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Target Sues Insurer Over 2013 Data Breach Costs

Data Breach Today

Lawsuit Claims Insurer Owes Retailer for Coverage of Card Replacement Costs Target has filed a lawsuit against its long-time insurer, ACE American Insurance Co., in an attempt to recoup money it spent to replace payment cards as part of settlements over the retailer's massive 2013 data breach.

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Who Stole 3.6M Tax Records from South Carolina?

Krebs on Security

As it happens, Rescator’s criminal hacking crew was directly responsible for the 2013 breach at Target and the 2014 hack of Home Depot. According to a 2013 report from the Treasury Inspector General’s office, the IRS issued nearly $4 billion in bogus tax refunds in 2012, and more than $5.8 billion in 2013.

Sales 235
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Target Seeks $74M in Data Breach Reimbursement from Insurance Company

Dark Reading

The funds would cover some of the money Target paid to reimburse financial institutions for credit card replacement after the 2013 breach.

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First American Financial Pays Farcical $500K Fine

Krebs on Security

The SEC says First American derives nearly 92 percent of its revenue from its title insurance segment, earning $7.1 Title insurance protects homebuyers from the prospect of someone contesting their legitimacy as the new homeowner. Title insurance is not mandated by law, but most lenders require it as part of any mortgage transaction.

Insurance 286
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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”).

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Insurance Policy’s Statutory Rights Exclusion Does Not Apply to Data Breach Claims

Hunton Privacy

On October 7, 2013, the United States District Court for the Central District of California held that a general liability insurance policy covered data breach claims alleging violations of California patients’ right to medical privacy. Hartford Casualty Insurance Co. Corcino & Associates , CV 13-03728-GAF (C.D.

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New Payment Technologies Should Reduce Demand for Cyber Insurance

Hunton Privacy

Hunton & Williams Insurance Litigation & Counseling partner Lon Berk reports: As the demand for cyber insurance has skyrocketed, so too has the cost. One broker estimates that sales in 2014 will double from the $1 billion premium collected in 2013. As these payment technologies become prevalent in the U.S.,