A well-planned cyberattack on the U.S. banking system could have a devastating effect on U.S. financial stability, according to new research from the Federal Reserve Bank of New York. In a paper termed a “pre-mortem analysis” that was released Monday, bank analysts Thomas Eisenbach, Anna Kovner, and Michael Junho Lee looked at how banks would… Continue reading New York Fed Paper Warns a Cyberattack on Banks Could Cause Major Disruption
Tag: Cyber Liability insurance
Cyber Leads Global Business Risks for First Time: Allianz Risk Barometer 2020
For the first time ever, Cyber incidents ranks as the most important business risk globally in the ninth Allianz Risk Barometer 2020, relegating perennial top peril Business interruption (BI) to second place. Seven years ago, cyber ranked 15th with just 6% of responses. Changes in legislation and regulation (#3 with 27%) and Climate change (#7… Continue reading Cyber Leads Global Business Risks for First Time: Allianz Risk Barometer 2020
Hiscox Adopts CyberCube’s Risk Analytics Software
Cyber risk analytics company CyberCube, has signed an agreement with global specialist insurer Hiscox, for the use of CyberCube’s ground-breaking technology to generate better insight into potential systemic cyber risk. The deal gives Hiscox access to CyberCube’s Portfolio Manager product, which will stress test Hiscox’s book of global commercial insurance business against a range of… Continue reading Hiscox Adopts CyberCube’s Risk Analytics Software
Tech Chiefs Plan to Boost Cybersecurity Spending
Companies are pouring money into digital defenses in an effort to stem the spread of malware, which hackers are using to steal data, commit fraud and disrupt victims’ operations. Corporate technology leaders are looking for real-time overviews of activity on their networks and deep analysis of risk. Tools that support such needs will be key… Continue reading Tech Chiefs Plan to Boost Cybersecurity Spending
The Hartford Enhances Cyber Service Offerings with the Addition of Two New Partnerships
The Hartford has expanded the range of services designed to protect customers from the costly risk of cyber-attacks. The new additions to The Hartford Cyber Center include detection of digital risk exposure across the dark web from Terbium Labs®, as well as a custom product that uses BlackBerry’s CylancePROTECT® artificial intelligence (AI) and machine-learning software… Continue reading The Hartford Enhances Cyber Service Offerings with the Addition of Two New Partnerships
AXA XL Announces Collaboration with Slice Labs and Microsoft to Improve Cyber Risk Management
AXA XL, the P&C and Specialty Risk Division of global insurer AXA, Slice Labs Inc. (Slice), the leader of on-demand insurance cloud technology, and Microsoft will work together to help improve cyber health and mitigate risks for Microsoft 365 Business, Office 365 Business Premium and Office 365 Business customers. The new relationship will give qualifying… Continue reading AXA XL Announces Collaboration with Slice Labs and Microsoft to Improve Cyber Risk Management
Ransomware Attacks Are An Ever-Present and Growing Risk for Small Businesses, Government
The so-called ransomware attack that shut down a Milwaukee company last month shows the ever-present risk that now threatens all organizations. Small businesses that have less sophisticated systems to protect their computer networks from being hacked can be particularly vulnerable, according to cybersecurity experts. But every business or organization — large corporations, health systems, universities… Continue reading Ransomware Attacks Are An Ever-Present and Growing Risk for Small Businesses, Government
Sale of Four Million Stolen Cards Tied to Breaches at Four Restaurant Chains
On Nov. 23, one of the cybercrime underground’s largest bazaars for buying and selling stolen payment card data announced the immediate availability of some four million freshly-hacked debit and credit cards. KrebsOnSecurity has learned this latest batch of cards was siphoned from four different compromised restaurant chains that are most prevalent across the midwest and… Continue reading Sale of Four Million Stolen Cards Tied to Breaches at Four Restaurant Chains
Marsh Enhances Cyber Risk Consulting Capabilities
Marsh, the world’s leading insurance broker and risk adviser, has announced the launch of an enhanced suite of cyber risk quantification consulting capabilities that offer clients new insight into the impact of their cybersecurity investments. The enhanced consulting capabilities are powered by Blue[i] Cyber, a new cyber risk analytics engine that integrates Marsh’s market-leading cyber… Continue reading Marsh Enhances Cyber Risk Consulting Capabilities
Target Sues Insurer for Up to $74M in 2013 Data Breach Costs
Target is suing its longtime insurance company for denying claims to reimburse Target for tens of millions of dollars it has paid out for new payment cards as part of settlements over the retailer’s 2013 data breach. The lawsuit against ACE American Insurance Co., based in Pennsylvania and now part of the Chubb Corp., was… Continue reading Target Sues Insurer for Up to $74M in 2013 Data Breach Costs