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Cyber experts warned that the pandemic would lead to cyberattacks and several insurance industry companies were among those hit as businesses faced an array of sophisticated pandemic-related cyber threats.
It took Gallagher Bassett Services Inc. nearly two weeks to bring its entire communications capabilities back to life following a cybersecurity breach in late September.
A story reporting the incident was the second most read workers compensation article on Business Insurance’s website in 2020.
On Sept. 26, Gallagher Bassett “detected a ransomware incident impacting a limited portion of our internal systems,” the brokerage disclosed in a filing with the U.S. Securities and Exchange Commission. Clients lost access to many system features as a result of the cybersecurity breach.
On Oct. 7 Mike Hessling, CEO North America of Gallagher Bassett, the claims management unit of Arthur J. Gallagher & Co., stated in an email to clients and business partners that the company “has continued to make great progress restoring our systems” and that communications platforms, including email, phone and conferences, and internal communications tools were “fully restored.”