Category: Cyber Risks

July 25, 2024

CFC, an insurance provider specialising in emerging risks and cyber coverage, has published an analysis on the costs SMEs incur when implementing cybersecurity services. The company’s cyber team examined the expenses of various third-party cybersecurity solutions to determine the financial […]

July 17, 2024

A recent poll from Reinsurance News suggests that AI-powered threats will drive the biggest losses across the cyber re/insurance market over the next two years. Hundreds of people from across the insurance and reinsurance industry responded to the poll. Of […]

July 16, 2024

Global insurer QBE has launched QCyberProtect, a comprehensive and consistent cyber policy designed to enhance cyber resilience for a diverse range of clients across the globe. QCyberProtect offers customised coverage for losses from various cyber risks, including network security breaches, […]

June 25, 2024

In response to increasing cyber threats, DUAL North America has formed a strategic partnership with CyberClan, a leading cybersecurity risk management firm. The partnership will expand the range of risk management solutions offered by DUAL. With the integration of DUAL Cyber into […]

June 20, 2024

The European cyber insurance market has become much more friendly, with increased capacity per layer, significant overall capacity growth, removal of coverage restrictions, and more enhancements and innovative coverages available, according to Macarena Bandres, Cyber Placement Leader at Marsh Europe. […]

June 6, 2024

CFC, a specialist insurance provider, has updated its cyber risk heat map to offer more detailed insights into key exposures across various industry sectors such as construction, education, healthcare, transport, and logistics. Drawing from CFCs own claims data and external […]

May 22, 2024

Global insurance intermediary group Howden has introduced a new cyber insurance platform aimed at small and medium-sized enterprises, simplifying the process of obtaining coverage. Targeted at businesses with revenues up to $250 million, the platform allows users to purchase cyber […]

May 17, 2024

Lloyd’s of London has recently issued an updated Market Bulletin to offer clearer guidance on cyber war wordings, aiming to prevent disputes over policy coverage. In August 2022, Lloyd’s released Market Bulletin Y5381, outlining requirements for exclusions in standalone cyber-attack […]

May 15, 2024

The frequency of ransomware claims in the United States between 2022-2023 jumped by a staggering 64% year over year, which was was primarily driven by an explosion in “indirect” ransomware incidents which increased by more than 415% in 2023 than […]

April 30, 2024

As per the QualRisk Cyber Insurance Center (QCC) 2024 Global Market Report (GMR), the international cyber insurance market is expected to double by 2030. Daniel Kasper, CEO of QCC, noted that while the US has been the major driver of […]

April 10, 2024

Aon, the global insurance and reinsurance brokerage, has partnered with ReliaQuest to help organizations rapidly mature their security programs globally. This collaboration “represents a unique approach to helping companies assess and mitigate cyber risk.” With ReliaQuest’s expertise and technology in […]

April 3, 2024

With millions of connected vehicles on U.S. roads, personal cars and trucks will likely be the next big target for hackers and cyber thieves, according to specialty insurer HSB, which has launched a new cyber insurance product to help consumers […]

April 1, 2024

Active insurance pioneer Coalition has announced that its full-stack carrier, Coalition Insurance Company (CIC), is now quoting for its admitted cyber product across the entire US. Shawn Ram, Coalition’s head of insurance, said the move is part of the company’s […]

March 21, 2024

In an inaugural EY/Institute of International Finance (IIF) global insurance risk management survey, cybersecurity was ranked as the highest concern for chief risk officers. CROs surveyed said the top five risk types or risk management types for the coming year […]

March 14, 2024

On February 21, 2024, Change Healthcare—a healthcare technology company owned by UnitedHealth Group—issued a statement that it had been impacted by a ransomware attack. According to Change Healthcare, a “threat actor” gained access to its system. As a result of […]

March 7, 2024

Commenting this morning alongside his firm’s results announcement, Beazley Chief Executive Officer (CEO) Adrian Cox said that a “deep pool of capital” is required to support growing demand for cyber insurance, while the company’s CUO Bob Quane noted that the […]

March 5, 2024

On 27 December 2023, The New York Times filed a lawsuit against OpenAI and Microsoft alleging copyright infringement in connection with OpenAI’s popular ChatGPT technology. This lawsuit is part of the first wave of artificial-intelligence-related lawsuits that have targeted some […]

February 29, 2024

CyberCube, a specialist modelling firm for cyber risks and exposures, has analysed the four 144A cyber catastrophe bonds that have been issued to date and found that there is diversification between them, which it says means these first deals provide […]

February 26, 2024

Hackers working for the ‘Blackcat’ ransomware gang are behind the outage at UnitedHealth’s technology unit that has snarled prescription deliveries for six days, two people familiar with the matter told Reuters on Monday. The problems began last week after hackers […]

February 15, 2024

CyRisk, an innovator in cyber risk management and data analytics, has introduced its latest solution, the Privacy Risk Insights Underwriting platform. Designed to meet the escalating demands of the cyber insurance sector amid a surge in privacy claims, this state-of-the-art […]