Collaborate Disseminate
Contrast Security announced that it has closed $150M in a Series E round of funding at a greater than billion-dollar valuation. The oversubscribed round was led by Liberty Strategic Capital, founded by former Secretary of the Treasury Steven Mnuchin, t… Continue reading Contrast Security raises $150M to advance application security
Snowflake announced the Financial Services Data Cloud, which unites Snowflake’s platform governance capabilities, Snowflake- and partner-delivered solutions, and industry-critical datasets, to help Financial Services organizations revolutionize how the… Continue reading Snowflake helps financial services organizations leverage data to drive business growth
Snowflake announced the Financial Services Data Cloud, which unites Snowflake’s platform governance capabilities, Snowflake- and partner-delivered solutions, and industry-critical datasets, to help Financial Services organizations revolutionize how the… Continue reading Snowflake helps financial services organizations leverage data to drive business growth
Snowflake announced the Financial Services Data Cloud, which unites Snowflake’s platform governance capabilities, Snowflake- and partner-delivered solutions, and industry-critical datasets, to help Financial Services organizations revolutionize how the… Continue reading Snowflake helps financial services organizations leverage data to drive business growth
It’s a sure sign of trouble when leading insurance industry executives are worried about their own prices going up. Two separate CEOs of major insurance giants remarked in recent weeks about a considerable jump in cyber insurance premium prices: AIG’s chief executive said rates increased by 40% for its clients, while Chubb’s chief executive said that company was charging more, too. Rather than welcoming the trend, Chubb CEO Evan Greenberg offered a warning. Those price increases, he said, still don’t reflect the grave risk that a catastrophic cyber event poses. “That is not addressing by itself the fundamental issue,” he said. Those are just two data points about how, in the past year, the evolution of ransomware has radically altered the landscape of cyber insurance, according to analysts inside and outside the industry. Cyber insurance covers a range of ransomware-related costs, like extortion demands, remediation efforts and other losses. Ransomware […]
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Continue reading Cyber insurance market encounters ‘crisis moment’ as ransomware costs pile up
Ransomware struck Japan’s largest property and casualty insurer, Tokio Marine Holdings, at its Singapore branch, the company disclosed on Monday. Tokio Marine, which has a U.S. division and offers a cyber insurance product, said it did not have any immediate indication that any customer information was breached. Such data could be a smorgasbord for hackers who would use the data to extort victims based on their coverage amounts. It’s at least the third major insurer to disclose a ransomware attack in recent months, following CNA and AXA. And it’s the second insurer just this week, with Ryan Specialty Group — fresh off launching an initial public offering — to disclose a cyber incident. Cyber insurers have, of late, taken to asking more detailed questions about policyholders’ cybersecurity safeguards as a condition for providing coverage. But the spate of recent successful attacks suggests that insurers, too, might need to step up […]
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Continue reading Japan’s Tokio Marine is the latest insurer to be victimized by ransomware
Red Hat announced Red Hat OpenShift 4.8, the latest version of the enterprise Kubernetes platform. Providing a powerful foundation to develop and connect diverse workloads across the hybrid cloud, Red Hat OpenShift 4.8 helps organizations accelerate th… Continue reading Red Hat OpenShift 4.8 helps organizations accelerate the creation of new cloud-native applications
A ransomware gang has apparently disappeared just as its fortunes were rising. Ransomware experts said Avaddon shut down as of Friday. The operators left no explanation for why they might have done so, and they’re letting their remaining victims off the hook. Avaddon sent Bleeping Computer 2,934 decryption keys, after which the security firm Emsisoft produced a free, public decryption tool. After last month’s ransomware attack on Colonial Pipeline caused disruptions in the U.S. on fuel delivery, Avaddon became one of the most prolific posters of victim data to its extortion site, compared to other such groups. “This is great news,” tweeted Allan Liska, a Recorded Future analyst specializing in ransomware. “Avaddon was considered a second tier ransomware operator, but since the Colonial Pipeline attack they have been tied with Conti in terms of number of victims posted to their extortion site.” But with success has come attention. The FBI […]
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Continue reading Burgeoning ransomware gang Avaddon appears to shut down, mysteriously
A city in California didn’t disclose a ransomware payment for more than two years after its insurer covered the cost, the city manager acknowledged amid yet another ransomware attack on the municipality. In 2018, officials in Azusa, Calif. paid $65,000 through its insurer Chubb to free up its most vital system and used a free decryption key to unlock the others, City Manager Sergio Gonzalez said. The hackers took control of the city’s police dispatch system for more than a week in the fall that year, he said. State-by-state data breach notification laws have different triggers for when hacking victims must report publicly on what happened. “We did not make a public statement and did not have to file anything legally because we could confirm that no data was migrated out” of police servers, Gonzalez said, according to local new accounts. In an interview with CyberScoop, Gonzalez said the city […]
The post Insurer Chubb paid $65,000 to help a city unlock ransomware in 2018. A second hack was more expensive. appeared first on CyberScoop.
Effective September 1, 2021, Scott Sayce will join Allianz Global Corporate & Specialty (AGCS) as Global Head of Cyber, based in London. He will steer AGCS’s cyber underwriting business, reporting to Shanil Williams, Global Head of Financial Lines… Continue reading Scott Sayce joins Allianz as Global Head of Cyber