Latest Cyber Headlines
All the headlines from our Cyber Topic Page, ordered by recency.
Hospital’s Ransomware Attack Exposes New Risk for Muni-Bond Issuers
Feb 6 2020 // Hackers have finally done what bond issuers may have feared most from cyber criminals. A ransomware attack on Pleasant Valley Hospital in West Virginia was partly responsible for the hospital’s breach of its covenant...
AXA XL Appoints Benet as Global Chief Underwriting Officer for Cyber
Feb 5 2020 // To help manage its cyber risk portfolio worldwide, AXA XL has named Elizabeth Benet to the newly-created role of global chief underwriting officer for Cyber. Benet will help the insurer monitor its cyber risk portfolio and...
Aon Acquires Canadian Cyber Security Firm Cytelligence
Feb 4 2020 // Insurance broker Aon reported it has acquired Cytelligence Inc., a Canadian-based cyber security firm that provides incident response advisory, digital forensic expertise, security consulting services and cyber security...
Judge Finds Ransomware Damage to Computer a ‘Direct Physical Loss’
Jan 30 2020 // State Auto Property and Casualty Insurance Co. is liable for the cost of replacing a computer server that was damaged and perhaps permanently compromised by a ransomware attack despite the carrier’s argument that the...
European Insurers Balk at EU Raising Capital Requirements Due to Cyber, Climate Risks
Jan 30 2020 // Insurers in Europe may need to put aside money to protect their policyholders should they become insolvent, and regulators should be able to be shut them down swiftly without the need for taxpayer bailouts, a top EU...
Travelex’s UK Money Transfer and Wire Services Operational After Ransomware Attack
Jan 29 2020 // Travelex’s UK international money transfer service and wire offering is fully operational again, it said on Tuesday, almost a month after a crippling ransomware attack forced staff to use pen and paper to calculate...
Cyber Attacks in Europe, Middle East Could Be Work of Turkey-Sponsored Hackers
Jan 27 2020 // Sweeping cyber attacks targeting governments and other organizations in Europe and the Middle East are believed to be the work of hackers acting in the interests of the Turkish government, three senior Western security...
The Battle Over Agency Data
Jan 27 2020 // New regulations, insurer pressure and growing consumer alarm about online security will force agents to act this year to protect their data from unfettered use by third-party vendors. The NAIC Insurance Data Security Model...
Nukes, Cyber, Climate Change: World Now at 100 Seconds to Midnight
Jan 23 2020 // It’s 100 seconds to midnight. Nuclear war, cyber threats and climate change are putting the world in more danger than it has been in over at least the last 70-plus years. The hands of the Doomsday Clock are now...
Major Cyber Attacks of 2019 Seen via Infographic from Cyber Risk Modeling Firm Kovrr
Jan 23 2020 // With the number of cyber attacks on the rise, it’s natural to think that this increase of cyber attacks is due to new actors and technological developments, said Yakir Golan, the CEO of Kovrr, the Tel Aviv-based...
Insurtech Firm CyberCube Calls on Insurers to Set Global Cyber-Security Standards
Jan 22 2020 // CyberCube, an insurtech focused on cyber risk analytics, is calling on the insurance industry to set global cyber-security standards as the world digitizes. “Internet-connected technologies is a prime opportunity for...
Ransomware Exposure Driving Up Cyber Insurance Costs
Jan 22 2020 // U.S. insurers are ramping up cyber-insurance rates by as much as 25% and trying to curb exposure to vulnerable customers after a surge of costly claims, industry sources said. The changes follow a challenging year of...
Virginia House Committee Tackles Consumer Protections, Cybersecurity
Jan 21 2020 // In one of the more modern meeting rooms at the over two centuries old State Capitol, 22 lawmakers gather on Mondays to confront the increasing cybersecurity threats looming over Virginia residents. This session the House...
Forex Firm Travelex Resumes Customer-Facing Operations After Ransomware Attack
Jan 17 2020 // More than two weeks after a crippling ransomware attack forced Travelex staff to use pen and paper to calculate foreign currency exchanges, the company said the first of its customer-facing systems in Britain was up and...
Christmas Ransomware Attack Hit New York Airport Servers
Jan 15 2020 // An upstate New York airport and its computer management provider were attacked by ransomware over Christmas, officials said. Officials at the Albany County Airport Authority announced Thursday that the attack came to light...
Cyber Ranks as Top Peril for Companies Globally for 1st Time: Allianz Survey
Jan 15 2020 // Cyber incidents rank for the first time as the most important business risk globally, pushing the perennial top peril, business interruption (BI), into second place, according to the ninth Allianz Risk Barometer...
Brit Global Specialty Names AIG’s Ruhlman to U.S. Cyber Team
Jan 14 2020 // Brit Ltd. has named Douglas Ruhlman as assistant vice president, Cyber, for Brit Global Specialty USA. Ruhlman will work to support the underwriting and growth of Brit’s U.S. cyber portfolio. He will report to Jeff...
Forex Firm Travelex Restores Some Online Services After Ransomware Attack
Jan 14 2020 // Travelex is restoring operations to process foreign exchange orders electronically, it said on Monday, almost two weeks after cyber hackers took hold of its systems, leading to a global blackout of its online...
Insurance Journal’s Top 10 Cyber Insurance Stories of 2019
Jan 10 2020 // An A.M. Best report released in June gave a comprehensive look at the state of the cyber insurance market for 2018, the most recent year data was available, stating that it has seen continued growth and underwriting...
Las Vegas Reports Cyber Attack Breached City’s Computers
Jan 10 2020 // Las Vegas officials said that that a cyber attack breached the city’s computer systems, but it wasn’t immediately clear if any sensitive data was compromised. City officials were alerted to the breach around...
