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Blurred lines for ransomware – where cyber and K&R meet

Is ransomware covered under Kidnap & Ransom (K&R) insurance? No...: [...] What cannot be covered under K&R? AIG had this to say: “We will not provide coverage for the costs of notification, defence costs, legal liability, fines and penalties, data restoration, credit and ID monitoring services or post event system upgrades.” However, if you want to buy “a comprehensive solution to cyber risk” – providing more well-rounded coverage – AIG’s advice was a famil

HackerOne Joins Forces with Coalition to Bring Hacker-Powered Security to Cyber Insurance

Another example of cyber insurance and cyber security companies getting together...: SAN FRANCISCO, Feb. 13, 2018 /PRNewswire/ -- Coalition, the first technology-enabled cyber insurance solution, and HackerOne, the leading bug bounty and vulnerability disclosure platform provider, today announced a partnership to bring hacker-powered security and lower cyber insurance ...

Equifax data breach probes could affect insurance coverage

These major breaches have an impact on everyone who needs cover...: Investigations into the Equifax Inc. data breach by one or more regulatory bodies could affect an insured’s ability to obtain coverage, but a news report has indicated that a key federal regulator has not taken steps to investigate the incident. Reuters reported on Feb. 5 that Mick Mulvaney, head of the Consumer Financial Protection Bureau, has pulled back from a full-scale probe of how Equifax failed to

Mycybercare, The Foschini Group Bring Cyber Insurance to Cellphone Customers

We've seen specialist security companies, now Apple/Cisco and also cellphone providers. Who's next to offer cyber insurance, and will it actually cover the risks?...: For the first time ever, customers buying cellphones from TFG (The Foschini Group) will be financially protected, and covered for financial losses incurred due to online cyber fraud. TFG and top local cyber insurance company Mycybercare have partnered to bundle Mycybercare policies with cellphones ...

Why brokers placing cyber should ask about outbound firewall rules

This one made me raise an eyebrow. How many general insurance brokers would understand the answer to this question? Better to deal with a specialist...: While brokers are usually not computer geeks, those who place cyber insurance can ask some basic questions to gauge their clients’ risk and figure out whether they overlooked a major security precaution known in tech jargon as outbound firewall rules. A good opening question a broker can pose to a client is how much compu

Apple, Cisco Move Into Cyber-Insurance Market

This is NOT a substitute for completing a risk review and having appropriate compliance programs in place. I see this move by technology companies as an assurance, not insurance move...: Call it iCoverage. Apple announced Monday it is teaming up with Cisco Systems to help businesses that primarily use equipment from the technology companies to insure themselves against the risk of cyber-attacks. The joint venture, which also includes insurer Allianz SE and insurance broker A

Insurance Companies See Big Opportunity in Unregulated Cryptocurrency Market

Early adopters are now sitting on sizable assets (700 bitcoins for 50 Cent...), insurance companies spot an opportunity...: According to Christopher Liu, head of the American International Group Inc's North American cyber insurance practice for financial institutions, insuring cryptocurrency is still in the “exploratory phase” – and adapting an existing model is key. “It's sort of akin to a digital armored car service,“ he told Reuters ......

Insurers Begin to Offer Cryptocurrency Theft Cover, Tackling Risks of Growing Sector

I keep my crypto in cold storage unless I'm intending to trade. Given the rise in thefts, you might want to think about insurance cover for your nano wallet. This via Reuters...: Major global insurers are starting to offer protection against cryptocurrency theft, willing to tackle daunting challenges it brings rather than miss out on this volatile and loosely regulated, but rapidly growing business. So far only a few insurers sell such insurance, including XL Catlin, Chub

Former US Security Expert: 5 Ways the Insurance Industry Can Improve Cybersecurity

Want to know how the insurance industry thinks about cyber risk. Read this...: “The insurance industry has a great record of solving problems where government regulation didn’t because the government either didn’t know how to regulate, or the government wouldn’t regulate,” Richard A. Clarke, former National Coordinator for Security, Infrastructure Protection and Counter-Terrorism for the United States, told attendees at a recent cybersecurity insurance forum in Santa Clara,

Hacking Insurance Is Newest Business Expense

Over at Filehippo (yes, that's a thing) this blog entry caught my eye. They're talking about the US market but this applies equally in Europe. Talk to a specialist...: [...] There’s a downside to this new recognition that businesses need cybersecurity insurance, though. The mad dash to get coverage can mean that companies are purchasing “bargain basement” insurance that really doesn’t protect them at all. The flip side is a small business owner being targeted by a predato