After an extended period of low premiums and abundant capacity, we are now in the midst of a hard insurance market.
Author: Annie George
Booz Allen Hamilton to Pay $377.4M to Settle U.S. Charges Over Past Billing Practices
U.S.-based consulting firm Booz Allen Hamilton Holding agreed to pay the United States $377.4 million to resolve allegations of violating federal law by improperly billing commercial and international costs to its government contracts, the Justice Department said.
Workers Lack Protections When Wildfire Smoke Makes the Air Dangerous
Millions of American workers have breathed in dangerous levels of air pollution this year as smoke from Canada’s record wildfire season blankets cities across the Northeast.
Hurricanes Are Getting Costlier and Wetter: Triple-I
According to the Insurance Information Institute (Triple-I), increased population development in hurricane-prone states, combined with increasingly severe rainfall that accompany these storms, has resulted in higher insurance claim payouts for wind and flood-caused property damage.
Ransomware Revenue Poised to Make 2023 a Costly Year: Chainalysis
Ransomware payments dropped significantly in 2022, but they’ve shown a major rebound in the first half of 2023, as threat actors switch up their tactics and demands, according to the latest numbers from Chainalysis.
Estee Lauder Takes Down Some Systems Following Cyberattack
Estee Lauder took some of its systems down as a proactive measure in response to a cyberattack that involved the theft of corporate data, the company said earlier this week.
FTX Sues Bankman-Fried, Others to Recoup More than $1 Billion
FTX Trading on Thursday sued founder Sam Bankman-Fried and other former executives of the cryptocurrency exchange, seeking to recoup more than $1 billion they allegedly misappropriated before FTX went bankrupt.
FCC Chair Proposes $200M Investment to Boost K-12 Cybersecurity
Federal Communications Commission Chairwoman Jessica Rosenworcel announced a proposal Wednesday to invest up to $200 million over three years to boost school and library cybersecurity.
Justice Department Revamps Crypto Enforcement Team
The Justice Department is reorganizing a team formed nearly two years ago to investigate cryptocurrency-related crimes, claiming that the change will more than increase the number of prosecutors available to focus on the team’s rising caseload.
Property Insurer Travelers Swings to Loss Following Storms
Travelers posted a net loss of $14 million for the quarter, down from a $551 million net income for the comparable period the year before. The insurance giant reported a near doubling in catastrophe losses to $1.5 billion, compared with $746 million for the second quarter of last year.