March 14, 2024
Via: JD SupraOn 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
Via: Artemis BMCommenting 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
Via: JD SupraOn 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
Via: Artemis BMCyberCube, 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
Via: Insurance JournalHackers 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
Via: Reinsurance NewsCyRisk, 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 […]
January 31, 2024
Via: Insurance JournalDespite 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 […]
January 12, 2024
Via: Reinsurance NewsThe 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 […]
December 21, 2023
Via: Artemis BMWe’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 […]
December 7, 2023
Via: Insurance JournalThe 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 […]
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 […]
October 26, 2023
Via: Reinsurance NewsAt-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 […]
October 20, 2023
Via: Insurance BusinessChubb has partnered with cybersecurity company SentinelOne to improve the cyber risk management practices of businesses in the US and Canada. Under the initial phase of this partnership, Chubb’s cyber insurance policyholders with annual revenue exceeding $100 million will be […]
October 12, 2023
Via: Insurance BusinessThe use of artificial intelligence (AI) to facilitate fraud insurance claims has grown over the past decade, especially as AI has become more sophisticated. But the entry of generative AI could drive insurance fraud to levels yet unseen, a digital […]
September 27, 2023
Via: Reinsurance NewsIn a strategic move aimed at bolstering cybersecurity practices for American businesses, Chubb, the world’s largest publicly traded property & casualty insurance company, has embarked on a collaboration with SentinelOne, a renowned leader in the field of cybersecurity. This partnership […]
September 26, 2023
Via: Reinsurance NewsWith cyber crime fears being heavily highlighted in PwC’s “Insurance Banana Skins 2023” report, Reinsurance News spoke to Jim Bichard, Partner and Global Insurance Leader at PwC, at RVS 2023 about what the industry needs to do to try and […]
September 13, 2023
Via: Insurance BusinessLockton Re has released a new report addressing a pressing issue in cyber insurance: blending distinct first and third-party risks with systemic risks. In its new report titled “The All Risk Cyber (ARC) Challenge: An Evaluation for Simplifying Cyber Reinsurance,” […]
September 12, 2023
Via: Reinsurance NewsDuring Swiss Re’s press briefing at RVS Monte Carlo 2023, Gianfranco Lot, Swiss Re’s Chief Underwriting Officer, Property & Casualty Reinsurance, explained that cyber insurance is yet to evolve to the same levels as property cat. Within their property cat […]
September 6, 2023
Via: Insurance BusinessAmong the highlights of S&P Global Ratings’ briefing into where the global reinsurance sector stands in 2023, it was highlighted that the sector is stabilising as ‘green shoots emerge in underwriting’. Amid ‘much-needed’ structural changes in reinsurance underwriting, S&P has […]
Cyber Risks, Regulatory / Legal, Risk Management
August 30, 2023
Via: Insurance BusinessGEICO is set to confront a nationwide class action lawsuit after allegedly compromising its customers’ privacy through the unauthorized release of their driver’s license numbers that were later used by identity thieves to secure fraudulent unemployment benefits. US District Judge […]