The global insurance company AXA announced in May it will stop writing cyber insurance coverage in France that reimburses customers for making payments to ransomware criminals. Cyber insurance policies have long covered these ransom costs, and it is widely anticipated …
Between 800 and 1,500 businesses around the world have been affected by a ransomware attack centered on U.S. information technology firm Kaseya, its chief executive said on Monday. Fred Voccola, the Florida-based company’s CEO, said in an interview that it …
The nation’s largest property/casualty insurance organization is defending ransom payment reimbursements by insurers in a new set of principles stressing that the insurance industry wants to partner with government and business to improve cybersecurity. The insurers say they “must be …
As “the next digital pandemic,” cyber risks are increasingly becoming a problem for insurers themselves, according to an industry expert. With “a lack of controls at [an] insurer, [you] could have catastrophic damages to an entire portfolio,” said Jack Kudale, …
The New York State Department of Financial Services (DFS) has issued new guidance on preventing ransomware attacks. In the guidance, DFS identifies cybersecurity controls that it says reduce the risk of a ransomware attack and should be implemented by companies …
Global cyber reinsurance rates have soared by up to 40% in the July renewal season, reinsurance broker Willis Re said on Thursday, as ransomware attacks increase in number and severity. A ransomware attack on Colonial Pipeline in May shut the …
For the last several years, FBI agents debated turning the tables on hackers by remotely accessing breached computer networks and booting out the attackers caught in mid-hack. They got their chance earlier this year after state-backed Chinese hackers compromised thousands …
Officials at Vermont’s largest hospital are still trying to determine the full financial impact of the cyber attack last October that knocked out computers affecting three hospitals in Vermont and three in New York. Scheduling and patient medical records were …
With cyber attacks and insurance claims on the rise, leading cyber insurers AIG, AXIS, Beazley, Chubb, The Hartford, Liberty Mutual Insurance and Travelers have formed a company to pool their data and expertise and take collective efforts to enhance cyber …
New York City’s law department was been hit with a cyber attack that forced officials to take the 1,000-lawyer agency offline, but Mayor Bill de Blasio said he believes no data was compromised in the hack. “To this hour we …
