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Ironically, while many larger enterprises purchase insurance to protect themselves against catastrophic levels of hacker-inflicted damages, smaller businesses – whose cyber-risks are far greater than those of their larger counterparts – rarely have adequate (or even any) coverage. Insurance is, therefore, always needed.
I decided to write this post because there's no concise way to explain the nuances of what's being described as one of the largest databreaches ever. But hyperbole is often a theme with incidents like this, so let's take the headlines with a grain of salt and see what the data tells us. suffered #databreach.
Good article about how difficult it is to insure an organization against Internet attacks, and how expensive the insurance is. Companies like retailers, banks, and healthcare providers began seeking out cyberinsurance in the early 2000s, when states first passed databreach notification laws.
Texas Tech University reports a databreach affecting 1.4 million, exposing personal, health, and financial data from its health sciences centers. Texas Tech University disclosed a databreach that impacted over 1.4 ” reads the notice of security breach published by the HSCs.
As we approach 2025, the cybersecurity landscape is evolving rapidly, shaped by technological advancements, regulatory shifts, and emerging threats. By 2027, 75% of employees are expected to acquire or modify technology outside of ITs control, up from 41% in 2022. To keep up, organizations must stay ahead of these developments.
Group Health Cooperative of South Central Wisconsin disclosed a databreach that impacted over 500,000 individuals. The Group Health Cooperative of South Central Wisconsin (GHC-SCW) is a non-profit organization that provides health insurance and medical care services to its members in the Madison metropolitan area of Wisconsin.
Understanding the difference between the two is also essential when seeking to obtain – and when acquiring – cyber-liability insurance. Likewise, if you purchase appropriate first-party insurance, your insurance policy should cover the relevant losses – as the losses are borne directly by the policyholder (your business).
Prescription service firm Sav-Rx disclosed a databreach that potentially impacted over 2.8 Prescription service company Sav-Rx disclosed a databreach after 2023 cyberattack. The company is notifying 2,812,336 individuals impacted by the security breach in the United States. million people in the United States.
Healthcare technology company HealthEC disclosed a databreach that exposed the personal information of 4.5 Healthcare technology company HealthEC (HEC) disclosed a databreach that impacted 4.5 million Individuals. million customers of its business partners. ” concludes the notice.
Law firm Orrick, Herrington & Sutcliffe disclosed a databreach that took place in early 2023, which impacted roughly 600,000 individuals. The law firm Orrick, Herrington & Sutcliffe, disclosed a databreach that impacted 638,000 individuals. ” reads the databreach notification.
However, as a repeat offender, I don’t see how they were compliant with the required standards of protecting that volume or sensitivity of data. Clearly, there was a failure somewhere, either human error or faulty technology or both. as well as insurance and merchant accounts, to commit insurance fraud and wire fraud.
This legal turn is supported by a study conducted by BakerHostetler, which confirms that lawsuits against companies that suffer databreaches are becoming more common and may increase by the end of this year. Now the big question: Is there any benefit in filing a lawsuit against the technology service provider for a databreach?
Healthcare system Advocate Aurora Health (AAH) disclosed a databreach that exposed the personal data of 3,000,000 patients. The US-based hospital healthcare system Advocate Aurora Health (AAH) disclosed a databreach that exposed the personal data of 3,000,000 patients.
Cyberattacks are not only a technological problem for companies, but they also represent a very real financial threat. That’s where cyber insurance may be able to help. According to the Ponemon Institute and IBM, the global average cost of a databreach is $4.24 Cyber Insurance is Booming. million and climbing.
Healthcare firm HealthEquity disclosed a databreach caused by a partner’s compromised account that exposed protected health information. Healthcare fintech firm HealthEquity disclosed a databreach after a partner’s compromised account was used to access its systems. million HSA accounts with $20.5
Healthcare services provider Welltok disclosed a databreach that impacted nearly 8.5 It provides a platform that leverages data-driven insights to engage individuals in their health and well-being. The company disclosed a databreach that exposed the personal data of nearly 8.5 million patients in the U.S.
for stealing data on nearly 10 million customers of the Australian health insurance giant Medibank. “My nickname was MikeMike, and I worked with Dmitri Golubov and made technologies for him,” Shefel said. “I’m also godfather of his second son.” ” Dmitri Golubov, circa 2005. Image: U.S.
The insurance industry is experiencing a significant transformation fuelled by the ubiquity of digital technologies. As these solutions gain traction in this sector, they add complexity to a regulatory landscape that insurance firms need to navigate, especially when it comes to Customer Identity and Access Management (CIAM).
Hospital network Atrium Health suffered a databreach, hacked accessed patients’ personal information after compromised the technology solutions provider AccuDoc. AccuDoc is a company providing technology solutions to the healthcare industry, including Hospital network Atrium Health. Pierluigi Paganini.
So, your business has just suffered a databreach and it’s time to dig deep in your pockets to pay all the resulting expenses. Without cyber insurance , you can expect to pay a dizzying amount of cash. Here are four ways your business can save money on its insurance. How is cyber insurance priced? Fixed rate.
