Krebs on Security

MAY 16, 2020

A well-organized Nigerian crime ring is exploiting the COVID-19 crisis by committing large-scale fraud against multiple state unemployment insurance programs, with potential losses in the hundreds of millions of dollars, according to a new alert issued by the U.S. Secret Service.

Insurance 363

Insurance Government Security IT 363

IT Governance

MAY 24, 2022

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. The benefits of cyber insurance.

Insurance 130

Insurance Data breaches GDPR Ransomware 130

Data Protection Report

FEBRUARY 2, 2024

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. Actual Actuarial Validity.

Insurance 78

Insurance Artificial Intelligence Risk Compliance 78

Dark Reading

JUNE 7, 2023

By stepping in to provide aid, the federal government could help protect companies, insurers, and the economy from the impact of a widespread, catastrophic cyberattack.

Insurance 93

Insurance Government 93

Data Matters

OCTOBER 20, 2022

Treasury Department is seeking public comment on the need and scope for a potential federal insurance response to catastrophic cyber incidents, akin to the one put in place for terrorism insurance after the attacks of September 11, 2001. The request, published by the Federal Insurance Office (FIO) in the U.S. Background.

Insurance 87

Insurance Marketing Cybersecurity Risk 87

IT Governance

AUGUST 23, 2022

Cyber liability insurance helps organisations cover the financial costs of a data breach. Without insurance, organisations spend £3.6 By purchasing cyber liability insurance, organisations gain the resources they need at a fraction of the cost. What does cyber insurance include? First-party vs third-party insurance.

Insurance 117

Insurance Data breaches e-Delivery Risk 117

IBM Big Data Hub

MAY 8, 2023

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. Usage risk—inaccuracy The performance of an AI system heavily depends on the data from which it learns.

Insurance 68

Insurance Risk Artificial Intelligence Government 68

KnowBe4

MAY 22, 2023

Food for thought as discussed on May 18, 2023, an article posted in The Australian Insurance Council: Banning paying a ransom to cyber hackers is counter-productive where Andrew Hall, the Chief Executive of the Insurance Council of Australia (ICA), stated that “attempts to ban businesses from paying ransoms for cyber attacks risks eroding trust and (..)

Insurance 90

Insurance Risk Government Security awareness 90

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. Insurers Assessing Risks.

Insurance 128

Insurance Ransomware Risk Data science 128

Security Affairs

JANUARY 23, 2024

The Australian government announced sanctions for a member of the REvil ransomware group for the Medibank hack that occurred in 2022. The Australian government announced sanctions for Aleksandr Gennadievich Ermakov (aka GustaveDore, aiiis_ermak, blade_runner, JimJones), a Russian national who is a member of the REvil ransomware group.

Government 137

Government Insurance Ransomware Data breaches 137

IBM Big Data Hub

MAY 1, 2023

In this first of two posts, I investigate the anatomy of artificial intelligence and its impact on insurance. Academia is in an uproar over originality of authorship, and governments have even started to outlaw its general use. It offers customers and the insurer’s system to interact in a human-like manner.

Artificial Intelligence 75

Artificial Intelligence Insurance Risk Personal data 75

Data Breach Today

JANUARY 23, 2024

Governments Accuse Aleksandr Ermakov and REvil of Being Medibank Hackers The United States, Australia and the United Kingdom sanctioned a Russian man the governments say was behind the October 2022 hacking of Medibank, Australia's largest private health insurer.

Insurance 296

Insurance Data breaches Government 296

IT Governance

AUGUST 25, 2022

Lloyd’s of London has announced that its insurance policies will no longer cover losses resulting from certain nation-state cyber attacks or acts of war. In a memo sent to the organisation’s insurance syndicates , Underwriting Director Tony Chaudhry said that Lloyd’s remains “strongly supportive” of policies that cover cyber attacks.

Insurance 100

Insurance IT Government Risk 100

IT Governance

OCTOBER 15, 2020

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? What is cyber insurance? How does cyber insurance work? What does a cyber insurance policy cover? Who needs cyber insurance?

Insurance 119

Insurance Data breaches Risk Security 119

Collibra

JULY 2, 2024

But as most businesses recognize, innovation is nothing without the right governance to ensure that risks don’t get out of hand. AI governance is about increasing business value while retaining control As AI continues to permeate the fabric of life and work worldwide, so too does AI-based risk increase. AI governance gets harder.

Unstructured data 80

Unstructured data Government Risk Metadata 80

CGI

APRIL 9, 2024

Why do so many life insurance carriers continue to live with outdated legacy administration platforms? The answer is that migrations are difficult and can go off course without the right people, governance, methodology and tools in place.

Insurance 52

Insurance Government 52

IT Governance

JULY 30, 2024

According to Parametrix , an insurance company specialising in Cloud outages, cyber insurance policies likely cover up to 10–20% of losses only. Then there’s insurance. The post CrowdStrike: Lessons on the Importance of Contracts, Insurance and Business Continuity appeared first on IT Governance UK Blog.

Insurance 100

Insurance Risk Encryption Manufacturing 100

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.

Insurance 85

Insurance Cybersecurity Risk Paper 85

Schneier on Security

JANUARY 25, 2022

The insurance company Ace American has to pay for the losses: On 6th December 2021, the New Jersey Superior Court granted partial summary judgment (attached) in favour of Merck and International Indemnity, declaring that the War or Hostile Acts exclusion was inapplicable to the dispute. Merck suffered US$1.4 Merck suffered US$1.4

Insurance 75

Insurance Risk Government IT 75

KnowBe4

JUNE 13, 2023

As government-sponsored and widespread vulnerability attacks continue to result in larger damages, cyber insurers are looking for opportunities to still meet demand without incurring risk.

