cyber insurance News

Ransomware Attack Closes 300 Yum Brands Eateries in UK for a Day

Yum! Brands, Inc. on Wednesday announced that a ransomware attack affected certain information technology systems. Almost 300 of its restaurants in the United Kingdom were closed for one day, but the company said all stores are now operational. Although data …

Beazley Launches Global Re/insurance Market’s First Cyber Catastrophe Bond

Specialist insurer Beazley has launched the global insurance market’s first cyber catastrophe bond. The $45 million bond gives Beazley indemnity against all perils in excess of a $300 million catastrophe event, with the potential for additional tranches to be released …

Cyber Insurance Themes to Look Out for in 2023

As the Roman God Janus (for which of course the month January takes its name) reflects both looking backwards and forwards in transition, the dawn of a New Year provides a great opportunity to pause and consider where the cyber …

Judge Permits Claim for Business Lost While Helping Clients Recover From Data Breach

A federal judge has dismissed a complaint leveled against an insurer alleging bad faith in the handling of a data breach claim but has advanced the underlying dispute of whether the insured suffered business interruption losses from the breach. Judge …

Embroker: Cybersecurity a Top Investment Focus for Startup Founders in 2023

Cybersecurity concerns will likely remain a focus for startup founders in 2023, according to the recent Embroker Cyber Risk Index: Startup Edition. The report said startup founders cited cybersecurity protections as one of their three non-negotiable areas of investment for …

Fraudulent Funds Transfer, Ransomware Are Main Drivers of Cyber Loss: Corvus

According to new data from Corvus Insurance, fraudulent funds transfer (FFT) continues to generate substantial losses for organizations. FFT comprised 36% of of the company’s cyber claims – an all-time high – during the third quarter of 2022. This metric …

Abortions, Drug Use Exposed in Cyber Attack on Australian Health Insurer Medibank

When the Australian health insurer Medibank Private Ltd. was hit with a ransomware attack last month, it provided regular updates to its customers, including the revelation that personal information from nearly 10 million of them was exposed. It also followed …

40 States Obtain $16M Settlements with Experian, T-Mobile Over Data Breaches

A coalition of 40 state attorneys general has obtained two multistate settlements for $12.67 million with credit data firm Experian concerning data breaches in 2012 and 2015 that compromised the personal information of millions of consumers nationwide. The attorneys general …

Global Insurance Rates Continue Rising at Slower Levels; Cyber Outpaces Other Lines

Global insurance pricing continued to rise, although at a slower pace, during the third quarter, which saw commercial insurance premiums increase an average of 6%, down from 9% in Q2, according to Marsh’s Global Insurance Market Index. The biggest increases …

New York’s $4.5M Cybersecurity Settlement with EyeMed Bars Insurance Recovery

Health insurance company EyeMed Vision Care LLC will pay a $4.5 million penalty to New York State for violations of the state’s cybersecurity regulation that officials said exposed hundreds of thousands of consumers’ personal health data, including data concerning minors. …