One of Europe”s top five insurers has said it will stop reimbursing people in France who pay up after being targeted by cybercriminals with ransomware.
The global insurance company said on Thursday that it will stop writing cyber-insurance policies that cover customers for extortion payments to ransomware attackers.
Ransomware attacks see criminals break into computer networks, seeding malware and scrambling data. Only after ransoms – often huge sums – are paid do the perpetrators provide software keys to decode it.
As of last year, some ransomware attackers also began stealing sensitive data before encrypting networks and threatening to dump it
Insurance giant AXA Switzerland now allows customers to pay premiums in bitcoin.
Announcing the news on Thursday, AXA Switzerland said the bitcoin payment option is available for all its non-life products. Life insurance products do not support the option for “regulatory reasons.”
“This is AXA’s response to growing demand from its customers for alternative payment solutions, with new technologies playing an ever-greater role,” said Claudia Bienentreu, head of open innovation at AXA Switzerland.
The company has partnered with Swiss crypto broker Bitcoin Suisse for the initiative, meaning bitcoin payments would go to Bitcoin Suisse and be converted into Swiss francs
The popular legal research and data brokerage firm LexisNexis signed a $16.8 million contract to sell information to U.S. Immigration and Customs Enforcement, according to documents shared with The Intercept. The deal is already drawing fire from critics and comes less than two years after the company downplayed its ties to ICE, claiming it was “not working with them to build data infrastructure to assist their efforts.”
Though LexisNexis is perhaps best known for its role as a powerful scholarly and legal research tool, the company also caters to the immensely lucrative “risk” industry, providing, it says, 10,000 different data
Insurance giant CNA has suffered a ransomware attack using a new variant called Phoenix CryptoLocker that is possibly linked to the Evil Corp hacking group.
This week, BleepingComputer reported that CNA had suffered a cyberattack impacting their online services and business operations.
Soon after we reported on the attack, CNA issued a statement confirming that they had suffered a cyber attack last weekend.
“On March 21, 2021, CNA determined that it sustained a sophisticated cybersecurity attack. The attack caused a network disruption and impacted certain CNA systems, including corporate email,” CNA disclosed
Wall Street foresees a strong economic rebound in 2021, with financial giants Bank of America (BAC), JPMorgan Chase (JPM) and Citibank (C) all expecting big growth this year. But Wells Fargo (WFC) tops all the big banks in terms of estimated EPS gains.
While one of the country’s largest banks, Wells Fargo hasn’t posted a quarter of positive growth for both the top and bottom lines since Q2 2019. But investors are banking on a strong rebound.
For 2021, Wells Fargo sees earnings growth of 91%, followed by a 26% rise
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