Insurance and Ransomware

Schneier on Security

JULY 1, 2021

As ransomware becomes more common, I’m seeing more discussions about the ethics of paying the ransom. Here’s one more contribution to that issue: a research paper that the insurance industry is hurting more than it’s helping. However, the most pressing challenge currently facing the industry is ransomware.

Insurance

Insurance Cyber Insurance Ransomware Marketing

Change Healthcare Breach Hits 100M Americans

Krebs on Security

OCTOBER 30, 2024

Change Healthcare says it has notified approximately 100 million Americans that their personal, financial and healthcare records may have been stolen in a February 2024 ransomware attack that caused the largest ever known data breach of protected health information. Image: Tamer Tuncay, Shutterstock.com. million individuals.

Healthcare

Healthcare Insurance Computers and Electronics Data breaches

CyberSecurity Is Not Enough: Businesses Must Insure Against Cyber Losses

Joseph Steinberg

JULY 8, 2021

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.

Insurance

Insurance Cyber Insurance Cybersecurity Small Business

13 Important Considerations When Obtaining Cyber Liability Insurance

Joseph Steinberg

AUGUST 5, 2021

While leveraging cyber-liability insurance has become an essential component of cyber-risk mitigation strategy, cyber-liability offerings are still relatively new, and, as a result, many parties seeking to obtain coverage are still unaware of many important factors requiring consideration when selecting a policy.

Insurance

Insurance Cyber Insurance Artificial Intelligence Ransomware

Ransomware Victims That Pay Up Could Incur Steep Fines from Uncle Sam

Krebs on Security

OCTOBER 1, 2020

Companies victimized by ransomware and firms that facilitate negotiations with ransomware extortionists could face steep fines from the U.S. While it may seem unlikely that companies victimized by ransomware might somehow be able to know whether their extortionists are currently being sanctioned by the U.S. Image: Shutterstock.

Ransomware

Ransomware Cyber Insurance Insurance Cybercrime

Medical Debt Collection Firm R1 RCM Hit in Ransomware Attack

Krebs on Security

AUGUST 14, 2020

NASDAQ:RCM ], one of the nation’s largest medical debt collection companies, has been hit in a ransomware attack. R1 RCM acknowledged taking down its systems in response to a ransomware attack, but otherwise declined to comment for this story. R1 RCM Inc. Formerly known as Accretive Health Inc. billion in 2019.

Ransomware

Ransomware Healthcare Insurance Phishing

Black Basta ransomware gang hit BT Group

Security Affairs

DECEMBER 4, 2024

BT Group (formerly British Telecom)’s Conferencing division shut down some of its servers following a Black Basta ransomware attack. British multinational telecommunications holding company BT Group (formerly British Telecom) announced it has shut down some of its servers following a Black Basta ransomware attack. reads the CSA.

Ransomware

Ransomware Telecommunications Healthcare Insurance

Ransomhub ransomware gang claims the hack of Mexican government Legal Affairs Office

Security Affairs

NOVEMBER 21, 2024

Mexico is investigating a ransomware attack targeting its legal affairs office, as confirmed by the president amidst growing cybersecurity concerns. Mexico’s president announced the government is investigating an alleged ransomware hack that targeted the administration’s legal affairs office. Knight, also known as Cyclops 2.0,

Government

Government Hacking Ransomware Insurance

Healthcare Now Third-Most Targeted Industry for Ransomware

SecureWorld News

NOVEMBER 14, 2024

Ransomware attacks on healthcare organizations have sharply increased in 2024, as shown by recent research from Safety Detectives. Compared to 2023, healthcare providers are facing a higher frequency of ransomware incidents, impacting their ability to deliver essential services and protect sensitive patient data.

Healthcare

Healthcare Ransomware Identity Theft Data breaches

Payroll/HR Giant PrismHR Hit by Ransomware?

Krebs on Security

MARCH 2, 2021

PrismHR , a company that sells technology used by other firms to help more than 80,000 small businesses manage payroll, benefits, and human resources, has suffered what appears to be an ongoing ransomware attack that is disrupting many of its services. Hopkinton, Mass.-based PrismHR has not yet responded to requests for comment.

Ransomware

Ransomware Small Business Insurance Software

Great Plains Regional Medical Center ransomware attack impacted 133,000 individuals

Security Affairs

NOVEMBER 18, 2024

A ransomware attack on Great Plains Regional Medical Center compromised personal data of 133,000 individuals, exposing sensitive information. On September 8, 2024, Great Plains Regional Medical Center (Oklahoma) suffered a ransomware attack. “On September 8, 2024, we suffered a ransomware attack on our computer system.

