Security News

Blackpoint Cyber launched Blackpoint RISK - a cyber liability insurance solution created specifically for its partners and their customers. Blackpoint RISK is available to existing and new clients and provides an additional layer of protection against cyber incidents, including cyber-crime, ransomware, and malicious attacks.

In 1965, Gordon Moore published a short informal paper, Cramming more components onto integrated circuits. Based on not much more but these few data points and his knowledge of silicon chip development - he was head of R&D at Fairchild Semiconductors, the company that was to seed Silicon Valley - he said that for the next decade, component counts by area could double every year.

The National Cyber Security Centre has urged British businesses to think carefully when picking a cyber insurance policy - but won't say whether insurance that covers ransomware payoffs is a bad thing or not. Taking the form of seven questions for businesses published on the NCSC website, the latest guidance urges companies to ponder security-specific things when deciding what insurance policy to take out.

This additional offering provides a policy that new and existing SpinOne customers can acquire to provide additional protection for their organization. Cyber liability insurance includes safeguards for businesses in the event that their organization is a victim of a cybercrime, which is not covered by traditional insurance offerings.

Travelers Europe has enhanced its cyber insurance product, Travelers CyberRisk, to provide more coverages and risk management solutions to strengthen customers' overall cybersecurity programs. "Our cyber product has always been more than just an insurance policy, with features such as access to experts who can help our customers navigate the stressful experience of a cyber event," said Davis Kessler, Head of Cyber for Travelers Europe.

"We discovered and stopped a sophisticated attempted ransomware attack," Blackbaud CEO Michael Gianoni has told financial analysts - failing to mention the company simply paid off criminal extortionists to end the attack. As we reported, Blackbaud paid a demanded ransom back in May before quietly notifying the world two months later.

DXC has recovered from a ransomware attack that hit its independent services-for-insurers operation Xchanging. The company revealed the attack on July 5th with an announcement that "Certain systems" of the IT environment at its insurance managed services subsidiary Xchanging had fallen victim to ransomware.

The Empire State's financial regulator said First American Title Insurance was so negligent with securing its data, it broke state laws on the protection of non-public information. "For more than four years, First American Title Insurance Company exposed tens of millions of documents that contained consumers' sensitive personal information including bank account numbers and statements, mortgage and tax records, Social Security numbers, wire transaction receipts, and drivers' license images," the DFS charged [PDF].

"There is a lack of options for small and mid-size enterprises in need of higher limits for cyber insurance. When cyber coverage is delivered as an endorsement to broader policies, limits are too often too low to cover actual cyber incidents. Policyholders might also under evaluate expenses involved in the response and recovery post-breach. There is a need for greater education, insights and need for standalone products." One of the biggest problems in correctly aligning insurance cost with insurance coverage is the very nature of cyber insurance.

Cyber insurance and security provider Coalition this week announced that it has raised $90 million in equity capital. Founded in 2017, the San Francisco-based startup provides up to $15 million of cyber and technology insurance coverage to companies in all 50 U.S. states and the District of Columbia, and CAD $20M of coverage across all 10 provinces in Canada.