Security Affairs

JANUARY 6, 2024

Merck has resolved a dispute with insurers regarding a $1.4 Merck and its insurers have agreed with a $1.4 billion insurance claim for the losses caused by the NotPetya attack that took place in 2017. Merck had not taken out specific insurance to cover cyber attacks, it only had insurance coverage against general risks.

Insurance 116

Insurance Healthcare Manufacturing Ransomware 116

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”). Information Security Program Requirements. On May 27, 2022, Vermont Governor Phil Scott signed H.515

Insurance 107

Insurance Security Information Security Cybersecurity 107

Hunton Privacy

AUGUST 10, 2023

On July 25, 2023, Hunton published a client alert discussing the importance of cyber and directors and officers (“D&O”) liability insurance for companies and their executives to guard against cyber-related exposures. Securities and Exchange Commission (“SEC”) has adopted new final rules about cyber risk management and incident disclosure.

Insurance 52

Insurance Risk Security Cybersecurity 52

IT Governance

MAY 24, 2022

Organisations must always look for cost-effective ways to address the cyber security risks they face. With more than 1,200 publicly disclosed data breaches last year , and organisations spending almost £3 million on average responding to security incidents , effective risk management is a top priority. million (about £1.5

Insurance 137

Insurance Data breaches GDPR Ransomware 137

IT Governance

AUGUST 23, 2022

Cyber liability insurance helps organisations cover the financial costs of a data breach. Without insurance, organisations spend £3.6 million on average recovering from security incidents. By purchasing cyber liability insurance, organisations gain the resources they need at a fraction of the cost.

Insurance 122

Insurance Data breaches e-Delivery Risk 122

The Guardian Data Protection

NOVEMBER 11, 2023

Observer investigation reveals UK Biobank opened its biomedical database to insurance firms despite pledge it would not do so Sensitive health information donated for medical research by half a million UK citizens has been shared with insurance companies despite a pledge that it would not be. Continue reading.

Insurance 105

Insurance Data Privacy Privacy Risk 105

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. News article.

Insurance 109

Insurance Ransomware Paper Marketing 109

Data Protection Report

MARCH 21, 2023

The French Information and Digital Security Experts Club ( CESIN ) has estimated that 54% of French companies were subject to cyberattacks in 2021, [1] while France Assureurs has put cyberattack risks on top of all other risks for the sixth year in a row. [2] 12-10-1 into the French Insurance code.

Insurance 104

Insurance Data breaches Personal data GDPR 104

IG Guru

NOVEMBER 30, 2023

The post Cyber Security: Insurance Prices Level After Two Years of Brutal Increases via ENR first appeared on IG GURU. Check out the article here.

Insurance 77

Insurance Security Information governance Risk 77

IT Governance

JUNE 15, 2022

In an increasingly digital world, there are an escalating number of cyber security risks for business to address. IT Governance identified more than 1,200 publicly disclosed data breaches in 2021 , while another report found that security incidents cost almost £3 million on average. Poor patch management. Weak passwords.

Risk 144

Risk Security Passwords Phishing 144

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.

Insurance 88

Insurance Marketing Cybersecurity Risk 88

KnowBe4

FEBRUARY 1, 2024

New outlook data from cyber insurance underwriters shows where they think the biggest threats will be in 2024… and what they think organizations.

Insurance 84

Insurance Risk Ransomware Security 84

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%

Insurance 95

Insurance Ransomware Cybersecurity Marketing 95

Data Matters

FEBRUARY 2, 2021

The National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law has been adopted in at least 11 states, with several others (including New York) having implemented either older or similar laws or administrative guidance. See State Legislative Brief, NAIC, June 2020.

Insurance 114

Insurance Security Compliance Cybersecurity 114

IT Governance

OCTOBER 15, 2020

Cyber threats are so numerous that it’s impossible to prevent security incidents altogether. 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?

Insurance 122

Insurance Data breaches Risk Security 122

Hunton Privacy

SEPTEMBER 15, 2023

of the Security Risk Assessment (“SRA”) Tool under the Health Insurance Portability and Accountability Act (“HIPAA”) Security Rule. The SRA is designed to assist small- and medium-sized covered entities with conducting the risk analyses required under the HIPAA Security Rule.

Risk 69

Risk Security Insurance Cybersecurity 69

eSecurity Planet

MAY 27, 2021

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. Insurers Assessing Risks.

Insurance 126

Insurance Ransomware Risk Data science 126

Thales Cloud Protection & Licensing

MAY 10, 2022

Checklist for Getting Cyber Insurance Coverage. The necessity for cyber-insurance coverage. With businesses becoming more and more digitized, they are exposed to greater cyber risks. Cyber risk insurance covers the costs of recovering from a security breach, a virus, or a cyber-attack.

Insurance 77

Insurance Authentication Risk Ransomware 77

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. Soon after, AI’s capabilities extended to Speech and Natural Language processing, such as with IBM Watson, and for Image Recognition, which is now ubiquitously used for unlocking phones and other biometric security.

