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.

Insurance 246

Insurance Ransomware Data breaches Encryption 246

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.

Insurance 256

Insurance Ransomware IT 256

Data Breach Today

MARCH 27, 2020

Maze Gang Claims Insurer Is a Victim, Emsisoft Reports Switzerland-based global insurance firm Chubb acknowledges that it's investigating a "security incident." Meanwhile, the Maze ransomware gang is claiming Chubb is its latest victim, according to researchers at the security firm Emsisoft.

Insurance 293

Insurance Security Ransomware IT 293

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.

Insurance 331

Insurance Ransomware IT 331

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.

Insurance 188

Insurance Risk Retail Marketing 188

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.

Insurance 333

Insurance IT 333

Data Breach Today

NOVEMBER 21, 2019

Lawsuit Claims Insurer Owes Retailer for Coverage of Card Replacement Costs Target has filed a lawsuit against its long-time insurer, ACE American Insurance Co., in an attempt to recoup money it spent to replace payment cards as part of settlements over the retailer's massive 2013 data breach.

Insurance 315

Insurance Data breaches Retail IT 315

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.

Insurance 288

Insurance Ransomware IT 288

The Last Watchdog

AUGUST 24, 2020

Purchasing life insurance once meant going to an insurer’s office or booking an appointment with an insurance agent. Today’s generation is used to getting everything done fast and easy, so life insurance providers had to get with the times and cover all customers’ needs and requirements.

Insurance 190

Insurance IT Security Access 190

Data Breach Today

OCTOBER 14, 2022

Medibank Group Says No Evidence of Data Compromise Australian health insurer Medibank Group says it has found no evidence of data compromise following its Wednesday detection of unusual network activity. The company, which serves nearly 4 million Australians, restored access to its policy websites on Friday.

Insurance 147

Insurance Access IT 147

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.

Insurance 239

Insurance Ransomware IT 239

Data Breach Today

MARCH 7, 2023

Nick Schneider Shares How His Firm Can Help Clients Prepare for a Security Incident Arctic Wolf has expanded its security operations platform into threat intelligence, incident response and cyber insurance, says CEO Nick Schneider.

Insurance 147

Insurance Security IT 147

Data Breach Today

NOVEMBER 2, 2022

When A Cyberattack Is Cyberwar Still Being Litigated Five Years After NotPetya Wave Cookie and cracker giant Mondelez International settled litigation launched in 2018 against Zurich Insurance after the underwriter denied a claim for property damages stemming from the NotPetya malware wave.

Insurance 147

Insurance Healthcare IT 147

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. Chamber of Commerce. Rhode Island is even worse off, with 31.4

Insurance 363

Insurance Government Security IT 363

Data Breach Today

JANUARY 26, 2023

insurers by the Bank of England found underwriters mostly withstood extreme cyber events. Exclusions and Reinsurance Bolster Resiliency to Extreme Cyber Risk A periodic stress test assessment of U.K.

Insurance 130

Insurance Risk IT 130

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.

Insurance 218

Insurance Ransomware IT 218

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].

Insurance 133

Insurance Privacy Access IT 133

Data Matters

APRIL 10, 2024

The National Association of Insurance Commissioners (NAIC) held its Spring 2024 National Meeting (Spring Meeting) March 15 through 18, 2024. The post Regulatory Update: National Association of Insurance Commissioners Spring 2024 National Meeting appeared first on Data Matters Privacy Blog.

Insurance 86

Insurance Privacy Security IT 86

Security Affairs

MARCH 12, 2024

The Postal Police has issued an alert to warn citizens against insurance scams using QR codes. The Postal Police has issued an alert to warn citizens against insurance scams using QR codes. Often, scam sites have very similar names to well-known insurance companies with the same logos, images or other distinctive elements.

