Health insurance data breach exposes data of 11 million consumers

Health Insurance Data Breach

Premera Blue Cross has revealed that it was the victim of a major data breach Another health insurance company has revealed that it has been the victim of a major data breach from hackers. Premera Blue Cross has confirmed that hackers have breached its consumer database, with malicious attacks going as far back as May 2014. The insurer believes that the financial and medical information of 11 million people may have been exposed in the attack. If true, this would make the attack the largest of its kind against a…

Read More

Legal battle erupts over broken health insurance exchange

Oregon Health Insurance technology

Oregon has filed a fraud and breach-of-contract lawsuit against Oracle Late last week, Oregon filed a lawsuit against software company Oracle and several of its top executives. The state is accusing the company of fraud and breach-of-contract that may have cost Oregon a veritable fortune while leaving many of the state’s residence without access to a working health insurance exchange. Oracle was contracted by the state to develop the software that would manage the exchange, but internal problems have left the exchange inoperable and it has yet to see an…

Read More

The Impact of Insurance Fraud

insurance fraud

Fraud is not only a problem for insurers Insurance fraud is more common than people may think and it is one of the most serious problems facing the insurance industry today. Fraud causes an estimated $115 billion in financial damage in the U.S. alone and this damage is not only felt by insurance companies. Because insurers are pressured to recover from losses, the financial damage caused from fraud often trickles down to policyholders, who must pay for the fraudulent activities of others through increased premiums or fewer benefits being offered…

Read More

Hackers target more than just big business, FBI lauds the value of cyber insurance

As big corporations begin to scramble for protection against cyber attacks, one organization rarely associated with the insurance industry is lauding the benefits of cyber insurance. The FBI has raised warnings that big businesses are not the only entities at risk of falling prey to hackers. Last year, the FBI, which has a special Internet fraud center, received 25,000 complaints of hacking or fraud every month. The Bureau’s Internet fraud report release last year claimed that victims of identity theft alone suffered losses in the millions. Gone are the days…

Read More