Tag: data breach

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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Allstate’s $4 Billion Acquisition Comes with a Cybersecurity Crisis

Angela Linders
Allstate Cybersecurity Crisis

New York Sues Allstate over Data Breach Failures A new lawsuit filed by New York Attorney General Letitia James has sparked renewed attention on the importance of cybersecurity, particularly in industries holding sensitive personal information. The case targets National General, a subsidiary of Allstate, accusing the company of failing to report a data breach and neglecting to implement reasonable safeguards to protect customer data. Here’s what we know so far and what it means for you. The Breach That Sparked the Lawsuit According to a recently published article on Reuters,…

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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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Kaiser Permanente notifying health insurance customers of data breach

G. Turner
Health insurance - Data Breach

Millions of people had their data accessed after patient information was shared with advertisers US health insurance giant Kaiser is notifying millions of customers – both current and former – that it experienced a data breach when it shared patient information with third-party advertisers such as Microsoft, Google, and X (formerly known as Twitter). Members and former members will learn the results of an investigation Kaiser has stated that it conducted an investigation that determined that “certain online technologies” that already existed on both the conglomerate’s websites and mobile applications…

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Cyber insurance market growth is fast and healthy, says Swiss Re

Marc
cyber insurance market

As worries over the impact of a hack, data breach or other similar risks, firms are insuring themselves. Swiss Re released a statement describing considerable growth trends in the cyber insurance market. The reinsurance firm pointed out that businesses are starting to see the importance of coverage in an environment where risks are skyrocketing. The Zurich-based giant it pointed out that the cyber risks are rapidly rising in their complexity and frequency. The Swiss Re Sigma report titled “Cyber: Getting to grips with a complex risk,” provided considerable insight on…

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Cyber insurance policies carried by a falling number of companies

Marc
cyber insurance policies coverage fraud

PricewaterhouseCoopers has recorded a sharp drop in the number of firms with coverage in the last year. According to a recent PricewaterhouseCoopers survey, the number of companies in Great Britain with cyber insurance policies has plummeted. Firms have rapidly dropped the expensive coverage even as they boost their security budgets by as much as twice over. This has occurred at the same time that an array of high profile businesses experienced cyber attacks and data breaches. PwC explained that firms hesitate to invest in cyber insurance because the coverage appears…

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Cyber insurance confusion causes gaps in coverage

Logan B.
cyber insurance confusion computer

This sector of the insurance industry is doing great business but policyholders may not know what they need. Businesses are very aware that they need protection against data breaches, but cyber insurance confusion is causing notable problems. Companies know they need coverage but don’t necessarily know precisely what that coverage should include. This is a very complex market, which makes it difficult to determine what coverage is needed. After all, the cyber insurance confusion doesn’t just start at buying a policy. Even assessing the damage following a major data breach…

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