Insurance News, Articles and Updates

40% of firms in the UK, US and Germany have taken out cyber-insurance

More than half (53 percent) of businesses in the UK, US and Germany are ill-prepared to deal with cyber-attacks according to a new study from Hiscox.

Facebook blocks car insurance premiums based on posts

Facebook has blocked one of the UK's largest car insurance firm's plans to use Facebook post to assist in risk assessment when determining premiums.

Former insurance employees appear in court over data leak

Two people have been charged with bribery offences, following an investigation into the suspected leak of confidential data by a former employee of insurance firm LV=.

9.2 million medical records for sale on darkweb

A darkweb marketplace is now advertising nearly 10 million medical records apparently stolen from a large US insurance company

Cyber-security - Kryptonite for lawyers

Analysis of the website of Mossack Fonseca, of Panama Papers 'fame', reveals glaring security weaknesses. The firm is not the only one to have been targeted by cyber-attacks. Emily Taylor suggests law firms are easy targets.

Can cyber-catastrophes be insured against?

Cyber-insurance: Government support to encourage reinsurance, along with quantifying of risk, would make cover for cyber-catastrophe a more viable option says research.

Thousands of patients notified of breach, eight suspects indicted

Montefiore Health System announced that 12,517 patients had personal information compromised by a former employee between January 2013 and June 2013.

Cyber-insurance: no replacement for locks on doors

Companies should build a holistic and forward-looking cyber-security programme capable of forecasting potential security threats and alleviating those risks before they cause serious damage says Piyush Pant.

ICYMI: Lenovo MiTM bug, 'hero' Snowden & cyber-insurance trust

This week's In Case You Missed It (ICYMI) column looks at the latest Lenovo flaw, Edward Snowden's standing in the UK, trust in cyber-insurance and a new version of TorrentLocker.

Cyber insurance not trusted by business, KPMG claims

Senior heads of security don't trust cyber-insurance products, viewing with scepticism the chances of getting a payout in the event of a cyber-attack, according to research from KPMG.

Is your cyber insurance fit for purpose?

Due to the complexities of IT security, achieving clarity on cyber-insurance policies is going to be a growing challenge says Rowland Johnson

Government bangs the drum for UK cyber-insurance

The British government has teamed up with the Royal Bank of Scotland and insurance broker Marsh to help develop the local cyber-insurance market, after its own report indicated that few businesses are covered in the event of a data breach.

Force Majeure - insurance for cyber-warfare?

Relying on cyber-insurance when your defences are actually negligent will increasingly become unsustainable - and unavailable - says Philip Lieberman.

Target breach costs £124 million - so far

The costs of the Target breach dwarf the costs of increased security or insurance.

Eugene Kaspersky interview: 'Critical infrastructure is under threat'

It's been a busy few weeks for Kaspersky Lab, the anti-virus vendor behind the discovery of Equation and Carbanak groups. SC interviewed CEO Eugene Kaspersky on the disclosures, the company's direction, anti-virus and cyber-insurance.

UK lawyer warns of cyber-insurance loopholes

A leading UK lawyer has said that cyber-insurance can play a part in a business cyber-security strategy, so long as the risks are understood.

British government wants to develop cyber-insurance market

The British government has teamed up with 12 insurers to develop the fledgling cyber-insurance market.

Cyber risk management: A boardroom issue

Having comprehensive cyber risk policies that are not followed can be as detrimental as not having a policy at all says Peter Given.Good who advises that good risk-insurance will demand appropriate procedures are both in place and implemented.

Should you use cyber insurance to mitigate risk?

While still a relatively immature industry, cyber insurance can reduce the costs of recovering from a breach, and, as Tony Morbin reports, it can also play a role in driving adoption of best practice, including de-facto standards in critical infrastructure.

Open SSL insecurity - can cyber insurance fill the gaps?

Experts argue the need for response over detection - with a large side order of insurance to counter the Open SSL insecurity issue.

Ponemon - Smaller breaches likely; consultants a risk?

Average total cost of a data breach has increased by 15 percent in the last 11 months; consultants increase risk says new Ponemon report.