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Category: Cyber Risks


Cyber Risks, Risk Management

Howden rolls out cyber insurance platform for SMEs

May 22, 2024

Via: Insurance Business

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 […]


Cyber Risks, Risk Management

Lloyd’s updates cyber war wordings

May 17, 2024

Via: Reinsurance News

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 […]


Cyber Risks, Risk Management

Frequency of ransomware claims jumps 64% YoY, At-Bay

May 15, 2024

Via: Reinsurance News

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 […]


Cyber Risks, Risk Management

QCC report forecasts doubling of global cyber insurance market by 2030

April 30, 2024

Via: Reinsurance News

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 […]


Cyber Risks, Risk Management

Aon partners with ReliaQuest on cyber risk management

April 10, 2024

Via: Reinsurance News

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 […]


Cyber Risks, Risk Management

Markets/Coverages: Munich Re’s HSB Launches Cyber Insurance for Autos

April 3, 2024

Via: Insurance Journal

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 […]


Cyber Risks, Risk Management

Coalition Insurance Company opens quoting across the entire US

April 1, 2024

Via: Insurance Business

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 […]


Cyber Risks, Risk Management

Chief Risk Officers Say Cybersecurity Most Pressing Risk: Survey

March 21, 2024

Via: Insurance Journal

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 […]


Cyber Risks, Risk Management

Change Healthcare Cyberattack: Actionable Next Steps for Impacted Entities

March 14, 2024

Via: JD Supra

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 […]


Cyber Risks, Risk Management

Deep pool of capital, cat bonds help meet cyber insurance demand: Beazley CEO

March 7, 2024

Via: Artemis BM

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 […]


Cyber Risks, Risk Management

Navigating the New Frontier: Insurance for Artificial Intelligence Risks

March 5, 2024

Via: JD Supra

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 […]


Cyber Risks, Risk Management

There is diversification to be found within cyber cat bonds and ILS: CyberCube

February 29, 2024

Via: Artemis BM

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 […]


Cyber Risks, Risk Management

US Pharmacy Outage Triggered by ‘Blackcat’ Ransomware at UnitedHealth Unit: Sources

February 26, 2024

Via: Insurance Journal

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 […]


Cyber Risks, Risk Management

CyRisk launches Privacy Risk Insights Underwriting platform for cyber insurance industry

February 15, 2024

Via: Reinsurance News

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 […]


Cyber Risks, Risk Management

Global Ransomware Attacks Reach Record High in 2023, Says Corvus

January 31, 2024

Via: Insurance Journal

Despite law enforcement actions, fourth quarter 2023 ransomware incidents still surpassed 2022 by nearly 70%, and the number of active ransomware groups grew by 34%. Corvus Insurance recently released its Q4 2023 Ransomware Report, featuring data collected from ransomware leak […]


Cyber Risks, Risk Management

Underwriters concerned about ransomware and supply-chain attacks: Woodruff Sawyer

January 12, 2024

Via: Reinsurance News

The cyber insurance market witnessed a major shift between 2022 and 2023, with a combination of positive trends and facts ultimately creating a soft cyber insurance market, which included higher pricing after a two-year hard market, reduced claim experience due […]


Cyber Risks, Risk Management

Price guidance rises for Swiss Re’s industry loss cyber cat bond

December 21, 2023

Via: Artemis BM

We’re told that the price guidance has been raised for the first industry-loss triggered cyber catastrophe bond deal, which is being sponsored by reinsurance firm Swiss Re, while the size of the Matterhorn Re Ltd. (Series 2023-1) transaction remains at […]


Cyber Risks, Risk Management

Costs of Small Business Cyberattacks Are Down But Frequency Is Up, Says Hiscox

December 7, 2023

Via: Insurance Journal

The less-than-encouraging news: Only a third (33%) of US small businesses consider cyber risk high or very high. The somewhat encouraging news: 53% of U.S. small businesses have either a standalone cyber insurance policy or have cyber coverage through another […]


Cyber Risks, Risk Management

Beyond re/insurance – how to protect society from an unprecedented cyber incident

November 10, 2023

Via: Insurance Business

‘Protecting society from an unprecedented cyberattack will require more than insurance’ – there’s a stark warning to be found in the Geneva Association’s (GA) new report into the global cyber protection gap. Speaking with Insurance Business, Darren Pain (pictured), GA […]


Cyber Risks, Risk Management

At-Bay launches new MDR cybersecurity solution for SMBs

October 26, 2023

Via: Reinsurance News

At-Bay, the cyber insurance provider, has launched a new Managed Detection and Response (MDR) solution, At-Bay Stance MDR, designed to help emerging and mid-sized businesses advance their security defenses and threat preparedness, in view of the rapid rise of cyber […]