GENWORTH FINANCIAL INC FILES (8-K) Disclosing Other Events - Insurance News | InsuranceNewsNet

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June 22, 2023 Newswires
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GENWORTH FINANCIAL INC FILES (8-K) Disclosing Other Events

Edgar Glimpses

Item 8.01 Other Events.

Genworth Financial, Inc. (the "Company") has been notified by PBI Research
Services ("PBI"), a third-party vendor to the Company, that PBI, in common with
numerous other organizations and governmental agencies, was subject to the
widely reported security events involving the MOVEit file transfer system, which
PBI uses in the performance of its services. The MOVEit file transfer system
security event resulted in the unauthorized acquisition by a third-party of data
from several organizations and governmental agencies, including Company data. As
further described below, the Company believes that the personal information of a
significant number of insurance policyholders or other customers of its life
insurance businesses was unlawfully accessed, and is working to ensure that
protection services are provided to those impacted individuals. The Company
believes that the PBI security event has not had any impact on any of the
Company's information systems, including its financial systems, and that there
has not been any material interruption of the Company's business operations. The
Company's Enact mortgage insurance business was not affected by the incident.
While the Company is continuing to measure the impact, including certain
remediation expenses and other potential liabilities, the Company does not
currently believe this incident will have a material adverse effect on its
business, operations, or financial results.

PBI is a third-party vendor that provides services to various companies in the
insurance industry. The Company's life insurance businesses use PBI to, among
other things, satisfy applicable regulatory obligations to search various
databases to identify the deaths of insured persons under life insurance
policies, and to identify the deaths of insured persons under long-term care
insurance, and annuity policies which can impact premium payment obligations and
benefit eligibility. For life insurance policies and annuity contracts, this
helps identify the possible eligibility of beneficiaries for death benefits even
prior to the submission of claims, or for policies that beneficiaries may not
know exist.

Since receiving notification of the security event, the Company, together with
PBI, promptly launched an investigation to determine to what extent personal
information had been unlawfully accessed by the threat actor. While that
investigation is still ongoing, it is the Company's understanding, based on the
current state of the investigation that approximately 2.5-2.7 million
policyholders' or other customers' personal information, including social
security numbers, was exposed to and obtained by the threat actor as a result of
the PBI security event.

The Company will ensure that appropriate notification is provided to individuals
affected by this security event, as well as to regulatory agencies as required
by federal and state law. In addition, impacted individuals will be offered
credit monitoring and identity theft protection services. Additional information
and contact information can be found at www.genworth.com/moveit.

With respect to any impact on the Company, the Company does not itself use the
MOVEit file transfer system, and PBI has informed the Company that it has
rectified the vulnerability that allowed the incident.

Forward Looking Statements

This Current Report on Form 8-K contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of
the Securities Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995 that involve risk and uncertainties. These
forward-looking statements are based on our current beliefs, understandings and
expectations and may relate to, among other things, statements regarding our
current beliefs, understanding and expectations regarding this cyber incident
and its impact on our business, operations and financial results. These
forward-looking statements are neither promises nor guarantees, but are subject
to a variety of risks and uncertainties, many of which are beyond our control,
which could cause actual results to differ materially from those contemplated in
these forward-looking statements. Factors that could cause actual results to
differ materially from those expressed or implied include legal, reputational,
and financial risks resulting from this cyber incident, our ongoing
investigation of the incident, including the Company's potential discovery of
additional information related to the incident in connection with this
investigation, any potential regulatory inquiries and/or litigation to which the
Company may become subject in connection with this incident, the extent of
remediation and other additional costs that may be incurred by the Company in
connection with this incident, the extent of insurance coverage and contractual
indemnification, and the risks set forth in our Annual Report on Form 10-K for
the year ended December 31, 2022, filed with the Securities and Exchange
Commission
on February 28, 2023, and our other filings with the Securities and
Exchange Commission
. The Company undertakes no obligation to revise or update
any forward-looking statements, or to make any other forward-looking statements,
whether as a result of new information, future events or otherwise.

--------------------------------------------------------------------------------

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