Jeff Stone at CyberScoop reported that Insurance company AIG is responsible to reimburse a $6M loss to a client using their cyber-insurance. The client SS&C Technology was fooled by hackers in 2016, who sent spoofed emails pretending to be a legitimate supplier asking for payment. AIG denied the claim at first. The issue went to federal court and was ruled in SS&C’s favor.

These types of attacks are more common and costly than one might think. “Such attacks, known as business email compromise (BEC) scams, cost organizations an average of $301 million every month in 2018, the U.S. Department of Treasury previously determined.”

IronCAPX is an email security product that is coming soon. IronCAP X allows senders to digitally sign the email, so that recipients can trust the legitimacy of the sender. Moreover, IronCAP X digital signature feature is not only safe today but also in the future world of #quantumcomputers.

For more information, send us a message. For more information about the news, see the original article: https://www.cyberscoop.com/aig-cyber-insurance-ssc-technologies/

#encryption #cybersecuritynews #quantum #ironcap #cryptography #nist #01communique #cyber #datasecurity #infosec #hacking