April 8, 2024 at 04:35PM US insurance companies are using aerial photos from drones to evaluate and deny claims, with mega-insurers like State Farm and Allstate relying on this technology. The Geospatial Insurance Consortium was established to manage the vast number of homes in America, and it utilizes AI for analysis. Concerns arise over privacy, … Read more
March 18, 2024 at 11:03PM UnitedHealth is in the process of restoring systems following a cyberattack by ransomware group ALPHV. The company has largely restored pharmacy claims and payment processing systems, and is now testing software for medical claims submission. The attack disrupted the healthcare system, prompting federal investigators to assess potential exposure of protected … Read more
February 23, 2024 at 12:29PM Corporate directors and security teams are under pressure to comply with the SEC’s new cybersecurity regulations. Woodruff Sawyer’s David Anderson warns that mishandling PII could lead to costly claims, potentially rivaling ransomware attacks. Privacy issues, including pixel-tracking claims and GDPR violations, are becoming a top concern for cyber insurance underwriters. … Read more
February 22, 2024 at 04:37PM Businesses benefit from using managed detection and response (MDR) services, which cut median response time to cyber incidents by half and reduce incident impact. Such firms may receive discounts on cyber insurance premiums based on deployed MDR. The data-driven approach of insurtech firms like Coalition may lead to tailored cybersecurity … Read more