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Part Five: Reviewing Key U.S. Insurance Decisions, Trends, & Developments | Hinshaw & Culbertson – Insights for Insurers


Cyber Security And Privacy Insurance Claims

This is the fifth installment of our series of articles reviewing some of the key trends and developments currently impacting the U.S. insurance industry.

To date, the vast majority of cyber coverage decisions have involved traditional first-party, third-party, and crime/fraud policies. Claims under these policies are commonly referred to as silent cyber claims. Most insurers in the cyber-insurance market have now issued several iterations of cyber-specific policies. Rulings under these policies are expected to be rendered with increasing frequency over the next couple of years.

  • Indeed, cyber-insurers experienced a steep increase in claims over the past couple of years, driven primarily by ransomware, often coupled with data extraction and business email compromise events. The costs associated with ransomware claims, in particular, have risen dramatically due to increased ransom demands, threats to disclose extracted data, and related business interruption costs. The pandemic-driven massive shift to remote work spurred additional cyber claims activity. As a result, industry leaders are anticipating a hardening of the cyber-insurance market, as well as increased premiums and underwriting scrutiny.
  • Zurich and Advisen’s 11th Annual Information Security and Cyber Risk Management Survey was released in October 2021.[1] Among the interesting finding, 83% of respondents now buy cyber insurance, with 66% carrying stand-a-lone cyber policies.[2] The survey concluded that triple-digit premium increases, vanishing capacity, shrinking coverage, and shifted expectations around baseline controls have joined long-term frustrations over inconsistent policy language to create a truly challenging renewal process for insurance buyers. Uncertainties around risk assessment and incident response are major concerns.[3]
  • According to the survey, ransomware has risen to the top of priority lists worldwide. For the first time, cyber extortion/ransomware has pulled even with data breach, with 95 percent of respondents selecting it as a cover­age they expect to be included in their policies.[4] It was followed by data restoration at 90 percent, business…

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Reviewing President Biden On Cybersecurity


On May 1st, 2021, President Joe Biden achieved his first 100 days in office and many had concrete expectations for these first 100 days. This historical milestone has long served as an indicator of what new administrations set out to do during their overall term. Policies begin to form, teams begin to get put together, and most importantly, spending begins to take shape. There is no way around the fact that technology begets spending and with the priorities we have as a country, it all begins on where and how investments are made. The big picture is what matters here and the next 1,000 days of visibility (and beyond) are a more proper time frame.

Damning Intelligence Report

The U.S. Intelligence community delivered an extensive annual report on threat assessments in early April. Composed by eighteen agencies, the report outlined major threats to the United States, including the increasing influence of nation-state adversaries such as China, Iran, Russia, North Korea, as well as cyber threats from terrorist organizations and criminal enterprises. Beating on the drum of cybersecurity, our adversaries have weaponized technology and have deployed missions to disrupt our critical infrastructures in just about every vein of society. 

How to Build Off Critical Threats

The biggest takeaway from the U.S. Intelligence report is that we are in a world of challenges and potential hurt. The report was quickly followed by a recent cybersecurity executive order from President Biden on May 12th.  While it certainly is a welcome step to protect federal infrastructure, it is still a far cry from the two way partnership needed to protect critical and strategic infrastructure run by private enterprises such as the Colonial Pipeline. The truth is while we look to the government to take up the cybersecurity mission, the weakness of one becomes the weakness of many. The tech industry must meet federal, local, and state resources somewhere in the middle because governments cannot be the sole responsible party to defend critical national infrastructure. We…

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Malware Apps On Google Play Added Devices To A Botnet, Proving Google Is Still Terrible At Reviewing Apps – Tech Times


Tech Times

Malware Apps On Google Play Added Devices To A Botnet, Proving Google Is Still Terrible At Reviewing Apps
Tech Times
Security researchers at Symantec recently discovered a total of eight apps from Google's marketplace secretly added devices to a botnet. These apps functioned as fronts for a "new and highly prevalent type of Android malware" named Android.Sockbot.
Google Play Security Reward Program: Bug Bounty Program – Get Rewards through HackerOneHackerOne
Android Developers Blog: Playtime 2017: Find success on Google Play and grow your business with new Play Console …Android Developers Blog
Android malware on Google Play adds devices to botnet | Symantec Connect CommunitySymantec
Symantec –Google Play
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Froedtert Reviewing Computer Security Measures – WDJT


WISC Madison

Froedtert Reviewing Computer Security Measures
WDJT
Karakis works on computer security every day. He says large providers should be reviewing security all the time "One of the major causes of virus activity on a computer is outdated software on a computer," Karakis said. Froedtert says its continually
Hacker may have obtained 43000 Froedtert patients' informationToday’s TMJ4

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“computer security” – read more