Category: Cyber Risks

May 9, 2023

As discussed in a previous post, cyber insurance demand and premiums have significantly increased in recent years. Fitch Ratings forecasts that cyber-related premiums could balloon to $22.5 billion by 2025. Those increases presumably reflect considerable claims activity, including in connection […]

April 28, 2023

In a Press release, the multi-carrier platform Relay has announced its latest update to help wholesale brokers and retail agents scale their businesses by offering a quick and easy onboarding process. This allows brokers and agents to secure cyber quotes […]

April 27, 2023

Despite cybersecurity experts’ repeated warnings, the insurance sector, along with other industries, is not doing a great job when it comes to creating secure passwords, says new research by password manager NordPass. Though employees are repeatedly warned to take better […]

April 25, 2023

Aon, a global professional services firm, has urged asset owners and operators in the battery energy storage system (BESS) market to enhance their cyber resilience against emerging cyber threats, identifying operational technologies used in BESS control systems as an ‘invisible’ […]

April 21, 2023

Bank of America (BofA) is concerned about the state-backed cyberattack exclusion being implemented by Lloyd’s and has expressed its apprehension with the insurance marketplace, according to the Financial Times. Citing people familiar with recent discussions between Lloyd’s and major clients, […]

April 18, 2023

Atlanta-based NCR Corp., one of the largest makers of payment systems, self-checkout technology and ATMs, said it had been targeted this week by a ransomware attack, affecting some customer restaurants. An NCR data center was disabled by the attack, which […]

April 3, 2023

As the use of ChatGPT and other AI chatbots becomes more prevalent in the business world, insurers and brokers need to stress the importance of best practices and ask their clients how they plan to adopt these technologies safely. Speaking […]

March 22, 2023

Coalition Inc., a cyber-insurance provider that tries to curb digital risk, has designed technology that simulates large-scale attacks to help insurers identify potential weaknesses in their portfolios and prevent widespread losses. The San Francisco-based company’s model measures cyber risks in […]

March 20, 2023

Cyber disaster recovery firm Fenix24 has announced a $5 million investment by insurtech investor Eos Venture Partners. Zach Powell, general partner at Eos Venture Partners, will join Fenix24 as a board member. Fenix24 is a cybersecurity firm focused on restoring […]

March 10, 2023

The recently launched cyber catastrophe bond from specialist insurer and reinsurer, Beazley, is a welcome innovation and an important addition to insurer’s “armoury against systemic risk,” according to Julian Miller, a London-based Partner at law firm DAC Beachcroft. In early […]

March 7, 2023

In a new report from CyberCube, the risk analytics specialist anticipates that there will be further attempts to compromise IT supply chains and geopolitical targets such as government agencies and non-government organizations​. In CyberCube’s Global Threat Briefing, the firm identifies […]

February 27, 2023

The cyber-insurance market, battered by a rash of pandemic-era ransomware attacks, is making a comeback. Price hikes are moderating, new carriers and fresh sources of capital are emerging, and companies can better afford coverage. Cyber-insurance pricing increased 10% from a […]

February 15, 2023

Coalition, which has been hailed as the first active insurance provider preventing digital risks before they strike, has announced an expansion of its cybersecurity offering to large US enterprise businesses with annual revenues of up to $5 billion. In a […]

February 13, 2023

Liberty Mutual Insurance announced the formation of a Global Risk Solutions (GRS) Global Cyber Office and the appointment of a leadership team. The office aims to build and scale Liberty Mutual’s cyber capabilities around the world, bringing a multi-disciplinary approach […]

January 24, 2023

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 […]

January 12, 2023

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 […]

January 9, 2023

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 […]

January 6, 2023

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 […]

December 29, 2022

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’ […]

December 19, 2022

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 […]