Gallagher hammered in £11 million broker negligence ruling
Broker found at fault over Lloyd’s, Hiscox, QBE policy mess up Insurance Business Magazine reports: Read more at Insurance Business Magazine.
Blue Shield of California shared the private health data of 4.7 million people with Google for years
Blue Shield of California joined the ranks of entities that discovered they were unlawfully sending personal or protected health information of website visitors to advertisers via tracking pixels embedded on their sites. TechCrunch reports: Health insurance giant Blue Shield of California is notifying millions of people of a data breach. The company confirmed on Wednesday […]
Globe Life notifying an additional 850,000 clients of 2024 data breach
Bleeping Computer reports that Globe Life is notifying an additional 850,000 people of a breach it discovered last year: On June 13, 2024, the company discovered during a security review of its networks that it had been compromised by hackers who had gained unauthorized access to one of its web portals. Globe Life shared in October the first […]
Nebraska AG files lawsuit against Change Healthcare
It is the first lawsuit filed by a state attorney general against Change Healthcare over the February breach that affected 100,000 Americans. From the state’s December 16 press release: Download the court filing.
Auto Insurers to Pay $11M+ to N.Y. State After Cyber Attack
Two auto insurance companies will pay over $11 million to New York after data from over 120,000 New York customers was leaked in a November 2020 cyber attack that allowed hackers to exploit the state’s unemployment system. Government Technology reports: Both GEICO and Travelers, major national insurance companies, will pay penalties for their poor data […]
Change Healthcare Ransomware Attack Cost to Rise to $2.87bn in 2024
The Change Healthcare ransomware attack that was first disclosed in February 2024 continues to cause problems and make headlines. HIPAA Journal reports on the financial impact: The cost of the Change Healthcare ransomware attack has risen to $2.457 billion, according to UnitedHealth Group’s Q3, 2024 earnings report. Revenues in the third quarter increased by 9% year-over-year […]
Insurance giant Globe Life facing extortion attempts after data theft from subsidiary
The Record reports: Insurance firm Globe Life is being extorted by hackers after data on more than 5,000 people was stolen from a subsidiary. The company told regulators at the U.S. Securities and Exchange Commission (SEC) that it reported the incident to federal law enforcement. “Based on the Company’s investigation to date, which remains ongoing, the Company […]
Can cyberinsurers or reinsurers justifiably refuse to reimburse victims for ransom payments to those on the U.S. sanctioned list?
If your company is the victim of a ransomware attack and you decide you have no choice but to pay the threat actors, can your cyberinsurer or cyberinsurance reinsurer decline to reimburse you if the threat actors you paid are on Treasury’s sanctioned list? Would reimbursing them expose the cyberinsurer or reinsurer to problems with […]
Data and Privacy Breaches Fuel Cyber Insurance Claims Surge
Risk & Insurance reports: Cyber insurance claims, particularly those related to data and privacy breaches, have seen a significant increase in the first half of 2024, with the U.S. accounting for 72% of large claims in H1 2024, according to Allianz Commercial’s annual cyber risk outlook. The frequency of large cyber claims — those in […]
Scattered Spider Hackers Now Targeting Financial Sector
Threat actors known as Scattered Spider are reportedly turning their attention to the financial sector, hitting banks and insurance groups. Resilience Cyber Insurance Solutions, which has been tracking the group, reports they have targeted 29 companies since April 20. Scattered Spider is the group that was previously linked to disrupting casinos and hotels such as MGM […]