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Ukraine War Has Insurers Worried About Cyber Policies – WSJ
Like most insurance policies, these have exclusions for acts of war. The aim is to protect insurers from claims tied to cyberattacks by governments, their militaries or groups that work for them. But a judge in New Jersey poked a hole in that exclusion last year in a ruling that essentially said a common acts-of-war […]
FBI Warning: Ransomware Attackers Don’t Take Holidays – Technology – United States
Three major attacks in 2021 were conducted over holiday weekends: Mother’s Day weekend saw the Colonial Pipeline ransomware attack; over Memorial Day weekend, hackers attacked the JBS SA meatpacking operations in the U.S., Canada, and Australia; and in the weekend leading up to the July 4th holiday, software vendor Kaseya suffered a massive attack that […]
The Rise Of The Chief Cybercrime Officer | Information Security Buzz
Enter the Chief Cybercrime Officer (CCO), whose remit will entail ensuring the organisation is cyber-ready and who will bear the responsibility of mitigating breaches, taking the lead if a breach does occur and providing the necessary link between the Board and the rest of the company to mitigate risk and work collaboratively to resolve issues […]
Addressing “Silent Cyber” and the Risk of Coverage Gaps | The D&O Diary
One of the hot topics for mainstream P&C insurers these days is dealing with “silent cyber” – that is, the coverage for cyber-related losses in traditional property and casualty insurance policies. There are a number of initiatives underway in the insurance underwriting community as insurers try to address silent cyber. However, as noted in an […]
Cyber risk insurance is more than just insurance
Insurance companies such as Chubb are offering incident response services and security tools to help companies improve their cyber security posture and better cope with cyber attacks via Cyber risk insurance is more than just insurance.
Hit by Ransomware Attack, Florida City Agrees to Pay Hackers $600,000 – The New York Times
Even large cities, however, have had to pay smaller ransoms than Riviera Beach. On Monday, the City Council unanimously agreed to have its insurance carrier pay the hackers 65 Bitcoin, a hard-to-trace digital currency, amounting to about $592,000. By making the payment, the City Council hopes to regain access to data encrypted in the cyberattack […]
Ransomware: There are no easy answers | SC Media
Any competent business advisor would likely tell a client that spending $76,000 in order to potentially fend off an incident that could cost that organizations millions of dollars would be money well spent. But what happens to that calculus when the outlay is a ransom demanded by cybercriminals who managed to infiltrate your computer network, […]
Hackers Won’t Let Up in Their Attack on U.S. Cities – WSJ
“Ransomware is a pandemic in the United States,” said Joel DeCapua, supervisory special agent in the Federal Bureau of Investigation’s cyber division, referring to a particularly devastating form of malicious software. Hackers are increasingly going after larger targets, compared with five years ago, when most ransomware attacks hit home computers, he said. Municipalities in general […]
Effective Cybersecurity and Data Protection Legislation Should Protect Whistleblowers | Compliance and Enforcement
Congress should act to protect cybersecurity whistleblowers because information security has never been so important, or so challenging. In the wake of a barrage of shocking revelations about data breaches and companies mishandling of customer data, a bipartisan consensus has emerged in support of legislation to give consumers more control over their personal information, require […]
A Guide to Law Firm Cybersecurity Risks & Ethical Compliance – Security Boulevard
Law firm cybersecurity is becoming more critical with each passing year. Law firms are frequently targeted by cybercriminals due to the sensitive client information they possess and the international reach that some of them have. The American Bar Association is taking notice. via A Guide to Law Firm Cybersecurity Risks & Ethical Compliance – Security […]
Cybersecurity experts warn Baltimore to stop ‘playing’ with ransomware attacks | Fox News
Cybersecurity experts say Baltimore is playing with fire as a deadline to pay thousands of dollars in ransom to hackers holding several of the city’s servers hostage has come and gone. It has been two weeks since a cyberattack crippled Baltimore’s computer network. The internet thieves wanted 13 bitcoins – about $100,000 – at the beginning, […]
Cybersecurity in the “When-Not-If” Era | IoT For All
Risk is about uncertainty. The “When-Not-If” paradigm brings certainty where doubt was previously allowed (or used to manipulate outcomes): Cyber-attacks will happen Sooner or later, regulators will step in They can now impose business-threatening fines around the mishandling of personal data Media interest has never been higher around those matters; business reputation and trust in […]
Cyber Lessons and #MeToo Risk
Five years ago, when the reality of the cyber security threat began reaching the boardroom and audit and risk committees, only 15 percent of directors felt “very confident” their board oversaw cyber risk adequately. Today, cyber security preparedness and investments are front and center for directors. Increasingly, they are overseeing cyber security as a function […]