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?

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." Meanwhile, the Maze ransomware gang is claiming Chubb is its latest victim, according to researchers at the security firm Emsisoft

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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

Insurance Giant Chubb Might Be Ransomware Victim

Dark Reading

A ransomware operator claims to have successfully attacked Chubb Insurance databases

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.

Blackbaud Expects Cyber Insurer Will Cover Most Attack Costs

Data Breach Today

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

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.

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.

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. Business IG News Information Governance information privacy information security Privacy Risk News Security Daniel Solove Insurance Kimberly Horn Ransomware Teach Privacy

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

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

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.

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

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

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?

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

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 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. When asked about reports of a ransomware attack on his company, Miner simply said it was not a good time and hung up. “I would recommend everyone reach out to their insurance provider,” said one dentist based in Denver.

Second Florida City Pays Up Following Ransomware Attack

Data Breach Today

After Struggling With Recovery, City Negotiates a Ransom Payment A second small city in Florida is paying off cybercriminals to recover from a ransomware attack that crippled the municipality's local network. How much did Lake City agree to pay, and how much of that was covered by insurance

Ransomware Bites Dental Data Backup Firm

Krebs on Security

PerCSoft , a Wisconsin-based company that manages a remote data backup service relied upon by hundreds of dental offices across the country, is struggling to restore access to client systems after falling victim to a ransomware attack. The ransomware attack hit PerCSoft on the morning of Monday, Aug. Sadler said she did not know whether PerCSoft and/or DDR had paid the ransom demand, what ransomware strain was involved, or how much the attackers had demanded.

Ransomware Keeps Ringing in Profits for Cybercrime Rings

Data Breach Today

SamSam, Dharma, GandCrab and Global Imposter Make for Ongoing Bitcoin Paydays Criminals wielding crypto-locking ransomware - especially Dharma/CrySiS, GandCrab and Global Imposter, but also SamSam - continue to attack. Insurance firm Beazley says cyber claims for ransomware have increased in recent months, with the healthcare sector hardest hit

The Hidden Cost of Ransomware: Wholesale Password Theft

Krebs on Security

Organizations in the throes of cleaning up after a ransomware outbreak typically will change passwords for all user accounts that have access to any email systems, servers and desktop workstations within their network. But all too often, ransomware victims fail to grasp that the crooks behind these attacks can and frequently do siphon every single password stored on each infected endpoint. VCPI) was hit by the Ryuk ransomware strain.

Ransomware Hits B2B Payments Firm Billtrust

Krebs on Security

Business-to-business payments provider Billtrust is still recovering from a ransomware attack that began last week. “Out of an abundance of caution, we cannot disclose the precise ransomware strains but will do so as soon as prudently possible. ” A report from BleepingComputer cites an unnamed source saying the ransomware strain that hit Billtrust was the BitPaymer ransomware , but that information could not be confirmed.

B2B 113

Ransomware Increasingly Targeting Small Governments

Dark Reading

To get back up and running quickly, and because it's cheaper, city and county governments often pay the ransom, especially if insurance companies are footing the bill. The result: More ransomware

Danish news agency Ritzau hit by ransomware, but did not pay the ransom

Security Affairs

Ritzau, the biggest Danish news agency, was hit by a ransomware attack that brought it offline but refused to pay the ransom. Ritzau , the biggest Danish news agency, was hit by a ransomware attack that brought it offline.

Maze Ransomware leaks files of ST Engineering group

Security Affairs

ST Engineering is the last victim of the Maze Ransomware operators that published their data on their leak website. The Maze ransomware operators announced the release of stolen data on their leak site. Researchers at threat intelligence firm Cyble identified and verified the data leak, Maze ransomware claims to have stolen 1,5T of data. SecurityAffairs – Maze ransomware, cybersecurity).

SeaChange video delivery provider discloses REVIL ransomware attack

Security Affairs

US-based supplier of video delivery software solutions, SeaChange International, revealed that a ransomware attack disrupted its operations in Q1 2020. In April, SeaChange International was the victim of the Sodinokibi Ransomware gang.

Sopra Steria estimates financial Impact of ransomware attack could reach €50 Million

Security Affairs

IT services provider Sopra Steria estimates that a recent ransomware attack will have a financial impact ranging between €40M and €50M. At the end of October, French IT outsourcer Sopra Steria has been hit by a ransomware attack. SecurityAffairs – hacking, Ryuk ransomware).

Driven by Ransomware, Cyber Claims Rise in Number & Value

Dark Reading

Companies are on track to file 27% more cyber claims in 2020, one insurer estimates, while another underwriter finds five out of every 100 companies file a claim each year

University of Utah pays a $457,000 ransom to ransomware gang

Security Affairs

The University of Utah admitted to have paid a $457,059 ransom in order to avoid having ransomware operators leak student information online. The university did not reveal the ransomware family involved in the attack.

Insurance Pays Out a Sliver of Norsk Hydro’s Cyberattack Damages

Threatpost

million in cyber insurance - out of $71 million incurred in damages after a massive March cyberattack. Hacks Cyber Insurance cyberattack industrial cyberattack LockerGoga malware norsk hydro ransomwareThe company received $3.6

Sodinokibi ransomware operators leak files stolen from Elexon electrical middleman

Security Affairs

The REvil/Sodinokibi ransomware operators have leaked the files allegedly stolen from the UK power grid middleman Elexon. In May Elexon , a middleman in the UK power grid network, was the victim of a cyber attack, its systems have been infected with the Sodinokibi ransomware. The files contain passports of Elexon staff members and an apparent business insurance application form. .

SeaChange video delivery software solutions provider hit by Sodinokibi ransomware

Security Affairs

The popular SeaChange video platform is the latest victim of the Sodinokibi Ransomware gang, which is threatening to leak the stolen data. SeaChange International, the multinational supplier of video delivery software solutions, was the victim of the Sodinokibi Ransomware gang. REvil/Sodinokibi Ransomware group just posted a threatening message to Seachange, a global, public supplier of video delivery software. SecurityAffairs – Sodinokibi Ransomware, hacking).

Maze ransomware gang discloses data from drug testing firm HMR

Security Affairs

On March 21, the Maze ransomware operators published some of the stolen files on their “leak site,” after the refusal of the research firm of paying the ransom. The attack took place on March 14th, 2020, when the Maze Ransomware operators exfiltrated data from the HMR’s network and then encrypt their systems. A few days ago, Microsoft warned dozens of hospitals of the risks of ransomware attacks due to insecure VPN devices and gateways exposed online.

Spotlight Podcast: QOMPLX CISO Andy Jaquith on COVID, Ransomware and Resilience

The Security Ledger

We also talk about how better instrumenting of information security can help companies get a grip on fast-evolving cyber risks like human-directed ransomware campaigns. Ransomware’s Dangerous Rise.

NotPetya Victim Mondelez Sues Zurich Insurance for $100 Million

Dark Reading

Mondelez files lawsuit after Zurich rejects claim for damages from massive ransomware attack