Ransomware

Ransomware Insurance Encryption Healthcare

Cybersecurity Insurance Not Paying for NotPetya Losses

Schneier on Security

MARCH 8, 2019

This will complicate things: To complicate matters, having cyber insurance might not cover everyone's losses. Zurich American Insurance Company refused to pay out a $100 million claim from Mondelez, saying that since the U.S.

Insurance

Insurance Cyber Insurance Cybersecurity Government

Ransomware Bites Dental Data Backup Firm

Krebs on Security

AUGUST 29, 2019

PerCSoft , a Wisconsin-based company that manages a remote data backup service relied upon by hundreds of dental offices across the country, is struggling to restore access to client systems after falling victim to a ransomware attack. The ransomware attack hit PerCSoft on the morning of Monday, Aug. West Allis, Wis.-based

Backups

Backups Ransomware Insurance Encryption

Cyber Insurance Premiums Are Declining Worldwide as Businesses Improve Security, Howden Insurance Broker Report Finds

Tech Republic Security

JULY 4, 2024

Rates have declined by 15% since the market peak in 2022, according to Howden Insurance Brokers.

Insurance

Insurance Cyber Insurance Marketing Backups

Anti-Ransomware Company Exagrid Pays $2.6 Million Ransom

Adam Levin

JUNE 4, 2021

You would think that ExaGrid, a backup appliance and anti-ransomware service might know how to avoid ransomware, but it was hit. . million after it was hit with Conti ransomware. . The FBI announced last month that Conti ransomware had been used against the Irish healthcare system and at least sixteen U.S.

Ransomware

Ransomware Backups Insurance Healthcare

GUEST ESSAY: Cyber insurance 101 — for any business operating in today’s digital environment

The Last Watchdog

JANUARY 20, 2020

To help mitigate the risk of financial losses, more companies are turning to cyber insurance. Related: Bots attack business logic Cyber insurance, like other forms of business insurance, is a way for companies to transfer some of numerous potential liability hits associated specifically with IT infrastructure and IT activities.

Cyber Insurance

Cyber Insurance Insurance Data breaches Risk

Report Finds 50% of Scattered Spider Phishing Domains Targeted Finance & Insurance

Digital Shadows

JANUARY 22, 2025

Were thrilled to unveil our latest threat landscape report for the finance and insurance sector, offering in-depth analysis of the evolving cyber threats facing this industry. These methods enable unauthorized access, credential theft, and ransomware deployment, severely disrupting operations and eroding customer trust.

Insurance

Insurance Phishing Social Engineering Engineering

BlackCat Ransomware Group Implodes After Apparent $22M Payment by Change Healthcare

Krebs on Security

MARCH 5, 2024

healthcare giant Change Healthcare has made a $22 million extortion payment to the infamous BlackCat ransomware group (a.k.a. BlackCat is known as a “ransomware-as-service” collective, meaning they rely on freelancers or affiliates to infect new networks with their ransomware. There are indications that U.S.

Healthcare

Healthcare Ransomware Scams Government

Insurance firm CNA discloses data breach after March ransomware attack

Security Affairs

JULY 9, 2021

Insurance giant CNA notifies customers of a data breach after the Phoenix CryptoLocker ransomware attack suffered in March. US insurance giant CNA is notifying customers of a data breach after the ransomware attack that it suffered in March. SecurityAffairs – hacking, ransomware). Pierluigi Paganini.

Data breaches

Data breaches Insurance Ransomware Identity Theft

Are Leaders Ready to Break the Ransomware Cycle

Security Boulevard

OCTOBER 21, 2024

It is good to see US government leaders realize that ransomware is a growing existential threat to our country, at the hands of our adversaries. A top US national cybersecurity advisor stated in a recent op-ed , “This is a troubling practice that must end.” The government is looking at ways to disrupt ransomware attacks.

Ransomware

Ransomware Insurance Cyber Insurance Government

Australian Insurer Medibank Confirms Ransomware Attack

Heimadal Security

OCTOBER 18, 2022

Medibank, a health insurance company providing services for more than 3.9 million people in Australia, recently confirmed that a ransomware attack was the cause of last week’s cyberattack and interruption of online services. The post Australian Insurer Medibank Confirms Ransomware Attack appeared first on Heimdal Security Blog.

Insurance

Insurance Ransomware Cybersecurity

Feds Seize LockBit Ransomware Websites, Offer Decryption Tools, Troll Affiliates

Krebs on Security

FEBRUARY 20, 2024

authorities have seized the darknet websites run by LockBit , a prolific and destructive ransomware group that has claimed more than 2,000 victims worldwide and extorted over $120 million in payments. “I don’t think this is an accident—this is how ransomware groups talk to each other,” Stockley said.

