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Tag Archives for " insurance "

DLA Piper and its insurers clash over multi-million NotPetya payout

Multinational law firm DLA Piper was hit in the crossfire as Russia-backed ransomware spread, and Hiscox is reportedly declining to pay up citing an “act of war”.

DLA Piper has started proceedings against Hiscox, saying that the insurance firm has failed to pay out for the damages and costs associated with the NotPetya attack – a claim which may amount to several million pounds.

Source: DLA Piper and its insurers clash over multi-million NotPetya payout

The cyber insurance battle begins

The cyber insurance no longer is a novelty. Experts say that executives no longer have to justify the expense. In fact, if they don’t have it, they may well have some explaining to do.

Insurance companies have reciprocated by nurturing the market. That has included playing nice when clients file claims. Carriers have paid with few complaints. There have been no big public altercations. Until now. A battle line has emerged.

Full article: Insurance War

Insurer Offers GDPR-Specific Coverage for SMBs

Cyber insurance provider Coalition has announced new policies explicitly designed to cover fines and costs stemming from violations of the EU’s General Data Protection Regulation (GDPR).

The policies are targeted primarily at small and midsize companies that handle data on or offer goods and services to EU residents. Policy limits range from $25,000 to $10 million, covering defense costs as well as fines and penalties resulting from GDPR violations, says Joshua Motta, CEO and founder of Coalition.

Source: Insurer Offers GDPR-Specific Coverage for SMBs

Insurer Offers GDPR-Specific Coverage for SMBs

Companies covered under the EU mandate can get policies for up to $10 million for fines, penalties, and other costs. However, questions about the availability of insurance for GDPR violations and the insurability of fines and penalties under the statute remain mostly unanswered nine months after the law went into effect.

Full article: Insurer Offers GDPR-Specific Coverage for SMBs

Data breach insurance: A three-part problem

There are a few problems. The first is whether companies can insure against a court-awarded fine.

The second is whether insurance companies can accurately price the risk. The third is whether, once you’ve secured insurance, it will actually pay out.

Full article: Data breach insurance: A three-part problem

Health Insurers Tap Data Brokers To Help Predict Costs

Without scrutiny, insurers and data brokers are predicting your health costs based on public data about things like race, marital status, your TV consumption and even if you buy plus-size clothing. The companies are tracking your race, education level, TV habits, marital status, net worth. They’re collecting what you post on social media, whether you’re behind on your bills, what you order online. Then they feed this information into complicated computer algorithms that spit out predictions about how much your health care could cost them.

Source: Health Insurers Tap Data Brokers To Help Predict Costs : Shots – Health News : NPR

Cyber insurance is booming, but it won’t protect you from GDPR fines

The US is one of the biggest markets for cyber insurance, but you won’t be able to take out a policy protecting you from fines for breaches of the EU General Data Protection Regulation (GDPR).

The law, which strengthens EU residents’ rights relating to their personal data, applies to all organizations that collect or process such information, including many in the US. Insuring against fines would have been a massive boon for organizations, as the GDPR gives supervisory authorities the power to issue penalties of up to €20 million (about $24.4 million) or 4% of an organization’s global annual turnover,

Source: Cyber insurance is booming, but it won’t protect you from GDPR fines – IT Governance USA

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