James Kruger’s Post

The second-largest life insurance company in the US, Prudential Financial, disclosed their network was breached on the 5th February and data compromised. Prudential were also impacted by the Moveit file transfer zero vulnerability. (May 2023) with an existing Class Action filed in the U.S. District Court for New Jersey. Prudential have stated that at this point no "material impact on the companys operations. A few facts for you! Prudential has over $1.4trillion in assets, ranks 221st in the Financial System Benchmark, and the 55th largest US company.(source: CNN Money). Another big statistic is the cyber hygiene footprint of data publicly available for exploitation (https://lnkd.in/eJ9N8JdQ) with over 40,000 unique email addresses recorded by BreachAware®. #protectyourprivacy #beatenbygerrykennedy https://lnkd.in/gu52NARV

BREACHES IN THE NEWS Prudential Financial Victim of Data Breach Prudential Financial, the second largest life insurance company in the United States, recently disclosed that its network was breached during a cyberattack earlier this month. The attackers were blocked from the systems one day later, but not before extracting employee and contractor data. An investigation is still ongoing to determine the scope of the breach and what other systems may be vulnerable or accessible. This breach comes less than a year after the personal information of over 320,000 Prudential customers whose data had been handled by a third-party vendor was stolen back in May 2023. At this time, Prudential has yet to find any indication that customer or client data was among the information stolen in this month's attack. Curious to learn more about how breached credentials can be used for good to power #investigations and fight #cybercrime? Check out the District 4 Labs site at www.district4labs.com to learn about our #Darkside repository and contact us to set up a meeting! #breacheddata #databreach #osint #osintforgood #prudential

According to various reports, the insurance industry is set to face up to $1bn in losses following the CrowdStrike incident, due to the triggering of (mainly) cyber and business interruption policies. We asked our in-house expert, Andy Coleman, what he thought the impact might be on D&O insurance. See his full comments here: https://lnkd.in/ebH5RqZ3 #DandO #insurance #CrowdStrike #DirectorsandOfficers #MGAs

In the rapidly evolving digital landscape, owning a digital asset company presents a unique set of opportunities and challenges. This cutting-edge position also exposes your business to a distinct set of risks, particularly in the realms of cybercrime, operations, and governance. This is where the importance of quality business insurance comes into play. Take a look here https://ow.ly/UXV650RmIYs

Last Friday, a bug in a software update crashed computers globally, disrupting services from aviation to banking. Today, cyber analytics firm CyberCube reported the global insured losses from the outage to range from $400 million to $1.5 billion. The outage was possibly the largest single loss event in the affirmative cyber insurance industry over the past 20 years, according to CyberCube. Consumer Intelligence reported increases in insurance prices for 17 brands on Friday, with four seeing average rises ranging from 32% to 65% for annual premiums, possibly due to the disappearance of some key underwriters during the outage. This highlights how interconnected companies across the globe are, though CyberCube highlighted how an event of this scale doesn't even come close to the extreme scenarios currently being modelled by cyber insurers and reinsurers. For more insights on how the IT outage affected the insurance industry read the article below: https://lnkd.in/dUDzM-P3 #Cyberoutage #Insurance #Cyber #IToutage

In the rapidly evolving digital landscape, owning a digital asset company presents a unique set of opportunities and challenges. This cutting-edge position also exposes your business to a distinct set of risks, particularly in the realms of cybercrime, operations, and governance. This is where the importance of quality business insurance comes into play. Take a look here https://ow.ly/r81Y50RmOjc

In the rapidly evolving digital landscape, owning a digital asset company presents a unique set of opportunities and challenges. This cutting-edge position also exposes your business to a distinct set of risks, particularly in the realms of cybercrime, operations, and governance. This is where the importance of quality business insurance comes into play. Take a look here https://ow.ly/j8Ij50RlPbA

In the rapidly evolving digital landscape, owning a digital asset company presents a unique set of opportunities and challenges. This cutting-edge position also exposes your business to a distinct set of risks, particularly in the realms of cybercrime, operations, and governance. This is where the importance of quality business insurance comes into play. Take a look here https://ow.ly/GLr450RlPTB

In the rapidly evolving digital landscape, owning a digital asset company presents a unique set of opportunities and challenges. This cutting-edge position also exposes your business to a distinct set of risks, particularly in the realms of cybercrime, operations, and governance. This is where the importance of quality business insurance comes into play. Take a look here https://ow.ly/XnKY50RpWS3

Markel, the insurance arm of Markel Group Inc, has launched its new FintechRisk+ insurance policy, reinforcing its commitment to offering market-leading coverage and service solutions for fintech firms navigating an increasingly complex landscape. FintechRisk+ provides financial services and technology liability, directors and officers (D&O) liability, theft, and cyber protection for fintech businesses in the UK and internationally, with coverage limits of up to USD $20 million. The policy includes enhanced business interruption (BI) coverage and several new cyber extensions, such as betterment, crypto-jacking, reward coverage, and telecom fraud. Nick Rugg (pictured), Head of Fintech and Investment Management Insurance (IMI) at Markel, said: “Cyber and fintech risks have evolved rapidly since we introduced our original Fintech policy eight years ago. The rise of ransomware has created significant cyber security challenges, with businesses paying millions in ransom payments.” Read the full story here 👉 https://lnkd.in/e9W2DK-D #InsurtechInsights #InsuranceNews #ProductLaunch