The U.S. District Court for the District of Maryland ruled that an insurance carrier should pay out on coverage it sold to a client whose computer system was damaged by a ransomware attack. According to the Memorandum Opinion, the client – an embroidery and screen printing business – suffered a ransomware attack in December 2016… Continue reading U.S. District Court Upholds Insurance Claim Following Cyber Attack
Tag: ransomware
Insurers Look to Curb Ransomware Exposure as U.S. Cyber Rates Rise
U.S. insurers are ramping up cyber-insurance rates by as much as 25% and trying to curb exposure to vulnerable customers after a surge of costly claims, industry sources said. The changes follow a challenging year of hackers using malicious programs, known as ransomware, to take down systems that control everything from hospital billing to manufacturing.… Continue reading Insurers Look to Curb Ransomware Exposure as U.S. Cyber Rates Rise
New Orleans Government Forced to Shut Down Computers Due to Massive Cyber Attack
New Orleans was forced to declare a state of emergency after falling victim to a cyber attack which forced the shutdown of all the city government’s computers. The attack, which was first detected at 5 am on Friday, intensified as staff logged on for work about three hours later. Officials detected ransomware and phishing attempts,… Continue reading New Orleans Government Forced to Shut Down Computers Due to Massive Cyber Attack
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
Merck Cyberattack’s $1.3 Billion Question: Was It an Act of War?
By the time Deb Dellapena arrived for work at Merck & Co.’s 90-acre campus north of Philadelphia, there was a handwritten sign on the door: The computers are down. It was worse than it seemed. Some employees who were already at their desks at Merck offices across the U.S. were greeted by an even more… Continue reading Merck Cyberattack’s $1.3 Billion Question: Was It an Act of War?
Beazley Reports a 37% Rise in Ransomware Incidents
Beazley data reveals an increase in ransomware attacks against IT vendors as cyber criminals exploit weak security programs to target both the vendor and their clients. One quarter (24%) of all ransomware incidents reported to Beazley Breach Response (BBR) Services – Beazley’s in-house breach response team – in the third quarter of 2019, were found… Continue reading Beazley Reports a 37% Rise in Ransomware Incidents
Baltimore to Buy $20 Million in Insurance in Case of Another Cyber Attack
Officials in Baltimore approved the city’s purchase of $20 million in cyber-insurance coverage, five months after a debilitating ransomware attack. The decision Wednesday to buy specialized insurance comes as U.S. cities face a growing threat of hackers seizing municipal computer systems and demanding ransoms that can top $1 million. Baltimore, which didn’t previously have cyber… Continue reading Baltimore to Buy $20 Million in Insurance in Case of Another Cyber Attack
Ransomware Attacks for 2019 Already Outpacing Total Number of Incidents in 2018: Chubb
In the 2019 third quarter edition of the Chubb Cyber InFocus Report, “Adapting to the New Realities of Cyber Risks,” Chubb provides insight into the recent growth of ransomware attacks across industries and underscores best practices companies should take to combat the associated risks. “Ransomware is not new, but has evolved over time,” said Michael… Continue reading Ransomware Attacks for 2019 Already Outpacing Total Number of Incidents in 2018: Chubb
Smaller Medical Providers Get Burned by Ransomware
Andy Fitzgerald, chief executive of a community health system in Wyoming, was visiting his son in Georgia last month when he received a distressing text message from his chief operating officer: Their company had been hit by a cyberattack. Hackers had locked up sensitive patient information and medical devices at Campbell County Health and demanded… Continue reading Smaller Medical Providers Get Burned by Ransomware
Payouts from Insurance Policies Might Fuel Ransomware Attacks
The call came on a Saturday in July delivering grim news: Many of the computer systems serving the government of LaPorte County, Ind., had been taken hostage with ransomware. The hackers demanded $250,000. No way, thought County Commission President Vidya Kora. But less than a week later, officials in the county southeast of Chicago agreed… Continue reading Payouts from Insurance Policies Might Fuel Ransomware Attacks