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Kashmir Hill has a really good article on how GM tricked its drivers into letting it spy on them—and then sold that data to insurance companies. Powered by WPeMatico
Kasmir Hill has the story: Modern cars are internet-enabled, allowing access to services like navigation, roadside assistance and car apps that drivers can connect to their vehicles to locate them or unlock them remotely. In recent years, automakers, including G.M., Honda, Kia and Hyundai, have started offering optional features in their connected-car apps that rate … Read More “Automakers Are Sharing Driver Data with Insurers without Consent” »
New paper: “Lessons Lost: Incident Response in the Age of Cyber Insurance and Breach Attorneys“: Abstract: Incident Response (IR) allows victim firms to detect, contain, and recover from security incidents. It should also help the wider community avoid similar attacks in the future. In pursuit of these goals, technical practitioners are increasingly influenced by stakeholders … Read More “How Attorneys Are Harming Cybersecurity Incident Response” »
Tarah Wheeler and Josephine Wolff analyze a recent court decision that the NotPetya attacks are not considered an act of war under the wording of Merck’s insurance policy, and that the insurers must pay the $1B+ claim. Wheeler and Wolff argue that the judge “did the right thing for the wrong reasons..” Powered by WPeMatico
The insurance company Ace American has to pay for the losses: On 6th December 2021, the New Jersey Superior Court granted partial summary judgment (attached) in favour of Merck and International Indemnity, declaring that the War or Hostile Acts exclusion was inapplicable to the dispute. Merck suffered US$1.4 billion in business interruption losses from the … Read More “Merck Wins Insurance Lawsuit re NotPetya Attack” »
As ransomware becomes more common, I’m seeing more discussions about the ethics of paying the ransom. Here’s one more contribution to that issue: a research paper that the insurance industry is hurting more than it’s helping. However, the most pressing challenge currently facing the industry is ransomware. Although it is a societal problem, cyber insurers … Read More “Insurance and Ransomware” »
Interesting article discussing cyber-warranties, and whether they are an effective way to transfer risk (as envisioned by Ackerlof’s “market for lemons”) or a marketing trick. The conclusion: Warranties must transfer non-negligible amounts of liability to vendors in order to meaningfully overcome the market for lemons. Our preliminary analysis suggests the majority of cyber warranties cover … Read More “On Cyber Warranties” »
Good paper on cybersecurity insurance: both the history and the promise for the future. From the conclusion: Policy makers have long held high hopes for cyber insurance as a tool for improving security. Unfortunately, the available evidence so far should give policymakers pause. Cyber insurance appears to be a weak form of governance at present. … Read More “On Cybersecurity Insurance” »
Krebs on Security is reporting a massive data leak by the real estate title insurance company First American Financial Corp. “The title insurance agency collects all kinds of documents from both the buyer and seller, including Social Security numbers, drivers licenses, account statements, and even internal corporate documents if you’re a small business. You give … Read More “First American Financial Corp. Data Records Leak” »
This will complicate things: To complicate matters, having cyber insurance might not cover everyone’s losses. Zurich American Insurance Company refused to pay out a $100 million claim from Mondelez, saying that since the U.S. and other governments labeled the NotPetya attack as an action by the Russian military their claim was excluded under the “hostile … Read More “Cybersecurity Insurance Not Paying for NotPetya Losses” »