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Insurer Chubb Investigating 'Security Incident'
Data Breach Today
MARCH 27, 2020
Maze Gang Claims Insurer Is a Victim, Emsisoft Reports Switzerland-based global insurance firm Chubb acknowledges that it's investigating a "security incident."
Insurance and Ransomware
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.
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ISMG Editors’ Panel: Cyber Insurance; Ransomware Update
Data Breach Today
MAY 28, 2021
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
Insurer Races to Fix Security Flaws After Whistleblower Alert
Data Breach Today
DECEMBER 16, 2019
Why do some companies lag on addressing security issues
Resilience CEO on White House Meeting, Cyber Insurance
Data Breach Today
SEPTEMBER 8, 2021
Vishaal Hariprasad Also Address How Ransomware Is Changing Security On Aug. 25, President Joe Biden invited about 25 technology, insurance, finance and education executives to the White House to discuss pressing cybersecurity issues such as supply chain and critical infrastructure.
Cyber Insurers Pull Back Amid Increase in Cyber Attacks, Costs
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.
Insurer AXA to Stop Paying for Ransomware Crime Payments in France via Insurance Journal
IG Guru
MAY 21, 2021
The post Insurer AXA to Stop Paying for Ransomware Crime Payments in France via Insurance Journal appeared first on 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. Only the U.S.
On Cybersecurity Insurance
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. However, the cost of external response services is covered, which suggests insurers believe ex-post responses to be more effective than ex-ante mitigation.
Insurance firm CNA discloses data breach after March ransomware attack
Security Affairs
JULY 9, 2021
Insurance giant CNA notifies customers of a data breach after the Phoenix CryptoLocker ransomware attack suffered in March. US insurance giant CNA is notifying customers of a data breach after the ransomware attack that it suffered in March.
NAIC Insurance Data Security Law Annual Certifications: Is Yours Due By February 15?
Data Matters
FEBRUARY 2, 2021
Most cybersecurity professionals are aware of the New York Department of Financial Service’s requirement imposed on DFS-licensed entities to certify their cybersecurity program’s compliance on an annual basis (by April 15th of each year), but less well known is that numerous other states impose similar requirements on regulated insurance entities and that deadline for many states is coming up on February 15, 2021.
GUEST ESSAY: Skeptical about buying life insurance online? Here’s how to do it — securely
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. Now everyone has the possibility to purchase life insurance from the comfort of their home by simply going online and looking for the policies that will fit their needs.
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Crooks stole driver’s license numbers from Geico auto insurer
Security Affairs
APRIL 20, 2021
Car insurance provider Geico has suffered a data breach, attackers have stolen the driver’s licenses for policyholders for several weeks. Geico, the second-largest auto insurer in the U.S., If you want to receive the weekly Security Affairs Newsletter for free subscribe here.
Insurer: Breach Undetected for Nine Years
Data Breach Today
JUNE 26, 2019
Dominion National Says Recently Discovered Incident Dates Back to 2010 A dental and vision insurer's revelation that it recently discovered a 9-year-old data security incident offers an extreme example of the difficulty some organizations have in detecting data breaches
Do Ransomware Attackers Single Out Cyber Insurance Holders?
Data Breach Today
SEPTEMBER 3, 2019
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
Major Israeli Insurance Company Hacked
Adam Levin
DECEMBER 8, 2020
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.
SMBs and Cyber Insurance – Third Certainty #27
Adam Levin
SEPTEMBER 7, 2020
With the average cost of a data breach exceeding three million dollars, cyber insurance has become a necessity for SMBs. The post SMBs and Cyber Insurance – Third Certainty #27 appeared first on Adam Levin.
Judge Rules Insurer Must Pay for Ransomware Damage
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.
Cyber insurance: A guide for businesses
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?
Arthur J. Gallagher (AJG) insurance giant discloses ransomware attack
Security Affairs
SEPTEMBER 29, 2020
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.
As Ransomware Demands Boom, Insurance Keeps Paying Out
WIRED Threat Level
JUNE 12, 2021
Security Security / Security NewsWhile major carriers like AXA have backed away from covering ransoms, don't expect the industry at large to break the vicious cycle.
Apple, Cisco Strike Partnerships for Cyber Insurance
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. The partnership follows increasing interest in cyber insurance as a hedge against hacking risks
Ransomware and the Role of Cyber Insurance via Teach Privacy
IG Guru
APRIL 16, 2020
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.
Insurance giant CNA Financial paid a $40 million ransom
Security Affairs
MAY 21, 2021
The US insurance giant CNA Financial reportedly paid a $40 million ransom to restore access to its files following a ransomware attack. According to Bloomberg , CNA Financial opted to pay the ransom two weeks after the security breach because it was not able to restore its operations.
Delivering business value for insurance companies
Collibra
APRIL 9, 2021
Recapping a discussion moderated by Stijn Christiaens and featuring insurance data experts from Deloitte UK . Insurance is a data-intensive business. Insurance companies need data to better assess risks and price policies competitively, but also profitably.
