Latest Cyber Headlines
All the headlines from our Cyber Topic Page, ordered by recency.
Resilience Cyber Closes $80M Funding Round to Further Expand Into Middle Market
Nov 22 2021 // Resilience, which offers cyber insurance and security solutions, reported that that it closed an $80 million Series C funding round as it plans for further middle market expansion and international growth. The funding...
Wind Turbine Maker Vestas’ Shares Drop as Cyber Attack Risks Output Delays
Nov 22 2021 // Shares in Vestas Wind Systems A/S dropped to a two-week low after one of the world’s top makers of wind turbines was hit by a cyber attack. The Danish company said data was compromised, but that there are no signs...
New U.S. Rule Requires Banks to Promptly Report Cyber Incidents
Nov 19 2021 // U.S. banking regulators on Thursday finalized a rule that directs banks to report any major cybersecurity incidents to the government within 36 hours of discovery. Separately, the banking industry said it had successfully...
Insurers Cut Their Appetite for Cyber Cover as Ransomware Losses Mount
Nov 19 2021 // LONDON – Insurers have halved the amount of cyber cover they provide to customers after the pandemic and home-working drove a surge in ransomware attacks that left them smarting from hefty payouts. Faced with increased...
People Moves: WTW Names Aon’s Wegbrans as Head of Broking; EmergIn Risk Hires Occam’s Paraskeva; Aon’s Norris to Gallagher Re as Cyber ILS Broker
Nov 16 2021 // This edition of International People Moves details appointments at Willis Towers Watson; Ryan Specialty’s MGU, EmergIn Risk; and Gallagher Re. A summary of these new hires follows here. WTW Names Aon’s Wegbrans...
Gone Phishing: There’s No Vacation for Data Security in the Insurance Industry
Nov 16 2021 // This post is part of a series sponsored by AgentSync. The summer months can bring some much-needed time off for many in the insurance industry. But one thing that shouldn’t be taking a break is your emphasis on...
4 Myths to Cybersecurity: Who’s Vulnerable and How to Fight Back
Nov 15 2021 // This column has explored many angles of the cybersecurity issue in the five years I’ve been writing about it, and though many agents are taking their first steps to address it, some myths stubbornly persist. MYTH 1:...
Experts Say Cyber Risks Present ‘Significant’ Threat for Small Businesses
Nov 10 2021 // Powered by InsuranceJournal.tv The idea that cyber criminals only target large companies with a wide footprint and more assets is “profoundly wrong,” experts say, as cyber attacks are becoming a growing threat...
Robinhood Reports Data Breach and Extortion Payment Demand
Nov 9 2021 // The stock trading platform Robinhood Markets reported that it experienced a data breach on Nov. 3 that could potentially affect the email addresses of about five million customers and personal data of others. The hackers...
Top 20 Cyber Insurers in U.S. Including Loss Ratios: NAIC
Nov 9 2021 // The cyber insurance market in the U.S. grew to roughly $4.1 billion in direct written premiums in 2020, an increase of 29.1% from the prior year, reports the National Association of Insurance Commissioners...
Justice Department to Escalate Fight Against Cybercrime, Ransomware: Interview
Nov 8 2021 // The Justice Department is stepping up actions to combat ransomware and cybercrime through arrests and other actions, its No. 2 official told The Associated Press, as the Biden administration escalates its response to what...
SolarWinds Investors Suit Alleges Board Knew About Cyber Risks
Nov 8 2021 // SolarWinds Corp. investors have sued the software company’s directors, alleging they knew about and failed to monitor cybersecurity risks to the company ahead of a breach that created a vulnerability in thousands of...
‘American Way of Life’ at Risk From Cyber Attacks, Top U.S. Official Warns
Nov 4 2021 // A top U.S. cybersecurity official offered a dire warning to members of Congress on Wednesday, saying the “American way of life” faces serious risks amid the drumbeat of ransomware attacks and physical threats...
Massachusetts Health Network Hacked; Patient Information Exposed
Nov 2 2021 // A Worcester, Massachusetts, health care network says someone hacked into its employee email system, potentially exposing the personal information of thousands of patients. UMass Memorial Health notified patients earlier...
Business Interruption, Recovery Costs Drive Financial Losses From Cyber Attacks: Report
Nov 1 2021 // During the COVID-19 crisis, global cyber attacks skyrocketed in a digital pandemic driven by ransomware, according to a report published by Allianz Global Corporate & Specialty (AGCS). Further, the report noted,...
Top Reasons Insurers Decline Cyber Insurance
Nov 1 2021 // Insurers make money by assuming the business risks of their customers for a fee. They make a profit only if the estimated aggregate cost of the risk for all their customers is less than the aggregate fees for assuming the...
People Moves: Admiral Names Smyrl President; Hartford’s Schultz Moves to Zurich Life Sciences; Roth Heads AXA XL Cyber Claims; Hippo Adds Hiscox’s Hanson
Oct 29 2021 // Smyrl Succeeds Fletcher a President of Admiral Insurance W.R. Berkley Corp. as appointed Daniel Smyrl as president of excess and surplus lines insurer Admiral Insurance Group. He succeeds Curtis E. Fletcher, who has been...
Kemper $17.6M Data Breach Settlement Wins Preliminary Court Approval
Oct 28 2021 // Kemper Insurance has won preliminary approval of its $17.6 million proposal to settle a class action stemming from two data breaches. Judge Martha M. Pacold of the federal court for the Northern District of Illinois on...
EU Cybersecurity Agency Warns of Threat From Hackers-for-Hire
Oct 28 2021 // Hackers-for-hire emerged as the biggest threat to online security in the last 15 months, with the COVID-19 pandemic and home working creating opportunities for cybercriminals, EU cybersecurity agency ENISA said in its...
These Women Are Fighting Cyber Crime and Cybersecurity’s Gender Divide
Oct 27 2021 // Powered by InsuranceJournal.tv Growing ransomware attacks aren’t the only issue concerning the cybersecurity industry today, according to experts on this episode of The Insuring Cyber Podcast. Another concern within...
