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More Data Breaches: Insurers Scramble to Keep Up

Posted By PIA Western Alliance, Tuesday, October 14, 2014

An insurer finally got hit by a data breach. Bond insurer MBIAs subsidiary Cutwater Asset Management said a mistake exposed the account numbers and balances of its clients to a simple Google search.

The subsidiary manages $23 billion in assets.

MBIA spokesman Kevin Brown told The Washington Post the company is on a course of correction. We are conducting a thorough investigation and will take all measures necessary to protect our customers' data, secure our systems, and preserve evidence for law enforcement.

Dairy Queen a Berkshire Hathaway owned restaurant said it had customer data hacked in stores in 46 states and in one of its Orange Julius stores. Names, numbers and expiration dates of credit and debit cards were exposed. DQ spokesman John Gainor said, We are committed to working with and supporting our affected DQ and Orange Julius franchise owners to address this incident.

Malware was the cause and it infected computers in 395 of the 4,500 U.S. stores. And like many firms in such dire straits, Dairy Queen said it is offering free ID repair services to those affected for the next year.

Heres a list of the stores affected: http://www.dq.com/datasecurityincident/affected-stores/

Bob Parisi of Marsh & McLennan said some insurers are flush with capital. That means these and other hackings like JPMorgan Chase, Home Depot and Target have those in that position working hard to grab the increasing business.

Business will definitely boom.

PricewaterhouseCoopers has found that cyber security incidents grew 48% between 2012 and 2013 and hit 42.8 million. The average loss per company is $5.9 million. Thats up from $3.9 million.

Thus, Parisi predicts sales will double in 2014 to $2 billion from the $1 billion in 2013.

He cautions a lot of companies have entered the market. That means good news for those wanting the insurance because in spite of increasing claims rates are remaining flat.

 

Sources: Insurancejournal.com, Insurance Business America, Rueters

Tags:  Cyber Breach  Cyber Security  Insurance Content  More Data Breaches: Insurers Scramble to Keep Up  Weekly Industry News 

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