Tag: risk management

June 22, 2023

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 […]

June 20, 2023

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 […]

June 15, 2023

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 […]

June 1, 2023

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 […]

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 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 […]

March 24, 2023

PCF Insurance Services (PCF) is at a “moment of convergence” after investing heavily in data and technology capabilities last year. The independent commercial insurance brokerage, one of the fastest growing in the US, is ready to fuel its organic growth […]

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 21, 2023

The Silicon Valley Bank (SVB) collapse is increasing awareness of risks in the financial system and could reverse some of the softening in insurance markets this year, according to Amwins CEO Scott Purviance. “When you’re allocating capital and taking risk […]

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 17, 2023

The insurance industry has for decades lived up to its value proposition of providing capital to cover risk and reimburse losses. But a new survey shows this traditional premise of insurance is not enough for consumers anymore. Instead, attitudes and […]

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 28, 2023

Analysts at the World Bank have estimated that the recent devastating earthquakes that occurred in Turkey will result in some $34 billion of economic costs, based on direct physical damages. At this level, losses from the February quakes would be […]

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 […]

February 1, 2023

An amended bill was submitted by two California senators last week which will require gun owners in the state to secure liability insurance for their firearms. Introduced by Senators Nancy Skinner, D-Oakland and Catherine Blakespear, D-Encinitas, the amended Senate Bill […]