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Why Cyber Insurance is Essential in 2022

IT Governance

One of the most common ways to mitigate the risk of a cyber security incident is cyber insurance. These activities aren’t typically included in standard business insurance policies, which tend to only cover costs related to technical issues, such as corrupted hard drives and lost devices.

Insurance 130
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Two States Enact Insurance Data Security Laws

Hunton Privacy

In April 2022, two states enacted insurance data security legislation based on the National Association of Insurance Commissioners (“NAIC”) Insurance Data Security Model Law (MDL-668). Kentucky’s law goes into effect on January 1, 2023.

Insurance 110
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Merck settles with insurers regarding a $1.4 billion claim over NotPetya damages

Security Affairs

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 120
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Vermont Enacts Insurance Data Security Law

Hunton Privacy

On May 27, 2022, Vermont Governor Phil Scott signed H.515 515 , 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.

Insurance 107
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Health insurer Point32Health suffered a ransomware attack

Security Affairs

Non-profit health insurer Point32Health suffered a ransomware attack and has taken systems offline in response to the incident. Non-profit health insurer Point32Health has taken systems offline in response to a ransomware attack that took place on April 17. ” reads the statement published by the insurer.

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News Corp says hackers first breached its systems between Feb 2020 and Jan 2022

Security Affairs

In February 2022, the American media and publishing giant News Corp revealed it was the victim of a cyber attack from an advanced persistent threat actor that took place in January 2022. Now News Corp revealed that the threat actor behind the security breach first gained a foothold in the company infrastructure in February 2020.

IT 94
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Cyber Insurance and the Changing Global Risk Environment

Security Affairs

When security fails, cyber insurance can become crucial for ensuring continuity. According to a report by IDC , by the end of 2022, nearly 65% of the global GDP will be digitized — reliant on a digital system of some kind. When security fails, cyber insurance can become crucial for ensuring continuity.