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1224
AXA XL, Slice Labs, Microsoft to Offer Cyber Risk Management Tools
From:insurance journalAXA XL, the p&c and Specialty Risk Division of global insurer AXA, Slice Labs Inc. (Slice), an on-demand insurer of cloud technology, and Microsoft will work together to help improve cyber health and mitigate risks for Microsoft 365 Business, Office 365 Business Premium and Office 365 Business customers. The new relationship will give qualifying customers discounted access to Slice on-demand, cloud-based cyber insurance provided by AXA XL.Microsoft customers will have access to an end-to-end product that will help them secure their environment and give them the critical services and support for incident response and remediation in the event of a successful cyber-attack. These services are all part of AXA XL’s cyber insurance policy, which will be offered at discounted pricing to qualified customers who represent a lower insurance risk based on a security posture assessment that will be provided by Microsoft Secure Score.Recent Forrester survey results found that cybersecurity attacks are a business reality for small and mid-size businesses (SMBs), with nearly half having had a breach within the last year. What was more concerning was that 27% of SMBs were unaware if they’ve had a breach. One primary issue is that 58% of the SMBs struggle to maintain basic cybersecurity hygiene.“This new level of integration with Microsoft and Slice Labs reinforces the fact that insurance is no longer an after the fact product that companies should use as a band-aid when an incident occurs,” said John Coletti, Chief Underwriting Officer, AXA XL’s cyber insurance team in North America.Small business Microsoft customers can access AXA XL Cyber Insurance offered by Slice here.Slice Labs is the insurance engine behind tomorrow’s cloud-based, on-demand digital services ecosystems for the new economy. Through Slice’s Insurance Cloud Services (ICS) platform, Slice is enabling insurers, technology companies, and other service providers to build pay-as-you-go digital insurance products protecting the insured anytime and anywhere. Slice is licensed in the US and the UK.Organizer：China Insurance Digital & AI Development 2020Web:http://en.zenseegroup.com/p/560573/Contact:Ann 021-65650305 -
1225
Health Provider in Arizona to Pay $6M Settlement in Breach
A Phoenix, Ariz.-based health provider has agreed to settle a lawsuit over a computer data breach that may have compromised health and personal data of about 3 million patients, employees, health insurance customers and others.The class action lawsuit against Banner Health stemmed from a 2016 cyberattack that exposed the information, The Arizona Republic reports.The settlement, up to $6 million, includes free insurance coverage for claims of up to $1 million to cover financial losses and two years of free credit monitoring through Identity Guard Total, officials said.When the breach occurred, Banner Health initially gave those affected a year of free credit monitoring, officials said.Those affected would be able to file claims for up to $500 for ordinary expenses or up to $10,000 for extraordinary expense reimbursement such as lost time at work or professional help with identity theft issues under the settlement agreement, company officials said.“All things considered, this settlement compares very favorably with those that have been approved in other data breach cases,” said Andrew Friedman, one of the lawyers representing the plaintiffs.The settlement was granted preliminary approval and is subject to final court approval April 21, officials said.“This is still a pending legal matter, so we are unable to discuss details. However, we are hopeful that it will be resolved soon, at which time those who were impacted can learn additional information,” provider spokeswoman Becky Armendariz said.Banner Health has also agreed to improve its information security systems, officials said.“In the meantime, data security is one of our highest priorities and we continue to work diligently to protect the sensitive information of our patients and employees,” officials said.From:insurance journalOrganizer：China Insurance Digital & AI Development 2020Web:http://en.zenseegroup.com/p/560573/Contact:Ann 021-65650305 -
1226
Bank of England Enhances Scrutiny of Lloyd’s Whistleblower Systems
The Bank of England has stepped up its monitoring of Lloyd’s of London’s whistleblowing systems, the central bank said on Monday, after reports this year about sexual harassment and bullying at the 330-year old insurance market.The Prudential Regulation Authority (PRA) said the insurance market had agreed to extra checks after informing the regulator its processes had been ineffective.he PRA said it was first made aware of issues at Lloyd’s in February when the market told the regulator its only anonymous whistleblowing channel for staff had not been operational since October 2017.Other whistleblowing channels were available while the anonymous hotline was down, the PRA said.Lloyd’s also failed to provide an annual whistleblowing report as expected, the regulator added.Lloyd’s has voluntarily agreed to additional requirements, including enhanced reporting of whistleblowing cases and training requirements for senior staff, the PRA said.Following press reports of widespread misconduct at Lloyd’s, the market published results of a survey in September that found nearly one in 12 employees working in the market had witnessed sexual harassment there in the past year, while a quarter had witnessed excessive drinking.Lloyd’s has tried to improve standards of behavior in the market this year, including introducing life bans from its building and a bullying and harassment hotline.The Lloyd’s market employs nearly 50,000 people and has 99 syndicate members offering insurance in specialist areas from ships to sculptures.“We are extremely disappointed by this failure in our internal controls, which serves to remind us all about the need for constant vigilance when it comes to these essential services,” a Lloyd’s spokesman said.“Lloyd’s employees can feel confident that we now have all the right mechanisms in place for them to report any wrongdoing, and that these systems are regularly monitored.”(Reporting by Iain Withers; editing by Louise Heavens and Edmund Blair)From:insurance journalOrganizer：China Insurance Digital & AI Development 2020Web:http://en.zenseegroup.com/p/560573/Contact:Ann 021-65650305 -
1227
Health Provider in Arizona to Pay $6M Settlement in Breach
A Phoenix, Ariz.-based health provider has agreed to settle a lawsuit over a computer data breach that may have compromised health and personal data of about 3 million patients, employees, health insurance customers and others.The class action lawsuit against Banner Health stemmed from a 2016 cyberattack that exposed the information, The Arizona Republic reports.The settlement, up to $6 million, includes free insurance coverage for claims of up to $1 million to cover financial losses and two years of free credit monitoring through Identity Guard Total, officials said.When the breach occurred, Banner Health initially gave those affected a year of free credit monitoring, officials said.Those affected would be able to file claims for up to $500 for ordinary expenses or up to $10,000 for extraordinary expense reimbursement such as lost time at work or professional help with identity theft issues under the settlement agreement, company officials said.“All things considered, this settlement compares very favorably with those that have been approved in other data breach cases,” said Andrew Friedman, one of the lawyers representing the plaintiffs.The settlement was granted preliminary approval and is subject to final court approval April 21, officials said.“This is still a pending legal matter, so we are unable to discuss details. However, we are hopeful that it will be resolved soon, at which time those who were impacted can learn additional information,” provider spokeswoman Becky Armendariz said.Banner Health has also agreed to improve its information security systems, officials said.“In the meantime, data security is one of our highest priorities and we continue to work diligently to protect the sensitive information of our patients and employees,” officials said.Organizer：China Insurance Digital & AI Development 2020Web:http://en.zenseegroup.com/p/560573/Contact:Ann 021-65650305 -
1230
Bid for $40 million disaster insurance program fails
Rosalia de Leon, treasurer of the Philippines, said that the government is unable to find reinsurers for a 2 billion Philippine pesos ($40 million) national disaster indemnity insurance program after a failed bid this month, Business Inquirer reports. The government was looking to insure the bridges, roads and highways in 25 provinces as well as schools in 32 provinces and the national capital region against fire, lightning and natural catastrophes.Organizer：China Insurance Digital & AI Development 2020Web:http://en.zenseegroup.com/p/560573/Contact:Ann 021-65650305
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