Data Breach Today

JUNE 15, 2021

As the cyberthreat landscape grows exponentially more complicated, the insurance industry is trying to keep pace. Yet, many organizations still lack cybersecurity insurance. Lynn Peachey, director of business development at Arete Incident Response, breaks down the basics of these insurance policies.

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Insurance Cybersecurity IT 299

Data Breach Today

JULY 1, 2024

Tokio Marine HCC's Keith Bergin on Cybersecurity Measures for Insurance Eligibility Keith Bergin, vice president of corporate claims at Tokio Marine HCC, explains how cyber insurers evaluate security measures such as MFA and administrative access control, and describes the integration of threat intelligence and pre-breach services to enhance policyholder (..)

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Insurance Security Cybersecurity Access 276

Data Breach Today

MARCH 10, 2024

Committee Chairs Accuses UK of Favoring an 'Ostrich Strategy' For Ransomware The Conservative government of British Prime Minister Rishi Sunak says it won't champion a reinsurance plan for cyber insurance similar to flood insurance, telling a parliamentary committee it doesn't want to "damage competition."

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Insurance Ransomware Government IT 289

Data Breach Today

AUGUST 27, 2024

Young Consulting Says Health Data Exposed; Ransomware Group Leaked Stolen Data Young Consulting, which develops software for the stop-loss insurance market, is notifying 1 million individuals that their personal information was stolen earlier this year in a hack attack.

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Insurance Ransomware Marketing 305

Data Breach Today

MARCH 18, 2021

Alleges Vendor Failed to Comply With Business Associate Agreement As the list of healthcare sector entities affected by the recent hacking of Accellion's File Transfer Appliance platform continues to grow, the technology vendor faces a lawsuit filed by one of its affected clients, health insurer Centene Corp.

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Data Breach Today

JULY 29, 2021

Key Factors: Negotiating Lower Ransoms, Improving Recovery Cyber insurance provider Coalition Inc. says its clients' average claims for losses when they were hit by a ransomware attack totaled $184,000 in the first half of this year, down 45% compared to the second half of 2020.

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Insurance Ransomware IT 331

Data Breach Today

SEPTEMBER 19, 2024

As threat actors continue to evolve their attacks to circumvent security measures, cyber insurers are raising the bar for prospective healthcare security clients. Underwriters are increasing their scrutiny and adding new coverage requirements, said Chris Henderson of cybersecurity company Huntress.

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Insurance Cybersecurity Security 278

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.

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Insurance Government Security IT 363

Data Breach Today

JANUARY 29, 2024

California Firm Said August Attack Affected Clients' Data A California insurance broker that handles employee benefits, workers' compensation and property liability is notifying more than 1.5

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Insurance Ransomware Security 263

Data Breach Today

SEPTEMBER 7, 2023

Also, Google Fitbit Faces Privacy Complaints From Schrems This week, the Swedish DPA fined an insurer $3 million for violating GDPR, a DDoS attack disrupted a German financial agency website, Google Fitbit faced privacy complaints from Schrems, Ragnar Locker published hacked hospital data, and Seville, Spain dealt with the aftermath of a ransomware (..)

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Insurance GDPR Privacy Ransomware 311

Data Breach Today

MAY 24, 2021

GAO Report Summarizes Market Trends The increasing number of cyberthreats, especially ransomware attacks, is leading some cyber insurers to raise premiums and limit some coverage in hard-hit sectors, such as healthcare and education, according to a report from the Government Accountability Office.

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Insurance Education Ransomware Marketing 281

Data Breach Today

APRIL 15, 2022

Declining Loss Ratios Means Insurance Premium Increases Might Moderate in Late 2022 A surprising improvement in loss ratios for cyber insurance providers in 2021 means the rapid rise in premiums might at last subside later this year.

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Insurance 286

Data Breach Today

MAY 17, 2021

Avaddon Ransomware Gang Claims Responsibility Asia Assistance, a subsidiary of Paris-based multinational insurance company AXA, was hit by a ransomware attack that affected its IT operations in Thailand, Malaysia, Hong Kong and the Philippines, the company reports.