The Maryland Department of Labor announced it has suffered a databreach announced that exposed personally identifiable information. . The Maryland Department of Labor suffered a databreach, hackers accessed databases containing personally identifiable information (PII). ” continues the Department. .
The explosion of ransomware and similar cyber incidents along with rising associated costs is convincing a growing number of insurance companies to raise the premiums on their cyber insurance policies or reduce coverage, moves that could further squeeze organizations under siege from hackers. Insurers Assessing Risks.
The rise of the cyber insurance has largely failed to promote better cybersecurity practices among the industries they cover, according to a new report released Monday from British security think tank RUSI. Growing losses from ransomware attacks have…emphasized that the current reality is not sustainable for insurers either.
Infosys McCamish Systems (IMS) revealed that the 2023 databreach following the LockBit ransomware attack impacted 6 million individuals. IMS specializes in providing business process outsourcing (BPO) and information technology (IT) services specifically tailored for the insurance and financial services industries.
Every time a driver buckles up or an airbag is deployed we see the powerful influence of the insurance companies who insisted those measures become mandatory. Now, those insurers are poised to drive cybersecurity investment by insisting that organizations meet certain criteria to qualify for coverage. A maturing model.
Operational impact of the databreach. It also included detailed information on the databreach and how that impacted the operations of the company. "As As previously disclosed on September 29, 2020, we experienced an information technology security incident in the early morning hours of September 27, 2020.
FBI and Homeland Security were asked to investigate the breach and discovered that none of the stolen details have been misused or sold on the dark web to date. Both the law enforcement agencies issued a joint statement that no social security numbers, insurance details, home addresses, and health data were leaked in the incident.
The Broward Health public health system disclosed a massive databreach that has impacted more than 1.3 The Broward Health public health system has suffered a databreach that impacted 1,357,879 individuals. ” reads the databreach notification letter sent to the impacted individuals.
Kaiser Permanente, one of the largest not-for-profit providers of health care and coverage in the United States, is dealing with the fallout from a significant databreach that has affected more than 13 million individuals. The company revealed details of the incident in a public notification posted on April 25th.
The way in which you respond to a databreach has a significant impact on how severe its consequences are. The number of databreaches that were tracked in the U.S. Most databreach laws deal with personal data, which is essentially any information that can be associated with a particular person.
The databreach of Capital One was big news, but it was also a familiar story: a major financial company with the budget and means to secure its data didn’t bother to do so, and the personal information of over a hundred million of its customers and applicants was exposed. Cloudy with a Chance of Client Error.
With the advent of new technologies and rising cyber threats , 2025 promises significant shifts in the cybersecurity domain. Hackers with access to quantum technology could potentially break existing cryptographic protocols, necessitating the development of quantum-resistant encryption.
The credit reporting bureau Experian is facing a backlash for its recent failures to protect customer data. . An undergraduate student at Rochester Institute of Technology named Bill Demirkapi discovered the most recent security failure. The company has suffered databreaches in the past. . Takeaways .
The Clop ransomware group has stolen stole personal and health information of 489,830 individuals as a result of a ransomware attack on the technology firm Intellihartx. ” reads the databreach notification issued by the company.
In a report released May 20, the Government Accountability Office looked at how the private cybersecurity insurance market has developed over the past five yearsRich Baich is global chief information security officer for insurance giant AIG. Photo by Spencer Platt/Getty Images).
Indian information technology (IT) outsourcing and consulting giant Wipro Ltd. [ NYSE:WIT ] is investigating reports that its own IT systems have been hacked and are being used to launch attacks against some of the company’s customers, multiple sources tell KrebsOnSecurity. On Friday, Apr. “A total of 44.4
In this blog, we explain why it makes sense for these firms to work with managed service providers (MSPs) to help bolster their security posture and increase their chances of getting cyber liability insurance cover as insurers continue to raise the bar. Small business cyber insurance: Is it really needed?
Image Source: AI Generated Recent databreaches have exposed sensitive information from millions of customers across healthcare, financial services, and technology sectors. These databreaches highlight significant vulnerabilities in vendor relationships and supply chain security. healthcare system.
PayPal is sending out databreach notifications to thousands of users because their accounts were compromised through credential stuffing attacks. The company added that the unauthorized accessed were the result of credential stuffing attacks and that its systems were not breached.
The headlines immediately attempted to lay the blame, in large part, on the fact that Equifax’s chief information security officer was a music major and did not have a background in technology. The technologies existing in 2018 will undoubtedly differ from those that exist in 2020. Insurability.
As technology advances, cyberattacks are becoming more sophisticated. With the increasing use of technology in our daily lives, cybercrime is on the rise, as evidenced by the fact that cyberattacks caused 92% of all databreaches in the first quarter of 2022.
The radiology specialist and its vendor Alliance HealthCare are being sued by patients impacted by its nine-month, PACS-related health care databreach. The lawsuit was filed in the New York Southern District Court by some of the 298,532 patients impacted by a PACS-related databreach reported in March 2020.
the scammers get these details from massive databreaches, such as the Equifax breach. The most likely way in which you’ll learn that you’ve fallen victim to the identity theft-based unemployment insurance scam is by receiving an unsolicited debit card in the mail. I believe in this scheme.
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