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Tag: Cyber Insurance


Cyber Risks, Risk Management

Relay revolutionizes cyber insurance quotes for brokers

April 28, 2023

Via: Insurance Business

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 […]


Cyber Risks, Risk Management

Aon warns BESS operators to boost resilience against emerging cyber threats

April 25, 2023

Via: Reinsurance News

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’ […]


Cyber Risks, Risk Management

Cyber recovery firm lands $5 million investment

March 20, 2023

Via: Insurance Business

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 […]


Cyber Risks, Risk Management

Cyber cat bond a welcome tool for balance-sheet protection: Miller, DAC Beachcroft

March 10, 2023

Via: Artemis BM

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 […]


Cyber Risks, Risk Management

Cyber Insurance Market Back From Brink After Onslaught of Ransomware Attacks

February 27, 2023

Via: Insurance Journal

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 […]


Cyber Risks, Risk Management

Coalition expands cyber risk protection to US-based large enterprises

February 15, 2023

Via: Insurance Business

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 […]


Cyber Risks, Risk Management

Liberty Mutual Launches Global Cyber Office to Better Manage Complex Cyber Risks

February 13, 2023

Via: Insurance Journal

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 […]


Cyber Risks, Risk Management

Beazley launches $45 million cyber catastrophe bond

January 9, 2023

Via: Reinsurance News

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 […]


Cyber Risks, Risk Management

Industry groups suggest any FIO response to cyber risk needs consideration

January 6, 2023

Via: Reinsurance News

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 […]


Cyber Risks, Risk Management

FTT and ransomware are top drivers of cyber loss, Corvus finds

December 9, 2022

Via: Reinsurance News

New 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 […]


Cyber Risks, Risk Management

Cyber insurance rate increases see welcome slowdown – Marsh

October 13, 2022

Via: Insurance Business

Cyber 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 […]


Cyber Risks, Risk Management

Cyber insurance will become more ubiquitous, vital – report

October 7, 2022

Via: Insurance Business

Cyber 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 […]


Cyber Risks, Risk Management

Beazley probes insurance needs of digital health businesses

September 23, 2022

Via: Insurance Business

A 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 […]


Cyber Risks, Risk Management

Reinsurers risk irrelevancy if cyber demand isn’t met: Munich Re

September 15, 2022

Via: Reinsurance News

Senior 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 […]


Cyber Risks, Risk Management

BTIS, At-Bay partner to launch cyber insurance marketplace

August 29, 2022

Via: Insurance Business

Builders & 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 […]


Cyber Risks, Risk Management

WTW reports on developments in cyber insurance market

August 15, 2022

Via: Insurance Business

WTW 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 […]


Cyber Risks, Risk Management

Inside Out: How Exit Crime, Insider Threats Are Creating Challenges for Insurers

July 20, 2022

Via: Insurance Journal

Insider 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 […]


Cyber Risks, Risk Management

Ransomware pay-outs by cyber insurers in the last two years averages £3.2m: Panaseer

July 12, 2022

Via: Reinsurance News

According 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 […]


Cyber Risks, Risk Management

‘Cautious Optimism’ for Cyber Buyers as More Focus on Risk Controls: Marsh

July 6, 2022

Via: Insurance Journal

While 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 […]


Cyber Risks, Risk Management

Captives, MGAs, MGUs Contribute to Growing Cyber Insurance Market

June 21, 2022

Via: Insurance Journal

The 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 […]