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Category: Cyber Risks


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 […]


Cyber Risks, Risk Management

Chubb announces team-up to bolster cyber risk management

October 20, 2023

Via: Insurance Business

Chubb 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 […]


Cyber Risks, Risk Management

Is ChatGPT an insurance fraudster’s best friend?

October 12, 2023

Via: Insurance Business

The 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 […]


Cyber Risks, Risk Management

Chubb and SentinelOne partner to enhance cybersecurity for U.S. businesses

September 27, 2023

Via: Reinsurance News

In 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 […]


Cyber Risks, Risk Management

Cyber crime fears present massive opportunities for the industry: PwC’s Jim Bichard

September 26, 2023

Via: Reinsurance News

With 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 […]


Cyber Risks, Risk Management

Cyber report calls for product clarity amid “finite” reinsurance capacity

September 13, 2023

Via: Insurance Business

Lockton 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,” […]


Cyber Risks, Risk Management

Cyber insurance is yet to evolve to the same levels as property cat: Swiss Re

September 12, 2023

Via: Reinsurance News

During 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 […]


Cyber Risks, Risk Management

What’s happening in the global cyber insurance market?

September 6, 2023

Via: Insurance Business

Among 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

GEICO to face class action over allegations of privacy breach

August 30, 2023

Via: Insurance Business

GEICO 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 […]


Cyber Risks, Risk Management

Reinsurance vital for development of sustainable cyber market: S&P

August 30, 2023

Via: Reinsurance News

As cyber insurance remains the fastest growing sub-sector of the global insurance market, S&P has underlined the importance of reinsurance in the development of a sustainable and effective market. According to S&P, primary carriers ceded around 50% to 65% of […]


Cyber Risks, Risk Management

QBE North America and MGA Converge launch cyber insurance program

July 28, 2023

Via: Reinsurance News

QBE North America has announced the launch of a new cyber insurance program with Converge, a new managing general agent (MGA) that will act as program administrator. The program will be broken down into two separate distribution structures, ConvergeElements and […]


Cyber Risks, Regulatory / Legal, Risk Management

New Jersey High Court to Hear Insurers’ Appeal Over War Exclusion in NotPetya Attack

July 26, 2023

Via: Insurance Journal

The New Jersey Supreme Court has agreed to decide whether a hostile/warlike action exclusion in an all risks property insurance policy applies in a case involving insurance coverage for a 2017 Russian cyberattack. The state’s high court will hear an […]


Cyber Risks, Risk Management

Cyber insurance – the “emergency service” for victims of cyber incidents

July 24, 2023

Via: Insurance Business

Despite the rapid evolution of the cyber insurance market, it’s still facing a demand-side problem, according to James Burns (pictured), head of cyber strategy at CFC. The relatively low level of cyber awareness among UK SMEs – which account for […]


Cyber Risks, Risk Management

Specialist insurer examines the shifting landscape of cyber risk

July 14, 2023

Via: Insurance Business

Specialist insurer Beazley has released its latest risk and resilience report, titled Spotlight on: Cyber & Technology Risks 2023. The report highlights the shifting landscape of global business risks, specifically focusing on cyber and technology risks, including ransomware attacks and […]


Cyber Risks, Risk Management

Corvus launches cyber risk prevention solution designed to improve policyholder security

June 23, 2023

Via: Reinsurance News

Corvus Insurance has announced that it has launched a “first of its kind” endorsement to help make policyholders safer through proactive engagement with Corvus Signal™, a cyber risk prevention solution that is set to reduce the frequency and costs of […]


Cyber Risks, Risk Management

Pennsylvania governor signs insurance data security act

June 22, 2023

Via: Insurance Business

Pennsylvania governor Josh Shapiro has signed into law a bill designed to safeguard the insurance industry from cyber threats. Pennsylvania Insurance Data Security Act, also known as House Bill 739, was signed last week as Act 2 of 2023 after […]


Cyber Risks, Risk Management

Cyber insurance GDPW values around $13.5bn in 2022: Insuramore

June 20, 2023

Via: Reinsurance News

According to Insuramore’s global rankings, cyber insurance gross direct premiums written (GDPW) valued around $13.5 billion in 2022, rising towards $14 billion if captive insurers are also included. The firm said in a statement that this shows that the top […]


Cyber Risks, Risk Management

Coalition unveils vulnerability scoring system designed to mitigate cyber threats

June 15, 2023

Via: Reinsurance News

Cyber insurance provider Coalition, has unveiled the Coalition Exploit Scoring System (Coalition ESS), a vulnerability scoring system designed to help risk managers mitigate potential cyber threats. Developed by Coalition Security Labs – the firm’s research and innovation center – Coalition […]


Cyber Risks, Risk Management

Guy Carpenter analysis shows modelled 1:200-year global cyber industry loss at $33.4bn

June 1, 2023

Via: Reinsurance News

According to Guy Carpenter, the US-domiciled cyber market currently stands at approximately $9 billion, with the non-US market totalling approximately $5 billion. Guy Carpenter has released a new report on the cyber re/insurance market focused on the examination of the […]