Insurance 134

Insurance Education Sales Personal data 134

Schneier on Security

JULY 1, 2021

Here’s one more contribution to that issue: a research paper that the insurance industry is hurting more than it’s helping. Although it is a societal problem, cyber insurers have received considerable criticism for facilitating ransom payments to cybercriminals. Often, that’s paying the ransom.

Insurance 117

Insurance Ransomware Paper Marketing 117

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.

Insurance 130

Insurance Data breaches GDPR Ransomware 130

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

The Guardian Data Protection

NOVEMBER 11, 2023

Observer investigation reveals UK Biobank opened its biomedical database to insurance firms despite pledge it would not do so Sensitive health information donated for medical research by half a million UK citizens has been shared with insurance companies despite a pledge that it would not be.

Insurance 108

Insurance Data Privacy Privacy Risk 108

eSecurity Planet

APRIL 22, 2022

That’s where cyber insurance may be able to help. For that reason, most experts now recognize that a complete cybersecurity strategy not only includes technological solutions aimed at preventing, detecting, and mitigating attacks, it should also include cyber insurance to help manage the associated financial risks. That’s a 29.1%

Insurance 119

Insurance Ransomware Cybersecurity Marketing 119

Data Breach Today

NOVEMBER 7, 2018

Privacy Breach Claims Are Rising, Says Thomas Clayton of Zurich Insurance Although the EU's General Data Protection Regulation only went into full effect on May 25, its mandatory privacy breach notifications are already having an effect on the cyber insurance marketplace, says Thomas Clayton of Zurich Insurance.

Insurance 266

Insurance GDPR Privacy IT 266

Dark Reading

JUNE 29, 2023

Now, if you've got an IoT network powered by Pepper, you can insure it through Embedded Insurance — even if your business is too small to support a SOC.

Insurance 87

Insurance IoT IT 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

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

IBM Big Data Hub

DECEMBER 1, 2023

Insurers struggle to manage profitability while trying to grow their businesses and retain clients. Large, well-established insurance companies have a reputation of being very conservative in their decision making, and they have been slow to adopt new technologies.

Insurance 96

Insurance Digital transformation Customer Experience Cloud 96

Data Protection Report

MARCH 21, 2023

2] In this context, the Directorate General of the French Treasury has put forward a plan of action with a view to clarifying the cyber-insurance legal framework, better gauging cyber-risks, and enhancing companies’ awareness as regards cyber-risks. 12-10-1 into the French Insurance code. However, in the end, Article L.12-10-1

Insurance 105

Insurance Data breaches Personal data GDPR 105

Hunton Privacy

MAY 4, 2022

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).

Insurance 110

Insurance Security Compliance Information Security 110

The Last Watchdog

JANUARY 20, 2020

To help mitigate the risk of financial losses, more companies are turning to cyber insurance. Related: Bots attack business logic Cyber insurance, like other forms of business insurance, is a way for companies to transfer some of numerous potential liability hits associated specifically with IT infrastructure and IT activities.

Insurance 222

Insurance Data breaches Cybersecurity Risk 222

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. The weighted average loss is $44 million (£34 million), ranging from $6 million to $143 million (£5 million – £111 million). of its share price. Could you elaborate?

Insurance 100

Insurance Risk Encryption Manufacturing 100

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. Artificial intelligence applied to insurance The insurance industry has always made extensive use of data and algorithms, such as in the calculation of insurance premiums. It has taken the world by storm.

Artificial Intelligence 75

Artificial Intelligence Insurance Risk Personal data 75

KnowBe4

AUGUST 8, 2022

The WSJ reported Aug 8, 2020: It is becoming more expensive and difficult for companies to get or renew cyber insurance. cyber insurance policies increased by 79% from a year earlier. Insurers have made it harder to get or keep a policy, too. The price of U.S.

Insurance 97

Insurance IT Cybersecurity 97

IBM Big Data Hub

MARCH 25, 2024

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.

Financial Services 85

Financial Services Insurance Risk Agriculture 85

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