ISMG Editors’ Panel: Cyber Insurance; Ransomware Update

Data Breach Today

Also: Debating the Issue of Banning Ransom Payments In this week's panel discussion, four editors at Information Security Media Group discuss cyber insurance, persistent ransomware attacks and whether ransom payments should be banned

Ransomware Attack Hits Asian Unit of Insurer AXA

Data Breach Today

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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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

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?

Cyber-Insurance Fuels Ransomware Payment Surge

Threatpost

Companies relying on their cyber-insurance policies to pay off ransomware criminals are being blamed for a recent uptick in ransomware attacks.

Insurer AXA to Stop Paying for Ransomware Crime Payments in France via Insurance Journal

IG Guru

“The word to get out today is that, regarding ransomware, we don’t pay and we won’t pay,” cybercrime prosecutor Johanna Brousse said at the hearing. The post Insurer AXA to Stop Paying for Ransomware Crime Payments in France via Insurance Journal appeared first on IG GURU.

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."

How Are Cyber Insurance Companies Assessing Ransomware Risk?

Dark Reading

From limiting claims payments to tying payments to policyholders' actions, the cyber insurance industry is in "a very dynamic place right now," says Corvus Insurance CEO Phil Edmundson

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.

Insurance Giant Chubb Might Be Ransomware Victim

Dark Reading

A ransomware operator claims to have successfully attacked Chubb Insurance databases

Task Force Seeks to Disrupt Ransomware Payments

Krebs on Security

Some of the world’s top tech firms are backing a new industry task force focused on disrupting cybercriminal ransomware gangs by limiting their ability to get paid, and targeting the individuals and finances of the organized thieves behind these crimes.

Do Ransomware Attackers Single Out Cyber Insurance Holders?

Data Breach Today

Security Experts Express Skepticism That Criminals Would Bother Do criminal organizations prefer to target organizations that hold cyber insurance policies? A ProPublica report suggests that because cyber insurance policyholders are more likely to pay ransoms, they're a more frequent target. But some cybersecurity experts have expressed skepticism

Cyber Insurance Firms Start Tapping Out as Ransomware Continues to Rise

Dark Reading

A global insurance carrier refuses to write new ransomware policies in France, while insurers rewrite policies. Are we heading toward a day when ransomware incidents become uninsurable

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.

Ransomware and the Role of Cyber Insurance via Teach Privacy

IG Guru

Professor Daneil Solove interviews Kimberly Horn about Cyber Insurance and Ransomeware here. The post Ransomware and the Role of Cyber Insurance via Teach Privacy appeared first on IG GURU.

Medical Debt Collection Firm R1 RCM Hit in Ransomware Attack

Krebs on Security

NASDAQ:RCM ], one of the nation’s largest medical debt collection companies, has been hit in a ransomware attack. R1 RCM acknowledged taking down its systems in response to a ransomware attack, but otherwise declined to comment for this story. R1 RCM Inc.

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.

Cyber Insurance Changes as Threats Evolve

Data Breach Today

Ken Suh of Beazley on Assessing the Options In light of emerging cyberthreats, including ransomware, organizations must change how they assess their cyber insurance options, says Ken Suh of Beazley

As Ransomware Demands Boom, Insurance Keeps Paying Out

WIRED Threat Level

While major carriers like AXA have backed away from covering ransoms, don't expect the industry at large to break the vicious cycle. Security Security / Security News

Ransomware Attack's Economic Impact: $67 Million

Data Breach Today

But insurance may cover much of the cost

The Double-Edged Sword of Cybersecurity Insurance

Dark Reading

With ransomware on the rise, more organizations are opting to purchase cyber insurance -- tipping off criminals about how much to demand for access back to pilfered systems and data

Ransomware: Should Governments Hack Cybercrime Cartels?

Data Breach Today

Banning Ransom Payments and Unleashing Offensive Hacking Teams Being Mooted With ransomware continuing to fuel a massive surge in illicit profits, some experts have been calling on governments to launch offensive hacking teams to target cybercrime cartels.

Blackbaud Expects Cyber Insurer Will Cover Most Attack Costs

Data Breach Today

Payroll/HR Giant PrismHR Hit by Ransomware?

Krebs on Security

PrismHR , a company that sells technology used by other firms to help more than 80,000 small businesses manage payroll, benefits, and human resources, has suffered what appears to be an ongoing ransomware attack that is disrupting many of its services.

Cybersecurity Insurance Not Paying for NotPetya Losses

Schneier on Security

This will complicate things: To complicate matters, having cyber insurance might not cover everyone's losses. Zurich American Insurance Company refused to pay out a $100 million claim from Mondelez, saying that since the U.S. I get that $100 million is real money, but the insurance industry needs to figure out how to properly insure commercial networks against this sort of thing. cybersecurity hacking insurance malware ransomware russia war

Threatpost Poll: Weigh in on Ransomware Security

Threatpost

Provide your views on ransomware and how to deal with it in our anonymous Threatpost poll. Breach Cloud Security Malware Vulnerabilities Cyber Insurance Cybersecurity Healthcare poll ransomware

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.

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. The insurance company will not comment on the ransom. Recently another insurance firm, AXA , was the victim of a ransomware attack.

Ransomware Victims That Pay Up Could Incur Steep Fines from Uncle Sam

Krebs on Security

Companies victimized by ransomware and firms that facilitate negotiations with ransomware extortionists could face steep fines from the U.S. “In my experience, OFAC and cyber insurance with their contracted negotiators are in constant communication,” he said.

What’s Next for Ransomware in 2021?

Threatpost

Ransomware response demands a whole-of-business plan before the next attack, according to our roundtable of experts.

Insurance Giant CNA Hit with Novel Ransomware Attack

Threatpost

The incident, which forced the company to disconnect its systems, caused significant business disruption. Malware Web Security

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

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. “No help from my insurance.

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

Cyber insurance: A guide for businesses

IT Governance

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? What is cyber insurance? How does cyber insurance work? Who needs cyber insurance?

Researchers Mixed on Sanctions for Ransomware Negotiators

Threatpost

Financial institutions, cyber-insurance firms, and security firms have all been put on notice by the U.S. Government Malware evil corp fines penalties ransomware ransomware negotiators Sanctions to pay or not pay treasury department

'Act of War' Clause Could Nix Cyber Insurance Payouts

Dark Reading

The indictment of six members of the Russian military for the NotPetya ransomware attack places companies on notice that insurance "is not a get-out-of-jail-free card

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. Meanwhile, credential-stuffing attacks have a potential cost of at least $5 billion a year, while ransomware can set companies back around $8 billion.

Ransomware Protection in 2021

eSecurity Planet

The internet is fraught with peril these days, but nothing strikes more fear into users and IT security pros than the threat of ransomware. A ransomware attack is about as bad as a cyber attack can get. Jump to: What is ransomware? How ransomware works. Ransomware types.

US CISA and FBI publish joint alert on DarkSide ransomware

Security Affairs

FBI and DHS’s CISA have published a joint alert on DarkSide ransomware activity after the disruptive attack on Colonial Pipeline. FBI and DHS’s CISA have published a joint alert to warn of ransomware attacks conducted by the DarkSide group.