What You Need to Know About Cyber Insurance Coverage
InfoGoTo
SEPTEMBER 16, 2020
Hardly a day goes by that we don’t hear about large-scale security incidents and breaches in the headlines. Other organizations are doing all the right things with security. One thing that can mitigate this risk is cyber insurance. Benefits of Cyber Insurance.
New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance
Data Matters
FEBRUARY 10, 2021
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.
GUEST ESSAY: Cyber insurance 101 — for any business operating in today’s digital environment
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. In other words, you are just about as likely to suffer from a security or data breach as you are to experience a hurricane or earthquake.
5 Things to Know About Cyber Insurance
Dark Reading
AUGUST 15, 2019
More businesses are recognizing the need for cyber insurance as part of an overall security strategy. Here are some key points to consider when evaluating, purchasing, and relying on a policy
First American Financial Corp. Leaked Hundreds of Millions of Title Insurance Records
Krebs on Security
MAY 24, 2019
The Web site for Fortune 500 real estate title insurance giant First American Financial Corp. The digitized records — including bank account numbers and statements, mortgage and tax records, Social Security numbers, wire transaction receipts, and drivers license images — were available without authentication to anyone with a Web browser. based First American is a leading provider of title insurance and settlement services to the real estate and mortgage industries.
Ohio Adopts National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law
Data Matters
JANUARY 14, 2019
On December 19, 2018, Ohio adopted the National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law. By doing so, Ohio joins South Carolina as the second state to have adopted the Model Law and the fourth state – along with Connecticut and New York – to have enacted cybersecurity regulations for insurance companies. This means all insurers, agencies, and brokers doing business in Ohio are covered.
Michigan Adopts National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law
Data Matters
FEBRUARY 11, 2019
On December 28, 2018, Michigan adopted the National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law in the form of Michigan H.B. By doing so, Michigan joins Ohio and South Carolina as the third state to adopt the Model Law and the fifth state – along with Connecticut and New York – to have enacted cybersecurity regulations focused on insurance companies.
Insurance Occurrence Assurance?
Andrew Hay
JULY 26, 2018
Though the breaches are concerning, the real story is that the financial institution suing its insurance provider for refusing to fully cover the losses. From the article: In its lawsuit (PDF), National Bank says it had an insurance policy with Everest National Insurance Company for two types of coverage or “riders” to protect it against cybercrime losses. This, unfortunately, is the nature of insurance.
New Hampshire Governor Signs Insurance Data Security Law
Hunton Privacy
AUGUST 6, 2019
On August 2, 2019, New Hampshire Governor Chris Sununu signed into law SB 194 (the “Bill”), which requires insurers licensed in the state (“licensees”) to put in place data security programs and report cybersecurity events. Key provisions of the Bill include: Information Security Program. The information security program must “mitigate. The state insurance commissioner may take “necessary or appropriate” action to enforce the new law.
Arron Banks, the insurers and my strange data trail
The Guardian Data Protection
APRIL 21, 2018
Carole Cadwalladr just wanted to insure her car. In fact, I had no idea about either the question or the answer when I submitted a “subject access request” to Eldon Insurance Services in December last year. Data protection Data and computer security Brexit Cambridge Analytica Insurance industry Insurance Twitter InternetSix months later, she found a mass of personal details held by a firm she had never contacted that is run by Leave.EU’s
New York Regulators Call on Insurers to Strengthen the Cyber Underwriting Process
Hunton Privacy
FEBRUARY 25, 2021
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.
Security Ratings Answer Big Questions in Cyber Insurance
Dark Reading
JUNE 11, 2018
More insurers are teaming up with security ratings firms to learn more about their clients, define policies, and determine coverage
South Carolina Becomes the First State to Enact the National Association of Insurance Commissioners (NAIC) Insurance Data Security Model Law
Data Matters
JULY 30, 2018
In October 2017, the National Association of Insurance Commissioners (NAIC) adopted an Insurance Data Security Model Law. On May 3, 2018, South Carolina became the first state to enact this Model Law, in the form of the South Carolina Insurance Data Security Act (H.B. By doing so, South Carolina joined Connecticut and New York as states with cybersecurity regulations for insurance companies.
17 Cybersecurity Products the Cyber Insurance Industry Says Are Worthwhile via Claims Journal
IG Guru
OCTOBER 11, 2019
Insurance broker Marsh has unveiled the inaugural class of cybersecurity products and services receiving a Cyber Catalyst designation that is part of an evaluation program its backers hope will bring greater clarity in the crowded cybersecurity marketplace. Cyber Catalyst by Marsh, launched earlier this year, convened cyber insurers Allianz, AXIS, AXA XL, Beazley, CFC, Munich […].
Insurance Giant CNA Hit with Novel Ransomware Attack
Threatpost
MARCH 26, 2021
Malware Web SecurityThe incident, which forced the company to disconnect its systems, caused significant business disruption.
Spurring Growth Initiatives Through Tax Reform in Insurance
Perficient Data & Analytics
JUNE 12, 2018
has created a jubilant atmosphere, as the rates are generally expected to boost earnings and investments for many insurers. We are investing in their future and strengthening their long-term financial security with structural improvements that will endure. — To learn what else is driving growth, productivity, and efficiency, download our new guide: 2018 State of the Insurance Industry.
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