Cybernews reports: The Farmers Insurance Group is notifying 1,111,386 people that their personal information was exposed in a recent cyberattack earlier this year. The American insurance giant said it began sending breach notification letters about the May 29th “security incident” out of an “abundance of caution” on August 22nd. The breach may have involved the […]
There is an update to the previously reported breach affecting Allianz Life customers. Bleeping Computer reports: Hackers have stolen the personal information of 1.1 million individuals in a Salesforce data theft attack, which impacted U.S. insurance giant Allianz Life in July. Allianz Life has nearly 2,000 employees in the United States and is a subsidiary […]
Insurance Business Magazine reports: …. Matthew Geyman managing director at Intersys, said the move signals a more rigorous approach to tackling ransomware and could reshape the insurance sector’s handling of cyber risk. “As attackers – often serious organised crime – shift focus to the private sector, insurers must reassess underwriting strategies to ensure organisations demonstrate […]
CP24 reports: The City of Hamilton will be on the hook for the more than $18 million it has cost to recover from a ransomware attack after their insurance claim was denied. In an update presented to a city committee on Wednesday, staff said that its insurer denied the claim for reimbursement of costs related […]
Fisher Phillips writes: As cybersecurity threats escalate, state legislatures across the country are tightening requirements for how insurance entities respond to data breaches – and thanks to a new law just passed several weeks ago, Missouri is getting in on the action. On July 2, Missouri’s Governor approved House Bill 974, “The Insurance Data Security […]
TechCrunch reports: U.S. insurance giant Allianz Life has confirmed to TechCrunch that hackers stole the personal information of the “majority” of its customers, financial professionals, and employees during a mid-July data breach. The company disclosed the data breach on Saturday in a legally required filing with Maine’s attorney general, but did not immediately provide a number of […]
Bloomberg reports: A Mississippi law firm is suing its cyber insurer, alleging the carrier wrongfully denied coverage for a roughly $150,000 loss stemming from an “elaborate” email scheme. Gore, Kilpatrick & Dambrino PLLC was duped into wiring funds to an account controlled by scammers posing as representatives from a company that was dissolved years earlier, […]
Wiley Rein explains: The New Mexico Court of Appeals has held that cyber policy language affording coverage “for” a security breach was ambiguous and must be construed broadly to provide coverage for a breach of contract claim “because of,” “resulting from,” or “on account of” a security breach. Kane ex rel. N.M. Health Connections, Inc. v. Syndicate […]
Insurance Business Magazine reports: British insurers are bracing for an escalating wave of cyberattacks after one of the world’s most notorious hacking groups, Scattered Spider, has pivoted from raiding retailers to targeting insurance and financial services companies on both sides of the Atlantic. Google’s Threat Intelligence Group has issued a fresh warning, saying it had […]
Broker found at fault over Lloyd’s, Hiscox, QBE policy mess up Insurance Business Magazine reports: Read more at Insurance Business Magazine.
