ransomware News

Insurance Broker Gallagher Sued Over Ransomware Attack

Insurance and benefits broker Arthur J. Gallagher is the target of a proposed class action lawsuit over a ransomware attack it suffered in 2020. The plaintiffs allege that Gallagher failed to follow federal and state government and industry standards to …

Cyber Claim Frequency Growing; Smaller Organizations Targeted

The share of policyholders who filed a cyberattack claim jumped by 50% from the first half of 2020 compared to the first half of 2021, according to a new report by cyber insurer Coalition. An increasing number of attacks were …

‘Holy Moly!’: Inside Texas’ Fight Against a Ransomware Hack

DALLAS (AP) — It was the start of a steamy Friday two Augusts ago when Jason Whisler settled in for a working breakfast at the Coffee Ranch restaurant in the Texas Panhandle city of Borger. The most pressing agenda item …

US Announces New Cybersecurity Requirements for Critical Pipeline Owners

WASHINGTON — The Department of Homeland Security on Tuesday required owners and operators of critical pipelines that transport hazardous liquids and natural gas to implement “urgently needed protections against cyber intrusions.” It was the second security directive issued by the …

Insurers Are Rethinking How They Cover Hacks With Cyberattacks on the Rise

The hacks came one right after another, sowing chaos at hospitals, idling America’s biggest gasoline pipeline, crippling a huge meat supplier and devastating hundreds of companies over the July 4 weekend. Now, insurers are reassessing the cyber business. With cyberattacks …

U.S. Offers Rewards Up to $10M for Tips; Launches ‘Stop Ransomware’ Website

The State Department will offer rewards up to $10 million for information leading to the identification of anyone engaged in foreign state-sanctioned malicious cyber activity against critical U.S. infrastructure — including ransomware attacks — and the White House has launched …

Cyber Reinsurance Rates Rocket at July Renewals -Willis Re

LONDON — Global cyber reinsurance rates have soared by up to 40% in the July renewal season, reinsurance broker Willis Re said on Thursday, as ransomware attacks increase in number and severity. A ransomware attack on Colonial Pipeline in May …

Colonial Pipeline Sued for Gas Crisis From Ransomware Attack

Colonial Pipeline Co. was sued by a gas station seeking to represent thousands more over the ransomware attack in May that paralyzed the U.S. East Coast’s flow of gasoline, diesel and jet fuel. EZ Mart 1 LLC, a two-pump station …

Like ‘Terminator,’ High-Tech Cyber Crime to ‘Keep Coming’

NEW YORK — Businesses worldwide are fighting sophisticated data scientists as they battle to protect their data-rich computers from cyber crime – and the costly attacks are not going to stop, a top expert at insurer Sompo Holdings Inc said …

Ransomware Gangs Get Paid Off as Officials Struggle for Fix

BOSTON (AP) — If your business falls victim to ransomware and you want simple advice on whether to pay the criminals, don’t expect much help from the U.S. government. The answer is apt to be: It depends. “It is the …