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Category: Cyber Risks


Cyber Risks, Risk Management

Hannover Re Transfers Cyber Risks to Capital Markets via Proportional Reinsurance

January 24, 2023

Via: Insurance Journal

Hannover Re has developed an additional retrocession tool that for the first time enables the capital markets to participate directly in coverage of its cyber risks through a quota share cession. Longstanding partner Stone Ridge is supporting the transfer with […]


Cyber Risks, Regulatory / Legal, Risk Management

Ohio Supreme Court Holds that Insurance Policy Does Not Cover Ransomware Attack on Software

January 12, 2023

Via: JD Supra

In a unanimous decision, the Ohio Supreme Court found that appellee EMOI Services, LLC’s (“EMOI”) businessowners insurance policy does not cover losses resulting from a ransomware attack on EMOI’s computer software systems. EMOI, a computer software company, was the target […]


Cyber Risks, Risk Management

Beazley launches $45 million cyber catastrophe bond

January 9, 2023

Via: Reinsurance News

Specialist insurer and reinsurer Beazley has launched a $45 million cyber catastrophe bond, providing the carrier with protection against “remote probability catastrophe and systemic events”, opening up a much larger source of capital for the firm, according to a report […]


Cyber Risks, Risk Management

Industry groups suggest any FIO response to cyber risk needs consideration

January 6, 2023

Via: Reinsurance News

A list of industry trade groups have submitted a cautioning joint letter to the Federal Insurance Office (FIO) in response to its request for comments on a “Potential Federal Insurance Response to Catastrophic Cyber Incidents.” The industry groups involved in […]


Cyber Risks, Risk Management

Ransomware Did Not Cause Direct Physical Loss, State High Court Says

December 29, 2022

Via: Insurance Journal

A business owner’s insurance policy did not provide coverage for software damaged by a ransomware attack because there was no direct physical damage or loss, the Ohio Supreme Court ruled. “Computer software cannot experience ‘direct physical loss or physical damage’ […]


Cyber Risks, Risk Management

CyberCube Gets $50M in Financing for Cyber Risk Analytics

December 19, 2022

Via: Insurance Journal

CyberCube announced $50 million in additional growth capital from investment funds managed by Morgan Stanley Tactical Value (Morgan Stanley), with continued participation from all existing investors Forgepoint Capital, Hudson Structured Capital Management (Bermuda) Ltd., MTech Capital, and key investors from […]


Cyber Risks, Risk Management

FTT and ransomware are top drivers of cyber loss, Corvus finds

December 9, 2022

Via: Reinsurance News

New data from cyber specialist Corvus Insurance has found that fraudulent funds transfer (FFT) and ransomware are the top drivers of cyber loss in 2022, accounting for over 50% of all claims combined. FFT alone comprised 36% of all claims […]


Cyber Risks, Risk Management

Cyber insurance rate increases see welcome slowdown – Marsh

October 13, 2022

Via: Insurance Business

Cyber insurance rate increases have decelerated nearly 80% on average in just six months, according to a new report from Marsh. According to Marsh’s latest quarterly US cyber insurance market update, the market began to embrace a new paradigm toward […]


Cyber Risks, Risk Management

Cyber insurance will become more ubiquitous, vital – report

October 7, 2022

Via: Insurance Business

Cyber insurance will likely eventually become as ubiquitous as public liability or professional liability coverage, according to a new report by Global Insurance Law Connect (GILC), an alliance of insurance law firms. GILC’s first-ever Cyber Insurance Report included insights from […]


Cyber Risks, Risk Management

Lloyd’s Probes Possible Cyber Attack

October 6, 2022

Via: Insurance Journal

Lloyd’s of London is investigating a possible cyber attack and has taken initial precautions in response, the re/insurance market has confirmed. “Lloyd’s has detected unusual activity on its network, and we are investigating the issue. As a precautionary measure, we […]


Cyber Risks, Risk Management

Beazley probes insurance needs of digital health businesses

September 23, 2022

Via: Insurance Business

A new report by Beazley Plc has taken a deep dive into the opportunity-rich world of digital health businesses, a majority of which, it turns out, are not adequately insured. The Spotlight on digital health and wellness 2022 report was […]


Cyber Risks, Risk Management

Reinsurers risk irrelevancy if cyber demand isn’t met: Munich Re

September 15, 2022

Via: Reinsurance News

Senior executives at Munich Re have warned that the re/insurance industry “might lose relevance” if it doesn’t find ways to meet the growing demand for cyber cover with new products and services. Speaking at the reinsurer’s 2022 RVS briefing in […]


Cyber Risks, Risk Management

Deeper Roots: How the Latino Community Is Strengthening the Cyber Insurance Workforce

September 14, 2022

Via: Insurance Journal

The root level is the highest permission level of access to a computer system, and most cybersecurity professionals work hard to ensure criminals don’t gain root access to a system. However, the word ‘root’ has another meaning for Raíces Cyber, […]


Cyber Risks, Risk Management

BTIS, At-Bay partner to launch cyber insurance marketplace

August 29, 2022

Via: Insurance Business

Builders & Tradesmen’s Insurance Services (BTIS), an insurance intermediary serving small businesses, has announced the launch of a new cyber insurance marketplace with cyber provider At-Bay. At-Bay is a cyber insurance provider offering robust first- and third-party coverage for businesses […]


Cyber Risks, Risk Management

Security Firm Finds Cyber Vulnerabilities at Indian Online Insurance Aggregator

August 15, 2022

Via: Insurance Journal

Last month, a cyber-security startup told a major Indian online insurance brokerage it had found critical vulnerabilities in the company’s internet-facing network that could expose sensitive personal and financial data from at least 11 million customers to malicious hackers. The […]


Cyber Risks, Risk Management

WTW reports on developments in cyber insurance market

August 15, 2022

Via: Insurance Business

WTW has released the latest cyber insurance market update, providing an overview of key developments in the cyber insurance market and analyzing the conditions for domestic and international companies using the London insurance market to transfer risk. The report noted […]


Cyber Risks, Risk Management

Using Multi-Factor Authentication as a Prerequisite to Cyber Liability Coverage

August 12, 2022

Via: JD Supra

Multi-factor authentication (MFA) is more than an annoying popup or text message when logging onto a company’s website or platform. Not only is using MFA a sound security practice and good business,[1] it is frequently becoming a prerequisite to procuring […]


Cyber Risks, Risk Management

Texas Department of Insurance Warns of Scammer Posing as Employee

August 11, 2022

Via: Insurance Journal

The Texas Department of Insurance (TDI) is urging consumers to be wary of phone calls or other communications from anyone claiming to be a representative of TDI. TDI will call you only when you ask for assistance. TDI’s Fraud Unit […]


Cyber Risks, Risk Management

Cybersecurity revenue in insurance sector to grow at 10%: GlobalData

August 10, 2022

Via: Reinsurance News

Cybersecurity revenues in the insurance sector are set to grow at a compound annual growth rate of more than 10%, from $6.4 billion in 2020 to $10.6 billion in 2025, according to data and analytics company, GlobalData. According to GlobalData’s […]


Cyber Risks, Risk Management

Inside Out: How Exit Crime, Insider Threats Are Creating Challenges for Insurers

July 20, 2022

Via: Insurance Journal

Insider threats are cyber attacks that come from within a company. They can happen when former or current employees, or even third party contractors that work with the company, make inadvertent errors, discover vulnerabilities, or intentionally steal data. “It’s the […]