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NYDFS issues significant guidance on insurers using AI or external data

Data Protection Report

On January 17, 2024 the New York Department of Financial Services (“NYDFS”) published a Proposed Insurance Circular Letter (“Proposed Circular”) regarding the use of artificial intelligence systems (“AIS”) and external consumer data and information sources (“ECDIS”) in insurance underwriting and pricing.

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Michigan Medicine data breach impacted 56953 patients

Security Affairs

The academic medical center of the University of Michigan, Michigan Medicine, suffered a data breach that impacted 56953 patients. Michigan Medicine notified patients of the data breach. ” reads the data breach notification published by the organization.

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Mitigating the impact of climate change in insurance and other financial services  

IBM Big Data Hub

According to Berenberg analysts , individual insurance companies faced total claims estimates of up to approximately USD 300 million. For other financial services firms outside of the insurance sector, property accepted as loan security might face climate-related risks as well.

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Finance and Insurance Is the Sector Most Impacted by Data Breaches In 2022

KnowBe4

Analysis of the year’s breaches shows Finance and Insurance businesses are the most targeted and have lost a material count of records as a result.

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Greylock McKinnon Associates data breach exposed DOJ data of 341650 people

Security Affairs

Greylock McKinnon Associates, a service provider for the Department of Justice, suffered a data breach that exposed data of 341650 people. GMA disclosed a data breach that impacted medicare and other information belonging to 5465 people. The data breach occurred on May 30, 2023, and was discovered on February 7, 2024.

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Analysis: Anthem Data Breach Settlement

Data Breach Today

Some terms of the recent $115 million settlement in the class action lawsuit against health insurer Anthem tied to a 2015 cyberattack appear underwhelming for the victims, says attorney James DeGraw, who explains why.

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The risks and limitations of AI in insurance

IBM Big Data Hub

In my previous post , I described the different capabilities of both discriminative and generative AI, and sketched a world of opportunities where AI changes the way that insurers and insured would interact. Technological risk—data confidentiality The chief technological risk is the matter of data confidentiality.