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Reinsurance News: Corvus Insurance, an AI-driven insurtech MGA backed by ILS and reinsurance investment manager Hudson Structured Capital Management (HSCM), has expanded its product line with an offering that focuses on silent cyber risks posed by cargo insurance policies.
KnowBe4: Global losses to cybercrime total $1.5 trillion per year, which amounts to $2.9 million per minute, a new report by RiskIQ shows. Some of the largest companies are losing $25 each minute due to security breaches. Phishing campaigns accounts for losses of $17,700 per minute and ransomware attacks are expected to cost the world $22,184 per minute this year.
Cision: As criminal innovation outpaces defensive efforts, cyberattacks are becoming more ubiquitous and sophisticated, and businesses, governments, and individuals are more vulnerable than ever. In a perspective-shifting new article, "Casting the Dark Web in a New Light" (MIT Sloan Management Review), cybersecurity researchers and scientists Keman Huang, Michael Siegel, Keri Pearlson, and Stuart Madnick offer a new lens through which to consider cybercrime.
The target: Over 17,000 websites using Amazon’s S3 public cloud storage.
The take: Credit Card payment information and personal data.
The attack vector: MageCart Group perpetrated the hacking campaign which methodically scanned and identified 17,000 unique, misconfigured Cloud Storage buckets. After locating an unsecured cloud storage server, they focused on JavaScript files which they then downloaded, added their card skimming script, and then reuploaded the now infected files.
Reuters: National Australia Bank Ltd (NAB.AX) said 13,000 customers are being contacted after a data breach where personal data was uploaded without permission to two data service companies.
CNN: If you're among the 147 million Americans whose credit data was compromised in the 2017 Equifax data breach, read on. You may be eligible for compensation.
CBC: The fine is the largest the Federal Trade Commission has levied on a tech company, though it won't make much of a dent for a company that had nearly $56 billion US in revenue last year.
CNN: The National Security Agency announced Tuesday it is creating a new Cybersecurity Directorate, which will "unify NSA's foreign intelligence and cyberdefense missions and is charged with preventing and eradicating threats to National Security Systems and the Defense Industrial Base."
The Straits Times: The entire public service will have to conform to a common framework to safeguard citizens' personal data, beginning with 13 new measures developed after a spate of breaches in the past year.
Venture Beat: CEO Harold Brewer says the DefenseStorm team will work with the VC firm’s Georgian Impact team to accelerate adoption of applied AI and will tap its expertise to further develop DefenseStorm’s solutions suite and build out its sales and engineering team.
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