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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. Insurers Assessing Risks.

Insurance 128
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RSAC insights: CyberGRX finds a ton of value in wider sharing of third-party risk assessments

The Last Watchdog

Back in the mid-1990s, big banks and insurance companies came up with something called “bespoke assessments” as the approach for assessing third party vendor risk. CyberGRX launched in 2016 as a clearinghouse for companies to pool and share standardized assessment data and actually analyze the results for action. Visibility boost.

Risk 195
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The Impact of Data Protection Laws on Your Records Retention Schedule

ARMA International

Definition and Purpose of a Records Retention Schedule. Certain sectors, such as banking, financial services, health, and insurance have their own data protection and privacy requirements. 8 This is the GDPR definition and other countries have similar broad definitions of personal data. 2016/679 (EU, April 27).

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FTC Seeks Comment on Proposed Changes to its GLBA Safeguards and Privacy Rules

Data Matters

In 2016, the FTC conducted a periodic review of this Rule, and, in response to the comments it received during this review and subsequent developments, the FTC is proposing to add more detailed requirements to the Rule.

Privacy 66
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New CNIL €400,000 fine for data security breaches and non-compliance with data retention period under the GDPR

Data Protection Report

The user stated that he was able to access other users’ personal information from his website account by changing the URL address. It also appeared that, among the documents available online, were included copies of identity cards, health insurance cards, certificates issued by the family allowance fund, divorce judgments and bank details.

GDPR 40
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FTC Seeks Comment on Proposed Changes to GLBA Implementing Rules

HL Chronicle of Data Protection

The proposed amendments follow the FTC’s receipt of public comments in 2016 regarding the Safeguards Rule as part of the FTC’s regular review cycle. The proposed Rule is much more detailed in terms of security measures that FIs must implement.

Privacy 40
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Hackers Breached Virginia Bank Twice in Eight Months, Stole $2.4M

Krebs on Security

Now the financial institution is suing its insurance provider for refusing to fully cover the losses. According to a lawsuit filed last month in the Western District of Virginia, the first heist took place in late May 2016, after an employee at The National Bank of Blacksburg fell victim to a targeted phishing email. million total.

Insurance 189