A Florida city agreed to pay $600,000 in ransom to hackers who took over its computer system, the latest in thousands of attacks worldwide aimed at extorting money from governments and businesses. The Riviera Beach City Council voted unanimously this week to pay the hackers’ demands, believing the Palm Beach suburb had no choice if… Continue reading Florida City Pays $600,000 to Hackers Who Seized Its Computer System
Tag: cyber liability
Cyber Risks to Exceed Natural Disasters for Insurers: Scor CEO
Cyber risks will soon become bigger risks than natural catastrophes for the insurance sector, Scor Chairman and Chief Executive Officer Denis Kessler said, recommending the industry build a comprehensive, common global scale to assess cyber-related incidents. “I dream of a kind of Richter scale for cyber security,” Kessler said at a conference on cybersecurity held… Continue reading Cyber Risks to Exceed Natural Disasters for Insurers: Scor CEO
Financial Firms Spend Up to $3,000 Per Employee on Cybersecurity
Big banks and other financial firms spend as much as $3,000 per employee to defend computer networks from cyber criminals, a survey found, as the industry remains the primary target of such attacks. That would translate to about $750 million annually for JPMorgan Chase & Co. and HSBC Holdings Plc each, based on their 2018… Continue reading Financial Firms Spend Up to $3,000 Per Employee on Cybersecurity
Norsk Hydro Sees $52 Million Hit from Cyberattack
Norsk Hydro ASA said Tuesday that last month’s cyberattack is expected to have had a financial impact of between 400 million Norwegian kroner and 450 million Norwegian kroner ($46.1 million-$51.9 million) in the first quarter. The Norwegian aluminum producer was hit by a ransomware cyberattack in March that crippled its computers and production. “The cyberattack… Continue reading Norsk Hydro Sees $52 Million Hit from Cyberattack
Aon Reports Risk Readiness Drops to Lowest Level in 12 Years
Economic and global trade concerns are challenging organizations’ ability to invest adequately in preparing for and protecting the continuity of their operations, according to findings from Aon’s 2019 Global Risk Management Survey. “Companies of all sizes are struggling to prioritize their risk management efforts amid so much change and uncertainty,” said Rory Moloney, chief executive… Continue reading Aon Reports Risk Readiness Drops to Lowest Level in 12 Years
Yahoo Reaches New $117.5 Million Data Breach Settlement
Yahoo has reached a revised $117.5 million settlement with millions of people whose email addresses and other personal information were stolen in the largest data breach in history. The proposed settlement made public on Tuesday requires the approval of U.S. District Judge Lucy Koh in San Jose, California. Koh had on Jan. 28 rejected an… Continue reading Yahoo Reaches New $117.5 Million Data Breach Settlement
Tokio Marine HCC Announces Acquisition of U.S. Cyber Specialist NAS Insurance Services
Tokio Marine HCC today announced it has acquired NAS Insurance Services, LLC (NAS), a national leader in cyber and professional liability solutions. NAS is a Lloyd’s coverholder with a history of specialty product innovation, flexible policy development, open market and reinsurance solutions, and online broker portals providing 24/7 quoting and issuance. The business produced gross… Continue reading Tokio Marine HCC Announces Acquisition of U.S. Cyber Specialist NAS Insurance Services
Norsk Hydro Says Cyber Attack Could Cost $41M, Names AIG as Lead Insurer
Aluminium manufacturer Norsk Hydro has said that it is anticipating a financial impact of between 300-350 Norwegian crowns (USD $35-41 million) for the first week following a cyber attack on March 19 that caused major disruption to its operations. The Norwegian firm also stated that it had a “solid cyber risk insurance policy with recognized… Continue reading Norsk Hydro Says Cyber Attack Could Cost $41M, Names AIG as Lead Insurer
Insurers Creating A Consumer Ratings Service for Cybersecurity Industry
Some of the world’s biggest insurers plan to work together on an assessment of the best cybersecurity defenses available to businesses, an unusual collaboration that highlights the rising dangers posed by digital hackers. The program, which is being launched Tuesday by the Marsh brokerage unit of Marsh & McLennan Cos., will evaluate cybersecurity software and… Continue reading Insurers Creating A Consumer Ratings Service for Cybersecurity Industry
Chubb’s First Quarter Cyber InFocus Report Details Ransomware and Malware Trends
Chubb’s first quarter InFocus Report, “Cyber Criminals Increasingly Target Small Businesses,” examines the emergence of new dominant strains of ransomware that are wreaking havoc on businesses, including small and midsize enterprises (SMEs). Ransomware attacks typically utilize malicious software to block a business’ network until a ransom is paid. “Cyber criminals typically don’t target specific small… Continue reading Chubb’s First Quarter Cyber InFocus Report Details Ransomware and Malware Trends