Insurance 89

Insurance Risk Government Cybersecurity 89

Thales Cloud Protection & Licensing

MAY 26, 2023

CIAM in insurance: A unified, secure user experience with a single login madhav Fri, 05/26/2023 - 07:33 In recent years, the insurance industry has transformed from a singularly focused entity to a multi-brand or multi-service type of business. Adding value to the user experience (a top priority for 59% of insurers) 2.

Insurance 71

Insurance Digital transformation Security Authentication 71

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. Data governance holds key to cloud migration.

Insurance 59

Insurance Cloud Data science Analytics 59

IBM Big Data Hub

DECEMBER 4, 2023

IBM can help insurance companies insert generative AI into their business processes IBM is one of a few companies globally that can bring together the range of capabilities needed to completely transform the way insurance is marketed, sold, underwritten, serviced and paid for.

Insurance 53

Insurance Digital transformation Compliance Cloud 53

Krebs on Security

OCTOBER 30, 2024

“Affected insurance providers can contact us to prevent leaking of their own data and [remove it] from the sale,” RansomHub’s victim shaming blog announced on April 16. According to the HIPAA Journal, the biggest penalty imposed to date for a HIPPA violation was the paltry $16 million fine against the insurer Anthem Inc.

Insurance 266

Insurance Ransomware Data breaches Computer and Electronics 266

IBM Big Data Hub

MAY 9, 2024

The healthcare industry faces arguably the highest stakes when it comes to data governance. The impact of healthcare data usage on people’s lives lies at the heart of why data governance in healthcare is so crucial.In healthcare, managing the accuracy, quality and integrity of data is the focus of data governance.

Government 66

Government GDPR Compliance Analytics 66

Thales Cloud Protection & Licensing

JULY 4, 2022

How Cybersecurity Insurance Can Work To Help An Organization. In the last 20+ years, cybersecurity insurance has added risk transference to the available palette of palliative choices. I recently spoke with Neira Jones and Danna Bethlehem about how cybersecurity insurance can work to help an organization. regulations.

Insurance 71

Insurance Cybersecurity Cleanup Ransomware 71

IG Guru

MAY 21, 2021

surpassed France last year in damage from ransomware to businesses, hospitals, schools and local governments, according to the cybersecurity firm Emsisoft, estimating France’s related overall losses at more than $5.5 The post Insurer AXA to Stop Paying for Ransomware Crime Payments in France via Insurance Journal appeared first on IG GURU.

Insurance 53

Insurance Ransomware Government Cybersecurity 53

IG Guru

NOVEMBER 30, 2023

The post Cyber Security: Insurance Prices Level After Two Years of Brutal Increases via ENR first appeared on IG GURU. Check out the article here.

Insurance 77

Insurance Security Information governance Risk 77

Hunton Privacy

DECEMBER 4, 2023

On November 28, 2023, the New York Department of Financial Services (“NYDFS”) announced that First American Title Insurance Company (“First American”), the second-largest title insurance company in the United States, would pay a $1 million penalty for violations of the NYDFS Cybersecurity Regulation in connection with a 2019 data breach.

Financial Services 64

Financial Services Insurance Data breaches Cybersecurity 64

Schneier on Security

MARCH 8, 2019

This will complicate things: To complicate matters, having cyber insurance might not cover everyone's losses. Zurich American Insurance Company refused to pay out a $100 million claim from Mondelez, saying that since the U.S.

Insurance 80

Insurance Cybersecurity Military Government 80

Dark Reading

MARCH 11, 2020

To get back up and running quickly, and because it's cheaper, city and county governments often pay the ransom, especially if insurance companies are footing the bill. The result: More ransomware.

Government 92

Government Ransomware Insurance IT 92

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. sought coverage for expenses under its property insurance policy.

Insurance 70

Insurance Cybersecurity Risk Education 70

Rocket Software

MARCH 14, 2022

Analyst firm IDC recently published a Vendor Spotlight report featuring ASG Mobius Content Services (Mobius) and its applications in the financial service and insurance industries. IDP Trends in the Financial and Insurance Industries. Challenges to Effective IDP. Digital Transformation is More Than Scanning Paper Documents.

Financial Services 82

Financial Services Insurance Digital transformation Paper 82

AIIM

NOVEMBER 23, 2021

Back in 2017, I called up a few of the information governance friends I’d made through the AIIM Community to better understand the challenges they were up against. Four years later, we're finally seeing this shift in governance mindsets in nearly every AIIM member organization we speak with. Hurdles to Information Governance Success.

Information governance 118

Information governance Government Customer Experience Archiving 118

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. According to NYDFS, the incorporation of these practices should be proportionate to each insurer’s size, resources, geographic distribution, and other factors. The Framework.

Insurance 78

Insurance Financial Services Cybersecurity Risk 78

AIIM

FEBRUARY 22, 2018

In a recent AIIM survey, 85% of finance and insurance executives said that digital preservation was “important” or “very important” to their organizations – even higher than the 77% reported in other industries. Why is it particularly important in finance and insurance?

Digital preservation 96

Digital preservation Insurance Financial Services Digital transformation 96

Collibra

JUNE 23, 2023

Government agencies — from DC to Duluth, NYC to LA — are struggling. As more of our interactions and transactions occur online, the need for robust data protection measures becomes increasingly critical to safeguard personal data and maintain public trust in government institutions. There’s no going back.

Privacy 109

Privacy Government Data Privacy Data breaches 109