Persons whose data was stolen could have resulting problems about identity theft for the rest of their lives.[14] Anthem had a US$100 million insurance policy for cyber problems from American International Group.[15] One report suggested that all of this money could be consumed by the process of notifying customers of the breach.[15]
An American International Group Inc. unit is the primary cyber insurer for Anthem Inc., which this week disclosed a massive data breach affecting about 80 million customers and employees, insurance market sources say.
Insurance giant Anthem hit by massive data breach February 06
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June 27, 2017: Health insurance company Anthem has agreed to a $115 million settlement in connection with a 2015 data breach that impacted 80 million of their customers across their Anthem Blue Cross and Blue Shield, Blue Cross and Blue Shield of Georgia, Empire Blue Cross and Blue Shield, Amerigroup, Caremore, Unicare, Healthlink and DeCare brands.
The data breach of healthcare giant Anthem, which came to light a little more than four years ago, exposed about 79 million patient records. It was the biggest single compromise of healthcare data in history.
The investigation by the insurance commissioners' examination team - and a separate internal investigation by security firm Mandiant, which Anthem hired - determined the data breach began on Feb. 18, 2014, when a user within one of Anthem's subsidiaries opened a phishing email containing malicious content.
Summary: On October 12, 2022, Australian private health insurance company Medibank announced that it detected a data breach. It was contacted by the hacker, who claimed to have stolen 200GB of data.
In order to mitigate the risk that comes along with data loss, many companies are now purchasing data breach insurance to support their data breach prevention and mitigation plans. Data breach insurance helps cover the costs associated with a data security breach. It can be used to support and protect a wide range of components, such as public relations crises, protection solutions and liability. It may also cover any legal fees accumulated from the breach.
With many different kinds of consequences that occur due to a data breach, significant time and money will be spent to recover. From recovering data and notifying stakeholders, first-party insurance covers the following:
Cyber incidents put leadership in the spotlight, and not in a good way. A massive breach in a well-known company or an organization that handles sensitive data for tens of millions of people is going to make the CISO look bad. After all, it looks like a performance error. It makes the CEO look bad for a lack of support. The CEO may think the best solution is to throw money at the problem. They might offer customers great discounts or spend millions on a marketing campaign to redeem their reputation. Meanwhile, the CISO thinks the best course of action is telling the customers the truth about what happened. The CEO might believe the situation is resolved as soon as the company discovers the breach and stops the data leaks. However, the CISO knows there is more to discover from the cybersecurity side.
The chief financial officer (CFO) is responsible for keeping the company running within its budget. A data breach throws that budget all out of whack. If the company has cybersecurity insurance, this could relieve many of the unexpected costs, but the Harvard Business Review warned that organizations are either downsizing their cyber insurance or not purchasing it at all. Even if there is insurance to count on, cyber incident claims are complicated and may not cover the costs.
[55] Jake Holland, Anthem Settles Attorneys General Breach Probe for $39.5 Million, Bloomberg Law (Sept. 30 2020, 10:46 AM), -and-data-security/anthem-settles-attorneys-general-breach-probe-for-39-5-million.
After infamous cyber-attacks on Target, Home Depot and Anthem, states became painfully aware that federal regulations are insufficient to protect consumers and institutions against cyber threats. The states are trying to fill in the gaps. On March 1st New York launched new cybersecurity regulations for banking and insurance sectors.[1] The goal is to protect consumers and institutions against data breaches, identity theft, and service disruption. New York is ahead of other states and the new regulation is believed to be the most comprehensive to date.[2] Other states are believed to soon follow suit, using New York regulations as a model. While new cybersecurity regulation is thoughtful and allows great flexibility, it might prove insufficient to win the race against rapid technological advances. 2ff7e9595c
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