cyber attacks News

UK’s Terrorism Reinsurer, Pool Re, Plans to Extend Cover to Include Cyber

Britain’s 6 billion pounds ($7.3 billion) terrorism reinsurance fund hopes to extend its cover to include cyber attacks on property, chief executive Julian Enoizi said. Pool Re, set up in 1993, acts as a backstop to insurers paying out claims …

Lloyd’s MGA, CFC Underwriting, Launches Cyber Incident Response App

CFC Underwriting, the London-based specialist lines underwriting agency, announced the launch of a new cyber incident response application. The app allows policyholders to notify a claim with a click of a button and receive specialist support from CFC’s global cyber …

Confusing, Costly Cyber Policies Create Obstacles to Market Growth: Deloitte

Despite the rising profile of cyber risks, buyers have failed to widely embrace cyber coverage. At the same time, insurers generally have remained cautious about writing the coverage on a large scale basis. A recent report published by accounting and …

Australia to Offer ‘World’s First’ University Course to Fight Cyber Crime

Australia said on Friday it will offer the world’s first university course to train intelligence analysts to fight cyber crime, prompted by innovative methods of money transfer among organized crime and militant groups. The measure expands on Prime Minister Malcolm Turnbull’s attempts …

New York Cyber Regs Take Effect, Mid-Sized Firms Could See Biggest Impact

As the insurance industry has closely followed developments regarding The New York State Department of Financial Services’ (DFS) cybersecurity regulation, concerns remain in terms of how the final regulation, set to go into effect March 1, may impact mid-sized companies …

Testing of EU Banks’ Cyber Defenses Needs Common EU Approach: Official

European Union countries should test bank defenses against cyber attacks using a common set of requirements, a senior EU official said on Tuesday, as the bloc plans measures to boost the retail market for financial products. Cyber attacks against banks …

UK Suspect Arrested in Deutsche Telekom Cyber Attack

British authorities have arrested a suspect in connection with a cyber attack that infected nearly 1 million routers used to access Deutsche Telekom’s internet service, German federal police said on Thursday. Britain’s National Crime Agency detained the 29-year-old Briton at one of …

Cyber Attacks Remain at Top of List of Business Continuity Worries: Survey

The threat of cyber attacks and political instability resulting from rising populism are among the biggest worries for businesses around the world, according to a study of companies in 79 countries. The number one issue for executives working in business …

New York State Finalizes First-in-Nation Cyber Security Regulation

New York state announced a final cyber security regulation on Thursday with mandatory standards for banks and insurers to combat the ever-increasing risk of cyber attacks. The regulation, which takes effect March 1, follows a series of high-profile data breaches …

Ukraine Blames Russian Hackers for Attacks on Power Grid, Financial System

Ukraine on Wednesday accused Russian hackers of targeting its power grid, financial system and other infrastructure with a new type of virus that attacks industrial processes, the latest in a series of cyber offensives against the country. Oleksandr Tkachuk, Ukraine’s security service …