Ransomware

Ransomware Cybercrime Encryption Insurance

HardBit ransomware demands ransom based on insurance cover

CyberSecurity Insiders

FEBRUARY 21, 2023

All these days we have read about ransomware spreading groups stealing data and then threatening to release it online, if the victim fails to pay heed to their demands. But now a new file encrypting malware variant has emerged onto the block that demands ransom, based on the insurance cover.

Insurance

Insurance Ransomware Cyber Insurance Encryption

Ransomware at Colorado IT Provider Affects 100+ Dental Offices

Krebs on Security

DECEMBER 7, 2019

A Colorado company that specializes in providing IT services to dental offices suffered a ransomware attack this week that is disrupting operations for more than 100 dentistry practices, KrebsOnSecurity has learned. When asked about reports of a ransomware attack on his company, Miner simply said it was not a good time and hung up.

Ransomware

Ransomware Backups Insurance Wireless

Insurance industry being ravaged by high rate of cyberattacks

Tech Republic Security

APRIL 8, 2022

A new report from Black Kite shows the entire sector may be ripe for ransomware attacks. The post Insurance industry being ravaged by high rate of cyberattacks appeared first on TechRepublic.

Insurance

Insurance Ransomware

How CTEM Impacts Cyber Security Insurance Premiums?

Security Boulevard

FEBRUARY 20, 2025

Cyber insurance used to be an optional safety net. With ransomware, data breaches, and cyberattacks on the rise, companies need protection against financial losses. The post How CTEM Impacts Cyber Security Insurance Premiums? The post How CTEM Impacts Cyber Security Insurance Premiums? Its a must-have.

Insurance

Insurance Cyber Insurance Data breaches Ransomware

BayMark Health Services sends breach notifications after ransomware attack

Malwarebytes

JANUARY 10, 2025

The RansomHub ransomware group claims to have exfiltrated an enormous 1.5 Here, the ransomware group lays blame on the company itself. This isn’t rare for a ransomware group, as the tactics and vernacular are often based around shame, guilt, and a pre-teen-like arrogance.

Ransomware

Ransomware Data breaches Passwords Phishing

Are Cyber Insurers Cybersecurity’s New Enforcers?

Security Boulevard

NOVEMBER 12, 2021

Recent ransomware attacks have dominated the headlines this year. Predictions estimate that the financial impact caused by ransomware could reach $265 billion globally by 2031. The post Are Cyber Insurers Cybersecurity’s New Enforcers? The average ransom payment made by a business to.

Cyber Insurance

Cyber Insurance Insurance Ransomware Cybersecurity

The Evolving Role of Cyber Insurance in Mitigating Ransomware Attacks

SecureWorld News

MARCH 20, 2024

Ransomware attacks have become a significant threat to organizations of all kinds worldwide, with attackers encrypting data and demanding payment for its release. In this regard, many have touted cyber insurance as the knight in shining armor, the end all-be all in terms of mitigating criminals' assaults on your network.

Cyber Insurance

Cyber Insurance Insurance Ransomware Risk

HardBit ransomware tells corporate victims to share their cyber insurance details

Graham Cluley

FEBRUARY 22, 2023

A ransomware outfit is advising its victims to secretly tell them how much insurance they have, so their extortion demands will be met. Read more in my article on the Tripwire State of Security blog.

Insurance

Insurance Cyber Insurance Ransomware Malware

Medusa Ransomware Warning: CISA and FBI Issue Urgent Advisory

eSecurity Planet

MARCH 17, 2025

The Cybersecurity and Infrastructure Security Agency (CISA), in collaboration with the Federal Bureau of Investigation (FBI) and the Multi-State Information Sharing and Analysis Center (MS-ISAC), has released a joint cybersecurity advisory warning organizations about the escalating threat posed by the Medusa ransomware.

Ransomware

Ransomware Backups Firmware Insurance

UnitedHealth almost doubles victim numbers from massive Change Healthcare data breach

Malwarebytes

JANUARY 27, 2025

In May, UnitedHealth CEO Andrew Witty estimated that the ransomware attack compromised the data of a third of US individuals when he testified before the Senate Finance Committee on Capitol Hill. The ALPHV/BlackCat ransomware group claimed the initial attack.

Data breaches

Data breaches Healthcare Passwords Insurance

Change Healthcare data breach exposed the private data of over half the U.S.

Security Affairs

JANUARY 26, 2025

In early March, the Alphv/BlackCat ransomware gang claimed responsibility for the attack and added the company to its Tor leak site. A month later, a second ransomware gang, the RansomHub group, also attempted to extort the healthcare company. According to the Associated Press, UnitedHealth booked $1.1 population.”

