Category Archives: AXA

Ransomware strikes AXA shortly after insurer announces it will stop covering extortion fees

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Ransomware gangs have now struck two cybersecurity insurers in as many months, with AXA confirming over the weekend that an attack had affected its Asian operations. AXA joins CNA Insurance, which in April confirmed that a ransomware incident had forced the company to take its operations offline. The attack on AXA, though, comes shortly after the French insurer said it would no longer reimburse ransomware payments under new policies it writes in that country, although a source familiar with the attack said there was no connection between AXA’s decision and the attack on its own networks. The so-called Avaddon ransomware operators posted screenshots of information online that they said they obtained from AXA’s Asia Assistance subsidiary. The screenshots include a claim that the operators stole three terabytes of data, such as customer medical reports and claims, customer IDs and bank account papers, payments to customers and other health information. “Asia […]

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Cyberinsurance giant AXA hit by ransomware attack after saying it would stop covering ransom payments

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One week after the French branch of cyberinsurance giant AXA said that it would no longer be writing policies to cover ransomware payments, the company’s operations in Thailand, Malaysia, Hong Kong, and the Phillippines have reportedly been hit… by a… Continue reading Cyberinsurance giant AXA hit by ransomware attack after saying it would stop covering ransom payments→

Avaddon ransomware gang: ‘We stole 3TB of French AXA Group data’

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By Waqas
Avaddon ransomware gang is threatning to carry out DDoS attacks and data leak if AXA did not coporate with the attackers.
This is a post from HackRead.com Read the original post: Avaddon ransomware gang: ‘We stole 3TB of French AXA Group… Continue reading Avaddon ransomware gang: ‘We stole 3TB of French AXA Group data’→

Experts suggest French insurer AXA’s plan to shun ransomware payouts will set a precedent

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When French insurer AXA signaled last week that it would no longer write new cyber-insurance policies covering  extortion payouts to criminals, ransomware and cyber insurance experts had two reactions. They wondered why it took so long, and how long it would take others to follow suit. Ransomware is an ever-increasing cause of cyber-insurance claims, according to industry estimates, and having such insurance may make policyholders more likely to be attacked. A representative of the REvil ransomware gang said in a March interview that the group specifically targets victims known to have cyber-insurance, because they’re “one of the tastiest morsels” who can more easily afford to pay. In perhaps the biggest ransomware payment of 2020, smartwatch maker Garmin paid a reported $10 million and said it wasn’t sure how much its insurance would cover of all the costs, which it didn’t enumerate by type of expense.  Those conditions can perpetuate themselves. […]

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Why are cyber insurers incentivizing clients to invest in specific vendors?

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The cyber insurance industry is taking baby steps away from a long and messy infancy. For the hundreds of companies that offer policies, toddlerhood is here, and it means exerting more influence over how clients protect their networks and information. For years, headlines have fixated on how big firms like AIG and Zurich have been locked in legal disputes over specific claims, but insurers are now trying to be more proactive with customers. The smartest approach for everyone, they say, is to prevent breaches from happening in the first place. Key to that, and saving money, is trying to identify the products that are most effective. Marsh, the global insurance broker and risk adviser, last month published its first list of Cyber Catalyst-designated products, a tag given to 17 services that a group of insurance firms say its clients should consider, including offerings like FireEye’s Endpoint tool and CrowdStrike penetration testing service. Insurers for years have assessed security products, […]

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Coronet, Slice and AXA expand SMB resources for securing on-demand cyber insurance protection

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Coronet, a world leader in security as-a-service powered by AI and cloud, announced a partnership with Slice Labs, the first on-demand insurance cloud platform provider supporting digital ecosystems, to provide the small to medium sized business market… Continue reading Coronet, Slice and AXA expand SMB resources for securing on-demand cyber insurance protection→