to Financial Services Transformation” y yo no lo pienso discutir.

Cyber Insurance: Not Just for Data Protection

Hunton Privacy

President Obama’s Executive Order 13636 on Improving Critical Infrastructure Cybersecurity identified “insurance liability considerations” as an incentive that might improve security. Over the course of the year since the Executive Order was issued, there has been an increase in the marketing of cyber insurance products. Cyber Insurance Cybersecurity Liability Obama Administration

Focus on customer experience to stand out from your retail banking competitors

OpenText Information Management

Conventional marketing wisdom dictates that acquisition is where you focus all your efforts. Customer Experience Banking & Insurance Personalization Omnichannel customer journey digital experience retail banking martech

Why we’re awarding innovation and experimentation

DXC

Leaders will master information flows and data markets. Analytics Applications Asia Australia and New Zealand Automotive Banking & Capital Markets Business Processes Cloud Consulting DevOps Digital Transformation Energy Healthcare Insurance IoT Leadership and Success Manufacturing Mobility Partners Platform Security Travel, Transportation & Hospitality Workplace Awards digital digital transformation recognition transformationBusiness is changing fast.

The Auto Industry is Unique, Marketers Should Take Advantage

Perficient

Digital marketers in the automotive industry need to take advantage of the uniqueness of the industry. Unlike other industries, it provides unique opportunities for automotive digital marketers. For instance, because all sales are reported, marketers have the ability to match online shopping behavior with offline in-person vehicle sales. However, they are proof that those ad placements didn’t reach actual in-market consumers.

Sales 25

Industry Guide to Financial Services: What’s driving digital transformation across financial services institutions?

OpenText Information Management

To compete and succeed in today’s fast-changing business climate, banks, insurance companies and other financial services institutions (FSIs) need to have three priorities to contend with new technologies, new market entrants and new ways of working that are changing expectations for the industry. Enterprise World Industry Bank banks Enterprise World 2019 financial services Insurance insurance industry

The growing importance of dynamic pricing and rating in insurance

CGI

The growing importance of dynamic pricing and rating in insurance. On June 20, 2016, CGI held a roundtable discussion on dynamic rating and pricing in the insurance industry that involved nearly all major Dutch insurers. This is in contrast to the traditional cost-plus approach to pricing in the insurance industry. Rating is about determining the cost of an insurance policy based on the underlying risk.

Sensors, data help insurers reach underserved communities

Information Management Resources

Carriers are looking to expand their addressable market for risk management services, and innovative solutions are key. Internet of things Analytics AXA

Increased Focus on Cyber Insurance Post-Target Breach

Hunton Privacy

Recent media attention focused on the security breach that affected millions of Target customers has increased interest in cyber insurance to cover the financial losses associated with these types of events. As insurers aggressively market insurance products to protect against cyber risks, it’s important to note differences in the language carriers have chosen to include in their policy forms. Cyber Insurance Cybersecurity Security Breach

All ready to grow up: Fostering AI’s growth in insurance

DXC

The use of artificial intelligence (AI) technologies has spread across the insurance value chain. In product development, it enables insurers to create more profitable and effective products based on insights from past claims and product uptake in the market. In underwriting, it creates a better understanding of risk for new and underserved markets. Insurance Uncategorized artificial intelligence

Time for a new definition of the "composite" insurer?

CGI

Time for a new definition of the "composite" insurer? Composite insurer table. Much has been written about the need for insurers to embrace the opportunities that the wave of technology innovation has made possible over the past few years and to address the accompanying globalisation of ideas and propositions that make local markets increasingly less distinctive. So could this operating model become the new definition of a ‘composite insurer’?