Healthcare

Healthcare Data breaches Insurance Cybercrime

Insurance cover becoming impossible for Cyber Attacks

CyberSecurity Insiders

DECEMBER 26, 2022

Insurance companies like Lloyd offer cyber insurance policies that cover a business from facing a business loss during a cyber-attack. However, in coming days, cyber attacks will become uninsurable, as per Mario Greco, the Chief of Zurich Insurance. So, will cyber insurance vanish with time? isn’t it? .

Insurance

Insurance Cyber Attacks Cyber Insurance Ransomware

Dental group lied through teeth about data breach, fined $350,000

Malwarebytes

JANUARY 6, 2025

A US chain of dental offices known as Westend Dental LLC denied a 2020 ransomware attack and its associated data breach, instead telling their customers that data was lost due to an accidentally formatted hard drive. In October 2020, Westend Dental was attacked by the Medusa Locker ransomware group.

Data breaches

Data breaches Ransomware Passwords Insurance

Insured companies more likely to be ransomware victims, sometimes more than once

CSO Magazine

MAY 15, 2023

Companies with cyber insurance are more likely to get hit by ransomware, more likely to be attacked multiple times, and more likely to pay ransoms, according to a recent survey of IT decision makers. To read this article in full, please click here

Insurance

Insurance Cyber Insurance Ransomware Encryption

2023 Anna Jaques Hospital data breach impacted over 310,000 people

Security Affairs

DECEMBER 8, 2024

Anna Jaques Hospital revealed thatthe ransomware attack it suffered last year has exposed sensitive health data for over 316,000 patients. On December 25, 2023, a ransomware attack hit the Anna Jaques Hospital. The hospital revealed that the security breach exposed sensitive health data for over 316,000 patients.

Data breaches

Data breaches Insurance Healthcare Ransomware

Cyber Insurance Premiums Decline as Businesses Boost Security Measures

SecureWorld News

JULY 2, 2024

Global cyber insurance premiums are declining despite an uptick in ransomware attacks, according to a recent report by insurance broker Howden. This trend reflects improved business security practices, evolving insurance industry dynamics, and changing attitudes toward cyber risk management. Sarah Neild, head of U.K.

Cyber Insurance

Cyber Insurance Insurance Cyber Risk Marketing

Cyber liability insurance vs. data breach insurance: What's the difference?

CSO Magazine

JUNE 14, 2023

Finding the right insurance has become a key part of the security equation, which is no surprise given that the average cost of a data breach in the US has risen to $9.44 The global cyber insurance market was valued at $13.33 The global cyber insurance market was valued at $13.33 billion in 2023 to $84.62 billion by 2030.

Insurance

Insurance Data breaches Cyber Insurance Marketing

The Hidden Cost of Ransomware: Wholesale Password Theft

Krebs on Security

JANUARY 6, 2020

Organizations in the throes of cleaning up after a ransomware outbreak typically will change passwords for all user accounts that have access to any email systems, servers and desktop workstations within their network. VCPI) was hit by the Ryuk ransomware strain. In mid-November 2019, Wisconsin-based Virtual Care Provider Inc.

Passwords

Passwords Ransomware Password Management Malware

Cyber Insurance Costs Soaring: Is Your Organization Covered Enough?

SecureWorld News

JANUARY 11, 2024

In this digital battlefield, cyber insurance has emerged as a crucial shield, offering financial protection against data breaches, ransomware attacks, and other cyber incidents. However, just as the threats evolve, so too does the cost of protection, with the global cyber insurance market projected to balloon to a staggering $90.

Cyber Insurance

Cyber Insurance Insurance Cyber Risk Data breaches

How ransomware attacks are growing in severity

Tech Republic Security

SEPTEMBER 10, 2020

Demands are sharply higher, and the complexity and costs of addressing an attack are increasing, according to cyber insurance provider Coalition.

Cyber Insurance

Cyber Insurance Insurance Ransomware

Merck settles with insurers regarding a $1.4 billion claim over NotPetya damages

Security Affairs

JANUARY 6, 2024

Merck has resolved a dispute with insurers regarding a $1.4 Merck and its insurers have agreed with a $1.4 billion insurance claim for the losses caused by the NotPetya attack that took place in 2017. Merck had not taken out specific insurance to cover cyber attacks, it only had insurance coverage against general risks.

Insurance

Insurance Manufacturing Ransomware Healthcare

Government contractor Conduent disclosed a data breach

Security Affairs

APRIL 16, 2025

The company holds cyber insurance and informed federal authorities. The company did not disclose technical details about the attack, but experts believe it was the victim of a ransomware attack. Conduent suffered another security breach in 2020 by the Maze ransomware gang, which stole corporate data.

Data breaches

Data breaches Government Business Services Cyber Insurance