April 28, 2023
Via: Insurance BusinessIn 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 25, 2023
Via: Reinsurance NewsAon, 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’ […]
March 20, 2023
Via: Insurance BusinessCyber 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
Via: Artemis BMThe 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 […]
February 27, 2023
Via: Insurance JournalThe 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
Via: Insurance BusinessCoalition, 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
Via: Insurance JournalLiberty 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 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 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 […]
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 […]
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 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 […]
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 […]
July 12, 2022
Via: Reinsurance NewsAccording to a recent survey conducted by enterprise security company, Panaseer, the largest ransomware pay-outs by cyber insurers in the last two years has averaged £3.26 million in the UK and $3.52 million in the US. The company recently released […]
July 6, 2022
Via: Insurance JournalWhile the market for cyber insurance is expected to remain challenging “for the foreseeable future,” there is optimism for rate stabilization as organization focus on cyber hygiene, according to broker Marsh. In a recent briefing, the broker said “steep rate […]
June 21, 2022
Via: Insurance JournalThe hard market for cyber insurance, which is expected to continue for “some time,” and a lack of capacity has made captive insurers an “attractive risk management option for corporations,” said AM Best in a recent recent market report. As […]