Ransomware

The market for cyber breach reinsurance coverage is increasing, and policies are becoming more specialized, according to cyber insurance executives from Guy Carpenter, Aon, Liberty Mutual and Swiss Re.

The bank suffered its third breach in three years, this time by virtue of a vulnerability in Progress Software's file-transfer system. But Flagstar is only one of many such victims.

The incident occurred in November 2020 when an unauthorized party gained access to company systems and deployed ransomware, resulting in compromise of employees' personal information.

The attack knocked out core and mobile banking systems at several U.S. banks, and Finastra is working to get them up and running.