Chubb has allegedly been hit by a Maze ransomware attack and has confirmed it is investigating a security incident. Ransomware operator Maze has claimed that it encrypted devices on Chubb’s network in March. Maze has not yet published any of the data it says it has stolen. Chubb has confirmed it is currently investigating a computer security incident that may…
Corporates with employees working from home during the current coronavirus pandemic are at new levels of risk from cybercriminals looking to exploit weak systems, according to Zurich. It said companies must make sure systems are as secure as possible and alert employees of threats to cybersecurity when working remotely. The insurer added that companies must check employees are trained to…
There is a 6% risk of Fortune 1000 firms losing $100m or more in a year to cyberattacks, according to a probabilistic study by cybersecurity research firm Cyentia. Based on its study and projections, Cyentia found that more than 60% of Fortune 1000 firms had suffered at least one public cyber breach during the past ten years. The firms said…
Ransomware attacks surged 131% in 2019, according to Beazley, which has warned that cyber risks could be exacerbated by employees working from home during the Covid-19 pandemic. Beazley Breach Response Services (BBR Services), which bases its data on breaches reported by corporate clients, said ransom sums demanded by criminals also increased, with cases of seven- or even eight-figure demands. There…
Working from home increases corporate cyber risk, warned the UK’s National Cyber Security Centre (NCSC) as its government, like others across world, asked people to work remotely wherever possible to limit the spread of coronavirus (Covid-19). It added that criminals are already exploiting the coronavirus situation online, sending phishing emails to click on links that download malware. The NCSC issued…
Cyber insurance rates are likely to rise for large companies in 2020, as losses from ransomware attacks take their toll on this fledgling market. However, capacity remains plentiful and brokers are confident they can place risks, albeit at a slightly higher price. A big jump in ransomware claims is putting cyber insurance rates under pressure in Europe and could lead…
The London company insurance market has formed a new cyber risk committee to specifically address non-affirmative cover. Set up by the International Underwriting Association (IUA), the committee has met for the first time to collate data, look at the impact of model clauses across different lines of business and analyse interactions between standalone cyber policies and other insurance. Senior underwriters…
The German risk and insurance management association GVNW has cancelled its popular Focus on Cyber and Financial Lines conference planned for Cologne on 18-19 March for health reasons, as the coronavirus (Covid-19) accelerates in the country. The GVNW’s decision to cancel its second-biggest event of the year came the day after Chancellor Angela Merkel warned that up to 70% of the…
The UK’s Information Commissioner’s Office (ICO) has fined Cathay Pacific Airways £500,000 for failing to protect customers’ personal data, with the airline escaping harsher punishment because it was prosecuted under old UK rules rather than the General Data Protection Regulation (GDPR). On handing out the fine, the ICO said that although strengthened UK and European data protection laws came into…
Travelex is expecting a £25m hit from the cyberattack that struck on New Year’s Eve and the coronavirus (Covid-19) outbreak, with the former accounting for the majority of the loss and mostly covered by insurance.