ransomware News

An Insurance Insider’s View of Municipal Ransomware Claims

The ransomware attacks on public entities in Texas, Florida, Maryland, Georgia and elsewhere this year have raised questions not only about paying ransoms but also about the role of insurance in helping these targets get back to serving the public. …

Ransomware Attack Hits More than 20 Texas Local Governments

DALLAS — More than 20 local governments in Texas were targeted in a coordinated ransomware attack of unprecedented size on Friday, but several of the cities had resumed normal operations by Tuesday, state officials said. The Texas Department of Information …

U.S. Cyber Agency Says Reducing Risks From China Top Priority

A newly created U.S. cybersecurity agency said Thursday that China represents the greatest strategic risk to the U.S., and as a result, the agency’s top operational priority is reducing the risks from Chinese compromises to the global supply chain, including …

Business News: Phyn, Envista Forensics, GuideOne and Stategos

Phyn Retailing Smart Water-Leak Detector Phyn announced the release of a water-leak detector that sends alerts to consumer’s smart phones, which will be available for sale in Best Buy stores for $299 starting next month. Phyn, based in Torrance, California, …

Cyber Risks to Exceed Natural Disasters for Insurers: Scor CEO

Cyber risks will soon become bigger risks than natural catastrophes for the insurance sector, Scor Chairman and Chief Executive Officer Denis Kessler said, recommending the industry build a comprehensive, common global scale to assess cyber-related incidents. “I dream of a …

RIMS Speakers Offer Guidance on Preparing for Disaster

BOSTON — Preparing for the unthinkable requires a lot thought. Risk management professionals on Monday cautioned audiences of the myriad pitfalls in planning for catastrophes during the Risk & Insurance Management Society’s annual conference at the Boston Convention and Exhibition …

FBI Reports Cybercrime Losses Nearly Doubled in 2018

The amount of reported losses from cyber crime nearly doubled in 2018 to $2.7 billion, with almost half of that from business email schemes that targeted wire transfer payments, according the FBI’s 2019 Internet Crime Report. The report, prepared by …

Ransom Demands Increasing as More Virulent Viruses Emerge

The average ransom paid to cyber criminals nearly doubled to $12,762 per incident in the first quarter of 2019, compared to $6,733 during the fourth quarter of 2018, according to a report released today by Coveware, a cybersecurity firm based …

Norsk Hydro’s Production Near Normal after Cyber Attack

Production at Norwegian aluminum maker Norsk Hydro was back to near normal after a cyber attack last month, the company said on Friday. The group halted some of its production on March 19 and switched other units to manual operation …

Initial Loss from Norsk Hydro’s Cyber Attack May Exceed $40 Million

Norwegian aluminum maker Norsk Hydro may have lost more than $40 million in the week that followed a cyber attack that paralyzed parts of its operations, and a full recovery of IT systems will take weeks or more, the company …