January 24, 2023
Via: Insurance JournalHannover 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
January 12, 2023
Via: JD SupraIn 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 […]
January 9, 2023
Via: Reinsurance NewsSpecialist 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 […]
January 6, 2023
Via: Reinsurance NewsA 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 […]
December 29, 2022
Via: Insurance JournalA 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’ […]
December 19, 2022
Via: Insurance JournalCyberCube 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 […]
December 9, 2022
Via: Reinsurance NewsNew 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 […]
October 13, 2022
Via: Insurance BusinessCyber 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 […]
October 7, 2022
Via: Insurance BusinessCyber 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 […]
October 6, 2022
Via: Insurance JournalLloyd’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 […]
September 23, 2022
Via: Insurance BusinessA 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 […]
September 15, 2022
Via: Reinsurance NewsSenior 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 […]
September 14, 2022
Via: Insurance JournalThe 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, […]
August 29, 2022
Via: Insurance BusinessBuilders & 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 […]
August 15, 2022
Via: Insurance JournalLast 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 […]
August 15, 2022
Via: Insurance BusinessWTW 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 […]
August 12, 2022
Via: JD SupraMulti-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 […]
August 11, 2022
Via: Insurance JournalThe 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 […]
August 10, 2022
Via: Reinsurance NewsCybersecurity 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 […]
July 20, 2022
Via: Insurance JournalInsider 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 […]