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Insurance Ransomware IT 289

Data Breach Today

NOVEMBER 16, 2023

Plaintiffs Say UnitedHealthcare Algorithm Rejects Coverage for Elderly Patients The estates of two deceased UnitedHealthcare Medicare Advantage policyholders allege in a proposed federal class action lawsuit filed this week that the insurance giant is using an AI tool to illegally deny necessary coverage for post-acute care, such as skilled nursing, (..)

Insurance 289

Insurance 289

Data Breach Today

MAY 28, 2021

Also: Debating the Issue of Banning Ransom Payments In this week's panel discussion, four editors at Information Security Media Group discuss cyber insurance, persistent ransomware attacks and whether ransom payments should be banned.

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Insurance Ransomware Information Security Security 274

Data Breach Today

FEBRUARY 22, 2023

Hackers Demand Info on Victim's Cyber Insurance Policy to Negotiate Ransom Demand The newly relaunched HardBit 2.0 ransomware group is now demanding victims disclose details of their cyber insurance coverage before negotiating a ransom demand.

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Insurance Ransomware 267

Data Breach Today

MAY 25, 2021

based insurance firm One Call says its systems were disrupted by a ransomware attack May 13 and it's still working to restore them. Local Newspaper Says DarkSide Gang Suspected to Be Involved The U.K.-based A local newspaper, citing unnamed sources, says the DarkSide gang is suspected of being involved.

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Insurance Ransomware IT 267

Data Breach Today

APRIL 21, 2022

Lynn Peachey, the director of business development at Arete Incident Response, says that insurance companies have made "a pretty quick turnaround in terms of trying to respond to the ransomware epidemic." She discusses the changes they are making, which include leveraging data quantification.

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Insurance Security Ransomware 263

Data Breach Today

JULY 31, 2023

RUSI Study Finds 'No Smoking Gun' Suggesting Insureds Pay Extortion More Readily Fears that cyber insurance coverage drives companies into paying ransomware demands more easily than not appear unfounded, concludes a British think tank study that also suggests insurers should do more to enact corporate discipline.

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Insurance Ransomware 246

Data Breach Today

MARCH 9, 2023

Target Does Not Appear to Have Deliberately Targeted Members of Congress A hacker has been selling data stolen from an online health insurance marketplace used by members of Congress and residents of Washington, D.C. The cause size and scope of the breach are still unknown.

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Insurance Marketing 277

Data Breach Today

NOVEMBER 8, 2022

Who is attempting to extort Australian health insurer Medibank, why did Medibank tell its attackers it wouldn't pay a ransom and will this deter future cyber extortionists? A Ransomware Group Has Given Medibank 24 Hours to Pay. But Medibank Says it Won't. Here are a few thoughts on the high cybercrime drama playing out.

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Insurance Ransomware IT 261

Data Breach Today

AUGUST 25, 2023

Also: Global Privacy Trends; Tornado Cash Founders Charged In the latest weekly update, ISMG editors discuss the shifting dynamics of cyber insurance, why APAC is approaching privacy regulations around emerging technologies, and how U.S. authorities charged the co-founders of cryptocurrency mixer Tornado Cash with money laundering.

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Insurance Privacy 246

Data Breach Today

APRIL 4, 2022

One Vendor Linked to Vast Majority of Connecticut Exchange's Incidents Access Health, Connecticut's health insurance exchange under the Affordable Care Act, experienced dozens of mostly small data breaches over about a 3 1/2-year period, and the vast majority involved one contractor, says an auditor report that recommends the exchange make improvements (..)

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Insurance Data breaches Access Security 255

Data Breach Today

OCTOBER 17, 2022

Apparent Spate of Australian Data Breaches Continues Australian health insurer Medibank told investors it stopped a probable ransomware attack before the attack could steal data or maliciously encrypt its systems.

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Insurance Ransomware Data breaches Encryption 246

Data Breach Today

DECEMBER 8, 2020

Expect to See Extortion and Social Engineering Attacks Excluded From More Policies Are insurers getting cold feet over covering losses to ransomware? With claims due to ransomware skyrocketing, some insurers have reportedly been revising offerings to make it tougher for companies claim for some types of cybercrime, including extortion.

