Tag: Cybercrime

45,000 Affected in Root Insurance Data Breach – NY Attorney General Takes Action

Angela Linders
Root Insurance Data Breach

Auto Insurer Root Fined $975,000 Over Data Breach Impacting Thousands of New Yorkers When it comes to handling sensitive information, insurance companies shouldn’t just be crossing their fingers and hoping for the best. Root Insurance recently learned this lesson the hard way. The New York Attorney General’s Office imposed a stinging $975,000 fine on the auto insurer after a data breach compromised the personal information of 45,000 New Yorkers. Let’s unpack what this means for Root, the industry, and the road ahead. Regulatory Actions Hit Hard After Serious Breach New…

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Casino Cyber Siege: How MGM and Caesars Attacks Highlight the Power of Cyber Insurance

David Derigiotis
casino cyber security Insurance

In late 2023, two of the most iconic names in the hospitality industry—MGM Resorts and Caesars Entertainment—fell victim to significant cyberattacks. These breaches underscore the growing threat of cybercrime and highlight a dramatic shift in the digital battleground. Beyond a simple wake-up call for cybersecurity measures, these incidents showcase the pivotal role of cyber insurance in mitigating financial and operational damages and providing a lifeline during the chaos of a cyber crisis. The Attacks: What Happened? MGM Resorts International Russian hacker group, ALPHV, infiltrated MGM’s systems with a crippling ransomware…

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The impact of cyber insurance on cybercrime as a whole

Julie Campbell
computer cyber insurance site

While companies seek to protect themselves against losses from digital attacks, policies aren’t solving the problem. If there is anything that companies have had to come to accept, it is that cybercrime is real and one of the best ways that they are able to protect themselves against the losses associated with those digital attacks is through cyber insurance. However, the coverage is currently dealing only with the symptoms of the issue and not the problem, itself. At the same time that companies are using cyber insurance to protect themselves…

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Cyber liability insurance is experiencing a rapid evolution

Julie Campbell
digital integration hubs insurance

As high profile data breaches become headlines on a regular basis, awareness of this coverage is expanding. The risk of a data breach is rapidly on the rise and as it is coming to the point that no one feels safe from this potential problem, awareness of cyber liability insurance is climbing as well, and the result has been a rapidly evolving coverage sector. The latest estimates are that the data breach at JPMorgan Chase could impact 76 million households. As the risk rises and as it is continually in…

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Should More States Help Agents Find Insurance Leads?

Guest Author
Insurance agent

Last month, California made headlines when Covered California handed out thousands of consumer’s information to insurance agents without their expressed interest to be contacted. According to LA Times reporter Chad Terhune, the names given were of people who had signed up on the Covered California website, but had not finished the enrollment process. Was this an act of assistance on the part of the state or a complete breach of privacy? The larger question is “should other states follow suit?” Why Use an Insurance Lead Company? Generally, insurance agents find…

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Cyber risk insurance becoming a concern for businesses

Nordstrom
cyber insurance

Cyber risk insurance may help companies protect themselves Cyber security is beginning to be a major concern in the U.S., according to a new study published by Corporate Board Member and FTI Consulting. As the world of business becomes more accommodating of emerging technologies, the possibility of cyber attacks is becoming more pronounced. Data breach can cause serious damage to a company both in terms of finance and reputation, leading many businesses to seek out cyber risk insurance coverage. This coverage is designed to protect companies from malicious cyber attacks.…

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Corporations may be hiding information on cyberattacks from investors and the SEC

S.Vagus

Large corporations may be keeping cyberattacks a secret from investors and the public, according to the Securities and Exchange Commission (SEC). In October of last year, the agency released documentation that outlined the necessary measures corporations must take if they have been the target of an attack. The document outlined reporting procedures for such events, but the agency suspects that companies have not taken these requirements to heart for the sake of their businesses. Since October, a scant few corporations have followed the reporting procedures outlined by the SEC, despite…

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