Cyber insurance premiums rocket after high-profile attacks

Cost trends upward for covering forensic investigations, credit monitoring, legal fees and settlements


BOSTON (Reuters) - A rash of hacking attacks on U.S. companies over the past two years has prompted insurers to massively increase cyber premiums for some companies, leaving firms that are perceived to be a high risk scrambling for cover.

On top of rate hikes, insurers are raising deductibles and in some cases limiting the amount of coverage to $100 million, leaving many potentially exposed to big losses from hacks that can cost more than twice that.

Amazon rolls out new services for cloud, launches 'Internet of Things' apps platform

'AWS IoT' will connect factories, vehicles, health care systems, and household appliances via the cloud


(Reuters) - Inc's cloud business, Amazon Web Services, has launched a service to help customers build applications to connect devices through the cloud, the so-called "Internet of Things".

The service, called "AWS IoT", will allow factory floors, vehicles, health care systems, household appliances among other "things" to connect through cloud services, the company said on Thursday.

The connection to the cloud will be fast and lightweight, making it a good fit for devices that have limited memory, processing power, or battery life, Amazon said.

Alcatel's strategic undersea cables unit to be swallowed by Nokia

Reverses plan to sell a majority stake in Alcatel-Lucent Submarine Networks (ASN)


PARIS (Reuters) - Alcatel-Lucent said on Tuesday it will not sell its undersea cables unit, meaning the strategic business which underpins the global Internet will be taken over by Nokia once it completes its acquisition of the Franco-American group.

The Finnish firm unveiled in April the 15.6 billion euro ($17 billion) acquisition of network gear maker Alcatel-Lucent as they aim to better compete with market leader Ericsson and low-cost Chinese powerhouse Huawei.

Europe-U.S. data transfer deal used by many firms ruled invalid

Court said Safe Harbor did not sufficiently protect EU citizens' personal data


BRUSSELS (Reuters) - The EU's highest court struck down a deal that allows thousands of companies to easily transfer personal data from Europe to the United States, in a landmark ruling on Tuesday that follows revelations of mass U.S. government snooping.

Cisco security researchers disable big distributor of 'ransomware'

Disrupts the spread of one of the most pernicious systems for infecting Internet users


SAN FRANCISCO (Reuters) - Cisco Systems Inc said it had managed to disrupt the spread of one of the most pernicious systems for infecting Internet users with malicious software such as so-called ransomware, which demands payment for decrypting users' data.

The investigators from Cisco's Talos security unit were looking at the Angler Exploit Kit, which analysts at several companies say has been the most effective of several kits at capturing control of personal computers in the past year, infecting up to 40 percent of those it targeted.

Big Auto look to tech companies to fix cars over the air

Some carmakers, including GM, BMW and Mercedes, already use OTA for entertainment systems


SAN FRANCISCO (Reuters) - As cars increasingly resemble digital devices, a group of technology firms that can send wireless software updates to cars are in hot demand by carmakers scrambling to catch up to Tesla Motors in the arena of over-the-air updates, or OTAs.

Interest in the technology, through which certain car functions can be upgraded much the same way as an iPhone, comes as Tesla is set to deliver an OTA for hands-free cruise control this month, allowing its electric Model S sedans to drive themselves on freeways.

EU financial watchdogs zoom in on 'big data' use

Civil liberties groups have expressed concerns over personal privacy breaches


LONDON (Reuters) - European banks and insurers could face new rules to control their use of "big data" to target customers with products after EU watchdogs said they would investigate the area.

Big data refers to companies or other institutions using digital information on consumer behavior from a wide variety of sources, such as their own databases, to make market predictions or spot patterns. The global financial services industry is expected to spend billions of dollars in coming years to improve their analysis capabilities.

Millions of T-Mobile customers exposed in Experian breach

Data included names, addresses, birth dates, SSNs, drivers license and passport numbers


(Reuters) - Experian Plc, the world's biggest consumer credit monitoring firm, on Thursday disclosed a massive data breach that exposed sensitive personal data of some 15 million people who applied for service with T-Mobile US Inc.

Connecticut's attorney general said he will launch an investigation into the breach.

Dish affiliates surrender some spectrum licenses: FCC official

Dish has said it is interested in offering wireless services in addition to its pay-TV business


(Reuters) - Dish Network Corp's affiliates on Thursday surrendered 197 spectrum licenses to the U.S. government after they were held ineligible for $3.3 billion in small-business discounts earlier this year, according to a senior U.S Federal Communications Commission official.

Dish's affiliates, Northstar Wireless LLC and SNR Wireless LicenseCo LLC, on Thursday paid a penalty of $413 million for defaulting on the licenses worth $3.3 billion that they decided not to pay for, the official said.

Argentina celebrates second satellite launch, technology milestone

Local construction is a source of national pride and a relatively new industry for the country


BUENOS AIRES (Reuters) - With the launch of its second telecommunications satellite made in Argentina on Wednesday, President Cristina Fernandez celebrated the country's technology milestone and wants the South American nation to manufacture eight more over the next 20 years.

Launched from French Guyana atop an Ariane 5 rocket, the satellite will provide telecommunications services across much of the western hemisphere. Argentina last year launched its first satellite which provided country-wide coverage.

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