Artificial Intelligence 80

Artificial Intelligence Insurance Risk Personal data 80

Krebs on Security

JULY 21, 2023

But one aspect of that vaunted list that hasn’t shifted much since is that very few of these companies list any security professionals within their top executive ranks. But organizations that do not offer this coverage to their security leaders are unlikely to list those positions in their highest ranks, Schreider said.

Security 201

Security Risk Insurance Cybersecurity 201

The Last Watchdog

JANUARY 20, 2020

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.

Insurance 171

Insurance Data breaches Cybersecurity Risk 171

KnowBe4

SEPTEMBER 28, 2023

The latest cyber claims report from Coalition , a digital risk insurance provider, finds a 12% increase in cyber insurance claims in the first half of 2023 over the second half of 2022, due to surging attack frequency and severity.

Insurance 99

Insurance Risk Ransomware Security 99

KnowBe4

MAY 22, 2023

Food for thought as discussed on May 18, 2023, an article posted in The Australian Insurance Council: Banning paying a ransom to cyber hackers is counter-productive where Andrew Hall, the Chief Executive of the Insurance Council of Australia (ICA), stated that “attempts to ban businesses from paying ransoms for cyber attacks risks eroding trust and (..)

Insurance 80

Insurance Risk Government Security awareness 80

KnowBe4

DECEMBER 7, 2022

Recent attacks are helping cyber insurers better understand what security strategies need to be in place and how to price policies based on the risk those policies cover.

Insurance 97

Insurance Risk Security Security awareness 97

Data Breach Today

JANUARY 14, 2020

In light of recent ransomware and other cyberattacks against vendors serving numerous healthcare organizations, it's critical to develop and deploy comprehensive vendor risk management programs, says John Farley of Arthur J. a provider of cyber insurance. Gallagher & Co.,

Risk 113

Risk Insurance Ransomware Security 113

Data Breach Today

FEBRUARY 6, 2018

Policies Offer Incentives for Good Information Security Practices Apple and Cisco say they've partnered with insurers Aon and Allianz to offer cyber insurance policies for organizations that meet best security practices and use products from the technology companies.

Insurance 140

Insurance Information Security Risk Security 140

Thales Cloud Protection & Licensing

JULY 4, 2022

How Cybersecurity Insurance Can Work To Help An Organization. For many years, organizations had limited options for addressing data protection risks. A company could never eliminate risk, but they could try to reduce or mitigate it. The function of cybersecurity insurance. What does cybersecurity insurance cover?

Insurance 71

Insurance Cybersecurity Cleanup Ransomware 71

Schneier on Security

SEPTEMBER 10, 2019

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.

Insurance 81

Insurance Cybersecurity Risk Paper 81

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.

Insurance 105

Insurance IT Government Risk 105

KnowBe4

NOVEMBER 17, 2022

The latest data shows that historically massive rate increases seen over the last few years are beginning to come down, primarily due to insurers having a solid understanding of the risk.

Insurance 72

Insurance Risk Security awareness Security 72

IBM Big Data Hub

DECEMBER 4, 2023

IBM can help insurance companies insert generative AI into their business processes IBM is one of a few companies globally that can bring together the range of capabilities needed to completely transform the way insurance is marketed, sold, underwritten, serviced and paid for.

Insurance 56

Insurance Digital transformation Compliance Cloud 56

Data Protection Report

AUGUST 29, 2022

On July 13, 2022, the Office of the Superintendent of Financial Institutions (OSFI) released its final Guideline B-13 (the Guideline), setting out technology and cyber risk management expectations for all federally regulated financial institutions (FRFIs), such as banks, insurance and trust companies. Read the full update here.

Risk 115

Risk Insurance Cybersecurity Government 115

IBM Big Data Hub

MARCH 27, 2024

As businesses make plans to mitigate climate risks such as extreme weather events, they have an opportunity to innovate with new business models and demonstrate leadership by implementing more sustainable practices. What is climate risk? Substantial repair costs might arise, particularly impacting insurance companies.

Risk 65

Risk Artificial Intelligence Agriculture Financial Services 65

Dark Reading

JUNE 16, 2022

Cyber insurance is more than a policy for paying off ransomware gangs. It's designed to be something you transfer risk to when security controls fail.

Insurance 80

Insurance Ransomware Risk Security 80

IT Governance

OCTOBER 11, 2022

One of the most common mistakes that organisations make when addressing cyber security is that they consider it a one-off event. That’s a problem when cyber risks are constantly evolving, as is the way your organisation operates. It’s why organisations must manage the risks they face with continual evaluation, maintenance and revision.

Risk 124

Risk GDPR Information Security Personal data 124

eSecurity Planet

FEBRUARY 11, 2022

Risk management is a concept that has been around as long as companies have had assets to protect. The simplest example may be insurance. Life, health, auto, and other insurance are all designed to help a person protect against losses. What is Cybersecurity Risk Management? Setting Up Your Risk Management System.

Risk 121

Risk Cybersecurity Encryption Access 121

IT Governance

SEPTEMBER 13, 2022

It’s why many experts recommend taking a defence-in-depth approach to cyber security. . The framework consists of five interrelated stages (or ‘layers’) to mitigate the risk of data breaches: detection, protection, management, response and recovery. . The basis of all cyber security defence programmes is threat detection.

Risk 110

Risk Security Data breaches Phishing 110