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Global Insurance Perspectives On Climate Change - Environment

Global Insurance Perspectives On Climate Change - Environment
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African Alliance Lists Benefits of Robust IT System

Ebere Nwoji Contrary to the belief among some operators that the COVID-19 pandemic slowed down their performance last year, African Alliance Insurance Plc has said it had a different experience, saying it witnessed faster payment of premium by policy buyers. The company, said during the lockdown last year due to the pandemic, it received premium from federal government on the group life insurance of its workforce faster than every other year. It attributed the success recorded during the period to its robust IT system and Business Continuity Management process which it had put in place before the advent of the COVID-19 period.

NYDFS Data Breach Settlement with Two Life Insurers

Advertisement New York Department of Financial Services Announces a $1.8 Million Settlement with Two Life Insurers for Data Breach Violations Monday, July 12, 2021 The New York Department of Financial Services (“NYDFS”) recently announced that it has entered into a Consent Order with two affiliated life insurers for alleged violations of New York’s Cybersecurity Regulation (the “NY Cybersecurity Regulation”). The NYDFS conducted an investigation and determined that the two life insurers (the “Companies”) had been the subject of two phishing attacks in 2018 and 2019, which compromised the email accounts of several of the Companies’ employees, providing access to a significant amount of sensitive and personal data of their customers. The NYDFS indicated that its investigation revealed the Companies allegedly violated the NY Cybersecurity Regulation by failing to implement MultiFactor Authentication (“MFA”) without implementing reasonably equivalent or m

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