Information Security Media Group (ISMG)’s Post

CrowdStrike Outage Could Cost Cyber Insurers $1.5 Billion 😮 The global IT outage triggered by a faulty CrowdStrike software update on July 19 could lead to cyber insurers paying out up to $1.5 billion in compensation. The outage, dubbed "CrowdOut" by CyberCube, led to 8.5 million Windows hosts crashing to a Windows "blue screen of death" and then getting stuck in a constant loop of rebooting and crashing. Many IT teams, with help from CrowdStrike and Microsoft, have been working nonstop since then to recover affected systems. Cloud outage risk modeler and underwriting agency Parametrix Solutions said the outage directly affected one-quarter of the 500 most profitable publicly traded U.S. companies. Those corporations will collectively see $5.4 billion in direct losses as a result. What can we learn from this?#croudstrike, #cybersecurity #cyberinsurance #microsoft Mathew Schwartz Chris Roberts Allan Alford Drew Simonis Jimmy S, CISSP, CRISC, CISM Karina Klever

Prudential has disclosed that it fell victim to a data breach, with both contractor and employee data believed to be compromised, including potentially compromised account information. The financial services company is actively investigating the incident to determine the extent of the breach and the potential impact on the affected individuals. The revelation underscores the persistent threat of cybersecurity breaches, even for major institutions in the financial sector. As Prudential works to address the aftermath of the breach, the incident highlights the ongoing challenges and importance of robust cybersecurity measures in safeguarding sensitive information. https://lnkd.in/gYsZ2nkH #Prudential #DataBreach #CybersecurityIncident #FinancialServices #DataSecurity #TechSecurity #AccountCompromise #DataPrivacy #CyberInvestigation #FinancialCyberThreats #UnderstandingEnterpriseTech #EnterpriseTechnologyNow #EnterpriseTechnologyToday

The Fidelity incident timeline raises two problematic alternatives. More than three months elapsed between the breach and its "discovery" (presumably by Fidelity as the reporting entity). So either it took Infosys McCamish three months to discover the breach or three months to report it to Fidelity. Either scenario should be a wakeup call. Infosys McCamish is the same vendor exploited in the recent Bank of America breach. Another wakeup call. Vendors are a one-stop-shop for threat actors. What can you do? There are no foolproof solutions, but there is a lot you can do to be resilient in the face of cyber threats. To start, for every vendor who handles your sensitive data you should 1) conduct regular due diligence and 2) ensure your contracts have a hard deadline - measured in hours - for reporting data security incidents to you. https://lnkd.in/eDAx_U9A

Yesterday, cybersecurity firm CrowdStrike faced a significant outage, impacting operations at companies worldwide. The outage has led to global IT issues, including Microsoft crashes, 911 outages in various US states, and disruptions in international airlines, banks, and media outlets. Stay informed and ensure your organization is prepared to prevent or respond to such incidents. #technology #tech #outage #crowdstrike #businessinsurance #riskmanagement #cyber #businessinterruption #systemsfailure

🚨🚨 Security News🚨🚨 Prudential Financial, a leading financial services company, disclosed a data breach where attackers gained access to employee data. The company notified law enforcement and launched an investigation. No customer data was compromised. This breach highlights the need for strong cybersecurity measures. Here are some mitigations that can be taken: • Enhance network security protocols • Implement multifactor authentication • Regularly monitor IT systems • Conduct cybersecurity training for employees • Strengthen partnerships with vendors • Update and patch software systems • Develop incident response plans

In light of recent data breaches at Bank of America and Fidelity Investments, safeguarding customer data is paramount. Cybrella we understand the critical importance of protecting sensitive information. With our extensive experience in cybersecurity, particularly within the banking sector, we stand ready to provide robust solutions to fortify your organization's defenses. Let's prioritize security and protect what matters most. #Cybersecurity #DataProtection #BankingSecurity #cybrella #fidelityinvestments #bankofamerica https://lnkd.in/ebT6U_rM

You’d have to be living under a rock to not be aware of the recent CrowdStrike content update that has been linked to outages impacting over 8.5 million windows devices, with major impacts to banks, airlines, healthcare providers… we could go on. These sorts of events highlight the need for a robust cyber policy and even more so, the value of first party coverages. Cyber business interruption and system failure coverage, as well as system restoration coverage, for example, may save a business tens or  hundreds of thousands of dollars, and for larger organizations, millions in lost profits and other expenses (think of the airlines being down!). It is important to be sure to have an expert cyber broker on your team, as each carrier has a unique proprietary policy form that often needs the addition of a number of enhancements to ensure state-of-the-art coverage. Amwins, as a leading wholesaler brokerage, provides such a level of expertise. Please feel free to contact me or any of my Amwins colleagues if you need a policy/program review, assessment of current limits, or general guidance on the key cyber security protocols most desired by insurers to get the broadest and most competitive coverage. #WeHelpYouWin #CrowdStrike #CyberInsurance #Amwins

🚨 Breaking: After Bank of America, now Fidelity faces a security breach due to the same third-party vendor. Discover how these incidents highlight critical vulnerabilities in third-party relationships and what it means for data security. #CyberSecurity #ThirdPartyRisk #DataBreach Read the article here: https://lnkd.in/eqKMvQg7

No matter the country, industry or size of the #business the fact is that a #cyber event can haunt you for months (or longer). Lost #revenue plus the cost of #restoration, #notification and legal cases all add up VERY quickly and will not go away. #letstalk because it is so much more cost effective to be prepared and have built in #resilience against attacks. Our team J2 Software can help make sense of the #risk. https://lnkd.in/ev8tjxZp? #J2CSC #J1TopTip #breach

The incident at Infosys McCamish that led to a data breach of more than 57,000 Bank of America customers is alarming and unacceptable. 🔒💳 #DataBreach #CyberSecurity To solve this problem, it is crucial for companies to prioritize cybersecurity measures and invest in cutting-edge technology to prevent such breaches from happening in the future. Regular security audits, employee training on cybersecurity best practices, and implementing strong encryption protocols are essential steps towards safeguarding customer data. 🛡️💻 As someone who values privacy and security, I understand the importance of protecting sensitive information. It's devastating to hear about such breaches that can have dire consequences for individuals and businesses alike. Let's work together to ensure that data breaches like this never happen again by staying vigilant and taking proactive measures to strengthen our cybersecurity defenses. 💪🔐 Take action today by reviewing your own cybersecurity protocols and ensuring that your personal information is secure. Together, we can create a safer online environment for everyone. #StaySafe #ProtectYourData #CyberAware 🌐🔒 https://lnkd.in/grn9AaZV