Nearly two-thirds of British organizations are not insured for cyber incidents, according to Risk: Value report from NTT Security. Even with massive uproar around cybersecurity and the Global Data Protection and Regulation coming to effect earlier this year, a vast majority of UK companies do not have a cyber insurance to cover major cyber attacks and breaches.

The report which surveyed 1,800 global senior decision makers from non-IT functions pointed out that UK organizations have spent more than $1 million to recover from cyber attacks. “With estimated annual losses from cyber crime now topping $400bn (£291bn) according to the Center for Strategic and International Studies, you would hope more organisations would be beating a path to insurers’ doors. But while the insurance sector is certainly seeing growth in the number of policies being taken out to cover such losses, it’s an issue that many senior decision makers are not on top of, ” said Kai Grunwitz, Senior VP EMEA, NTT Security.

According to the study, less than a third (29 percent) of firms have dedicated cybersecurity insurance in place. Even here six percent said their insurance covers only for information security breaches, while 11 percent covered data loss alone. This was despite the fact that 81 per cent of the respondents felt that it is important for their organizations to be cyber insured.

He added, “While cyber risk insurance should be put in place to help mitigate the potential fallout of a data security breach, a policy must not be seen as a ‘get out of jail free’ card. Cyber insurance must be complementary to an effective risk-based information security strategy, not a replacement for it. You wouldn’t expect your house insurance provider to pay out if you were burgled when the doors and windows are left unlocked. So don’t expect a payout – or indeed an insurance policy – if you haven’t put in place the right processes and policies.”

By mid-September, cryptocurrency exchange Bittrex will delist Bitcoin Gold (BTG) following the $18 million hack of the BTG network that began in May.

Earlier this year, the hard fork cryptocurrency Bitcoin Gold suffered a double-spending hacking attack that managed to amass over $18 million worth of BTG coins taking control of more than 51 percent of the BTG hashrate in the process.

Following the hack, the Bitcoin team in a statement said, “An unknown party with access to very large amounts of hashpower is trying to use “51% attacks” to perform “double spend” attacks to steal money from Exchanges. We have been advising all exchanges to increase confirmations and carefully review large deposits. There is no risk to typical users or to existing funds being held. The only parties at risk are those currently accepting large payments directly from the attacker. Exchanges are the primary targets.” While adding, “The cost of mounting an ongoing attack is high. Because the cost is high, the attacker can only profit if they can quickly get something of high value from a fake deposit. A party like an Exchange may accept large deposits automatically, allow the user to trade into a different coin quickly, and then withdraw automatically. This is why they are targeting Exchanges.”

The attack affected several exchanges including Binance, Bitinka, Bitfinex, Bithumb, Hitbtc, and even Bittrex. Bittrex lost approximately 12,372 BTG and had asked BTG team to compensate for the losses, which the latter did not agree upon. The end result was the delistment of BTG.

“We regret to inform our community that the crypto exchange Bittrex has decided to de-list BTG after we declined to pay them 12,372 BTG to remain listed,” explained the BTG team to Bitcoin News. “Bittrex informed us that they make this decision because the BTG team would not “take responsibility for our chain,” and that taking responsibility meant paying Bittrex 12,372 BTG to cover the loss they incurred.”

Health Management Concepts (HMC) recently experienced a ransomware attack that quickly turned into a major data breach that compromised the patient’s personal data like names, social security numbers, and health insurance information.

HMC notified the New Hampshire Attorney General that it has discovered, on July 16, a ransomware attack on its server which is used to share files with the clients. The healthcare management vendor provides chronic condition management to IBU (Inlandboatmen’s United of the Pacific National Benefit Funds).

On July 19, HMC revealed that the forensic firm that was engaged to handle the ransomware incident unintentionally provided a file containing personal information like patients’ names, social security numbers, and health insurance plan data of IBU’s members, including social security numbers of four New Hampshire residents.

“To help prevent this type of incident from occurring again, HMC is adding enhanced security protocols to its current server, including removing access to the server through Remote Desktop Protocol. It also is migrating its server to another cloud computing service, which will provide additional security,” HMC said in its letter to the NH Attorney General.

HMC did not clarify how the personal information was provided to the attackers and also did not announced the number of victims affected by the incident apart from the four New Hampshire residents.

In a similar data breach incident, the Lowa-based health system UnityPoint Health fell victim to a data heist that compromised 1.4 million patient records. According to an official statement from the company, the issue began when UnityPoint Health received a series of phishing emails that trapped some employees to provide their sign-in credentials. This gave the hackers unauthorized access to the company’s business email accounts. The organization discovered the incident on May 31, 2018, and notified the victims about the data theft.

We can come to a conclusion that calling something unhackable and boasting about it may not be the best thing to do. For whatever it was, they should understand that hackers are more evolved than ever. The biggest take away here must be for the cybersecurity pundit John McAfee who recently launched his BitFi, an apparent ‘unhackable’ crypto wallet device. Here is the news, BitFi was hacked. Not once, but twice.

The first thing the company has done post the incident is to remove the unhackable word from its website for, we believe, certain obvious reasons! The company made the announcement after a group of security researchers released an evidence of the wallet being compromised. “As part of our ongoing efforts to protect our customers, we have hired an experienced Security Manager, who is confirming vulnerabilities that have been identified by researchers. Next week, we will make comprehensive public announcement acknowledging and addressing these issues that have been identified. Effective immediately, we are closing the current bounty programs which have caused understandable anger and frustration among researchers. We acknowledge and greatly appreciate the work and effort by researchers. In our public announcement next week, we expect to confirm the final status of each of our current bounties and also provide very specific action items on our future product roadmap. Going forward, the company will launch a conventional bounty program through Hacker One,” the website released a statement.

“Effective immediately, we will be removing the “Unhackable” claim from our branding which has caused a significant amount of controversy. While our intention has always been to unite the community and accelerate the adoption of digital assets worldwide, we realize that some of our actions have been counterproductive to that goal. Please stay tuned next week for our public announcement.”

The group claimed that they had hacked the wallet before but Bitfi and Mr McAfee refused to accept their evidence as the rule of the bug bounty program that required the hacker to empty the contents of a BitFi wallet that we have pre-loaded and have sent to you.

Well, for Sir John McAfee is, who is known for is obvious nature, the hack hasn’t occurred even after he upped the bounty to $250K, going all Samuel Jackson’s ‘I double dare you’ way. He even took to twitter saying, “Its selling like hotcakes. And, still, no one has been able to hack it and get the coins. Since the purpose of the wallet is to store coins, every claimed “hack” has been http://unsuccessful.it  is clearly unhackable.”