Latest Cyber Headlines
All the headlines from our Cyber Topic Page, ordered by recency.
10 Things to Know About Public Entities & Cyber Risk
Jun 6 2016 // Last year data breaches in the government/military sector accounted for 11.7 percent of U.S. breach incidents. —Identity Theft Resource Center The practice of employing encryption strategies in the public sector rose...
Swiss Re Corporate Solutions Launches Cyber Risk Insurance Product in UK
Jun 3 2016 // Swiss Re Corporate Solutions expands its cyber offering with the launch of CyberSolutions UK, a market-specific, primary insurance product. This cyber risk protection solution “provides tailored coverage to mid-sized...
U.S. Insurer, Tech, Business Groups Balk at China’s Rules on Insurance Cybersecurity
Jun 2 2016 // Business groups from the U.S. and around the world protested planned cybersecurity rules for the insurance industry in China in a letter to the head of the nation’s insurance regulator. The draft regulations may...
EU Members Should Run Stress Tests for Banks’ Cyber Risks: EU Banking Chief
Jun 1 2016 // Domestic authorities in European Union member states should stress-test their financial institutions for cyber risks, a top EU supervisor said, saying banks might be required to hold extra capital as a buffer against what...
China Likely to Adopt Cyber Rules for Insurers Despite Foreign Business Concerns
May 31 2016 // Controversial cyber security regulations for China’s insurance industry, now before the World Trade Organization (WTO), could soon take effect despite efforts by foreign business groups to persuade Beijing to change...
Hackers Target SE Asian Banks, Revealing Campaign Against SWIFT Network
May 27 2016 // Investigators are examining possible computer breaches at as many as 12 banks linked to SWIFT’s global payments network that have irregularities similar to those in the theft of $81 million from the Bangladesh...
Credit Suisse Sells Operational Risk Bonds, Insuring Rogue Trading, Cyber Crime
May 27 2016 // Credit Suisse Group AG sold 220 million Swiss francs ($222 million) of bonds designed to offload potential losses on events like rogue trading, with some investors sidestepping the issue because of the incalculable...
Cyber Bank Thieves Stole $12M from Ecuador Bank in 2015, Using SWIFT System
May 24 2016 // Shortly after 7 p.m. on January 12, 2015, a message from a secure computer terminal at Banco del Austro (BDA) in Ecuador instructed San Francisco-based Wells Fargo to transfer money to bank accounts in Hong Kong. Wells...
What to Know About Travelers’ CGL Cyber Ruling
May 23 2016 // Experts are cautioning insurance buyers and sellers not to overreact to the recent federal court decision finding data breach defense coverage under a commercial general liability (CGL) policy. Buyers would be mistaken to...
Hanover Stone Partners, UnitedLex to Offer Cyber Risk Management Services
May 20 2016 // Hanover Stone Partners, a risk management services firm, and UnitedLex, a business advisory company, have collaborated on cyber-security, legal services and other risk management options for businesses and other commercial...
UK Banks Ordered to Update Cyber Security After $81M Bangladesh Bank Heist
May 19 2016 // The Bank of England ordered UK banks to detail steps taken to secure computers connected to the SWIFT bank messaging network about two months after a still-unidentified group used the system to steal $81 million from...
Urgent Action Needed to Tackle Systemic Threat of Cyber Risk: Marsh & TheCityUK
May 19 2016 // Firms across the financial and related professional services industry need to take urgent action on their cyber risks, which present a “real and present danger” to the financial system, according to a new...
NAS Insurance Enhances Cyber Liability Coverage, Lowers Rates
May 19 2016 // NAS Insurance Services has enhanced its NetGuard Plus cyber liability product. The new coverage features offer greater protection for emerging privacy and security threats for businesses of all sizes across a range of...
50% of Risk Managers Bought or Increased Cyber Insurance in Last Year: HSB
May 18 2016 // Fifty percent of U.S. businesses have either purchased cyber insurance for the first time or increased their level of coverage in the last year, according to a survey of risk managers by The Hartford Steam Boiler...
Carpenter Forms Partnership with Symantec to Create Cyber Aggregation Model
May 18 2016 // Guy Carpenter & Co., the global risk and reinsurance specialist and wholly owned subsidiary of Marsh & McLennan Cos., has formed a strategic alliance with cyber security specialist Symantec Corp. to create a cyber...
LIU Designs New Policy for Architects & Engineers With Data Breach Coverage
May 18 2016 // Liberty International Underwriters (LIU), part of Liberty Mutual Insurance, has launched LIU Design and Data Insure, a new architects & engineers policy. The enhanced policy offers insurance and risk management...
Outdated SAP Software May Be Vulnerable to Hackers if Not Properly Patched
May 16 2016 // Europe’s biggest software company, SAP, is the subject of a U.S. security alert over a vulnerability the firm disabled six years ago that can still give outside attackers remote control over older SAP systems if the...
Hallstrom Appointed Assistant VP, Cyber Insurance at CNA
May 12 2016 // Chicago-based insurer, CNA, has appointed David Hallstrom to assistant vice president and industry leader, Cyber Insurance. In this role, Hallstrom is responsible for CNA cyber product management. He reports to Katie...
Investigation of $81M Bangladesh Bank Heist Uncovers 3 Hacker Groups: Sources
May 11 2016 // Investigators examining the theft of $81 million from Bangladesh’s central bank have uncovered evidence of three hacking groups — including two nation states — inside the bank’s network but say it...
Aspen Insurance Names Nazir as Head of International Cyber Risk, Lang as U/W
May 10 2016 // Aspen Insurance, the insurance segment of Aspen Insurance Holdings Ltd., has appointed Raheila Nazir as head of International Cyber Risk. Joining Aspen in the summer, Nazir has more than 16 years’ experience as an...