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Insurance Ransomware IT 240

Data Breach Today

NOVEMBER 25, 2020

Dennis Toomey explains why the industry must turn not only to sophisticated tools and technologies, but also unite around a strategy based on collaboration - in order to tackle insurance fraud.

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Insurance 246

Data Breach Today

JULY 29, 2024

billion in payouts to cyber insurance policyholders, although the nonstandardized language used for such policies will make determining final losses a "lengthy process," analysts say.

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Insurance IT 227

Data Breach Today

AUGUST 11, 2022

Kelly Butler Says Underwriting Requirements Are Becoming More Strict Cyber insurance can defray costs associated with data breaches and ransomware attacks. But Kelly Butler of the advisory firm Marsh & McLennan says insurers are tightening their requirements for policies due to rising costs associated with increasingly severe incidents.

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Insurance Data breaches Ransomware 237

Data Breach Today

MAY 27, 2023

More than 100 Agencies, Health Entities Impacted by Data Breach Discovered in March An insurance provider that services many state Medicaid agencies and the Children's Health Insurance Program told regulators that hackers compromised the personal and protected health information of nearly 9 million patients in an incident discovered in March.

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Insurance Data breaches 223

Data Breach Today

MAY 14, 2024

Firms Back New Guidance for Victims From UK's National Cyber Security Centre A coalition of cyber insurance associations has pledged to back fresh government cybersecurity guidance designed to help victims avoid ever paying a ransom, as part of an ongoing push to reduce ransomware's profitability for criminals in part by improving organizations' resilience (..)

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Insurance Ransomware Cybersecurity Government 189

The Last Watchdog

JULY 27, 2023

New York, NY, July 27, 2023 – QBE North America today announced the launch of a cyber insurance program with new MGA, Converge, acting as program administrator. Tom Kang, CEO, Converge, added, “We’re thrilled to partner with QBE North America given their experience and reputation in the cyber insurance market.

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Insurance Risk Retail Marketing 188

Security Affairs

MARCH 12, 2024

The Postal Police has issued an alert to warn citizens against insurance scams using QR codes. In practice, fake insurance operators contact victims through calls, messages, or sponsorships on social networks, offering policies at advantageous prices. Online companies do not use generic domains or channels such as WhatsApp or Telegram.

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Insurance Education Personal data Sales 141

Data Breach Today

APRIL 22, 2024

Joe Toomey of Cyber Insurer Coalition Details Rise in Attacks Targeting Weak MFA Adversaries seeking easy access to enterprise networks continue to probe for weak multifactor authentication deployments, oftentimes via nontargeted attacks that lead to phishing pages designed to steal one-time codes, said Joe Toomey, head of security engineering at cyber (..)

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Data Breach Today

OCTOBER 14, 2024

Sector Uses Multifactor, Eschews Cloud, Can't Afford Cyber Insurance The oil and gas industry has high levels of cyber awareness and low levels of cyber insurance, says a sectoral assessment from credit rating agency Moody's.

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Insurance Risk Cloud 297

Data Breach Today

OCTOBER 19, 2022

Australian Insurance Firm 'Working Urgently' to Verify Theft Claim Australian health insurer Medibank says it received a ransomware demand from hackers asserting to have stolen data during a cybersecurity incident the company detected on Oct.

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Insurance Ransomware Cybersecurity IT 319

Schneier on Security

MARCH 14, 2024

Some drivers may not realize that, if they turn on these features, the car companies then give information about how they drive to data brokers like LexisNexis [who then sell it to insurance companies].

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Insurance Privacy Access IT 139

Data Breach Today

DECEMBER 1, 2022

Australian Information Commissioner Will Investigate Insurer's Security Practices The Russia-based ransomware gang behind the hack of Australia's largest private health insurer says it posted a full set of stolen data. The Australian Information Commissioner said it will probe the insurer's personal information handling practices.

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Insurance Ransomware Security IT 290