Live Insurance News

Health insurance company Anthem has been hacked

February 11, 2015February 10, 2015 Nordstrom

hacked phone federal health insurance exchange

Anthem reports a major data breach at one of its databases storing consumer information Health insurance giant Anthem has announced that it has fallen victim to a major data breach. Last week, hackers managed to break into a database that stored a wealth of consumer information. Among this information were names, birthdays, addresses, and Social Security numbers of Anthem clients. According to the health insurance company, “tens of millions” of private records were taken from the database. Anthem claims that no medical or credit card information was stolen in the…

US regulator task force to target cyber insurance

February 3, 2015January 31, 2015 Logan B.

Cyber insurance will be the focus of a new task force launched by the National Association of Insurance Commissioners The National Association of Insurance Commissioners has created a new task force that will be focused on cyber security. The task force is meant to increase consumer protection, introducing new regulations that target the insurance industry. Insurers collect valuable information from their customers, but new risks are emerging in the digital world that put this information in danger of theft and exploitation. The new task force could help foster further innovation…

Insurance industry may need a better understanding of cyber insurance

January 20, 2015January 17, 2015 Logan B.

Cyber insurance continues to be an issue for the insurance industry Cyber insurance has been around since the 1990’s, but the insurance industry has only recently begun to place more focus on digital threats. Following major attacks against companies like Home Depot, Target, and Sony Pictures, the insurance industry has been working to introduce better cyber insurance products. Better protection may be needed for businesses that could be targeted by malicious groups, as cyber attacks could cause major financial damage that can be very difficult to recover from. Adequately pricing…

Cyber insurance helps Sony recover from major attack

January 15, 2015January 14, 2015 Logan B.

Sony Pictures was rocked by a major cyber attack last year Last year, Sony Pictures was the victim of a major cyber attack that has been called the most destructive event of its kind on a U.S. company. The attack saw a massive amount of personal information exposed to the public, including information concerning the company’s production schedule and the information of millions of consumers. The attack was blamed on hackers in North Korea, and the event was tentatively tied to the release of the movie “The Interview,” which Sony…

New cyber security risk models may be needed for the insurance industry

December 26, 2014December 23, 2014 Nordstrom

RMS and AIR Worldwide are working to build new risk models focused on the digital space Two risk modeling companies serving the insurance industry are beginning to focus more heavily on the digital world, hoping to form better cyber attack risk models. RMS and AIR Worldwide have seen the risks in the digital world escalate over the past several years. These risks are becoming more prominent and the majority of the insurance industry may not be able to tackle these risks appropriately with existing, outdated risk models. Recent cyber attacks…