Tag: data protection

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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Texas Slaps Allstate Owned Arity with Privacy Violation Notice

Angela Linders
Allstate data privacy violation

Texas Attorney General Accuses Arity of Violating Data Privacy Laws Texas Attorney General Ken Paxton has issued a notice of violation to Arity, a data broker owned by Allstate, for allegedly failing to comply with the Texas Data Privacy and Security Act (TDPSA). The notice, sent on November 29 and later made public, accuses Arity of failing to clearly notify consumers about the types of data it gathers and processes. It also claims the company sold sensitive data without user consent, raising concerns about privacy and ethical use of personal…

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Addressing the Skills Gap in Cyber Risk: How Insurers & Brokers Can Bridge the Divide

David Derigiotis
Cyber risk

Cyber technology may be soaring, but with innovation comes vulnerability. With threats evolving in tandem with new technology, insurers and brokers increasingly need specialized knowledge in assessing and managing cyber risk. Acquiring this knowledge may sound easier in theory than reality. One of, if not the biggest, hurdle to overcome is bridging the significant skills gap in cybersecurity expertise. Across the insurance industry, this gap has led to challenges in effectively underwriting and communicating cyber risks for insurers. For brokers, this gap is both a challenge and an opportunity. By…

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Cyber insurance is not a priority among many small and midsize businesses

Nordstrom
Cyber insurance coverage - Digital

SMBs often don’t see the need for the coverage because they don’t expect to be affected by such incidents. According to the results of a new poll, approximately half of the small and midsize businesses (SMBs) operating out of Singapore don’t feel that they need cyber insurance or are undecided as to whether it offers them any potential benefit. This trend aligns with those in the United States, according to several past polls. The SMBs feel that they are not at risk because they don’t store sensitive data online. According…

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