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Cyber insurance market regains profitability, reaching $12bn in annual premiums by 2022: S&P Global
29th August 2023
Following a phase of escalating rates and more stringent terms, the global cyber insurance market has resurged into profitability, with annual premiums reaching around $12 billion by the end of 2022, as reported by S&P Global Ratings. Projections suggest that this growth will persist, with premiums predicted to rise by 25%-30% ... Read the full article
Mosaic names David Drogin SVP, Head of US, Cyber
21st August 2023
Mosaic Insurance has appointed David Drogin to lead the growth of its US cyber business. Drogin joins Mosaic's New York office as Senior Vice President, Head of US, Cyber, and will report to the Global Head of Cyber, Yosha DeLong. Drogin is a senior cyber insurance professional and lawyer with almost two ... Read the full article
CyRisk confirms participation in Munich Re Specialty’s cyber risk management program
21st August 2023
CyRisk, a cyber management and data analytics firm has officially announced its participation in Munich Re Specialty's Reflex Cyber Risk Management program. In the first quarter of 2023, Munich Re Specialty Insurance launched its proactive cyber risk management program offering complementary risk control services for its US insureds with CyRisk's team ... Read the full article
Zurich Holding Company of America acquires cyber firm SpearTip
15th August 2023
Zurich Holding Company of America, a subsidiary of Zurich Insurance Group, has acquired SpearTip, a cyber counterintelligence firm that helps protect clients against cyber threats through proactive and response services. According to the firm, this acquisition expands the cyber risk mitigation services available from Zurich Resilience Solutions, a global division of ... Read the full article
Howden brings together PI, Crime & Cyber Liability into one policy
10th August 2023
Howden, the global insurance group has launched a "blended insurance product" that brings together Professional Indemnity, Crime and Cyber Liability into one policy and under one limit. According to the firm, the product brings a different approach to insurance for financial institutions, offering potential cost savings and improved efficiencies. The product has ... Read the full article
Ariel Re expands partnership with CyberCube to strengthen cyber risk analytics
7th August 2023
In a strategic move to bolster its cyber risk analytics capabilities, Ariel Re, global reinsurance business, has announced an expanded partnership with cyber risk analytics trailblazer CyberCube. This extension involves the licensing of CyberCube's Industry Exposure Databases and Portfolio Manager APIs, further solidifying Ariel Re's position as a premier manager of ... Read the full article
Major cyber incidents resulted in 9% decrease in shareholder value: Aon
4th August 2023
Major cyber incidents resulted in a 9% decrease in shareholder value, over and above the market - in the year following the event, according to data from Aon's 2023 Cyber Resilience Report. At the same time, ransomware events decreased by 16% from Q322 to Q422, however, data from the cyber and ... Read the full article
Companies make strides in cyber defense and resilience amid escalating cyber threats: Aon
2nd August 2023
In Aon's latest Cyber Resilience Report, companies are shown to have made significant strides in strengthening their cyber defenses and achieving greater resilience in the face of escalating cyber threats. The report reveals key insights gathered from over 2,000 Aon clients worldwide, showcasing a positive global shift in cyber maturity from ... Read the full article
Lockton Re expands partnership with CyberCube
1st August 2023
Innovative cyber risk analytics leader CyberCube has deepened its collaboration with Lockton Re, the reinsurance arm of the world's largest privately held independent insurance broker. Lockton Re's decision to license CyberCube's cutting-edge Industry Exposure Databases signifies a pivotal step in bolstering their cyber risk modeling and analytics solutions. CyberCube's Industry Exposure Databases ... Read the full article
MOVEit attacks provide key lessons for cyber re/insurance industry: CyberCube
31st July 2023
Cl0p’s MOVEit attacks have shone light on the cyber re/insurance industry’s blind spots, a recent report by cyber analytics firm CyberCube revealed. The global MOVEit MFT (Managed File Transfer) attack is an ongoing cybersecurity incident, led by the Cl0p ransomware and extortion gang, that has affected companies and government agencies on ... Read the full article
Cowbell becomes an AWS Cyber Insurance Partner
28th July 2023
Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), has joined the Amazon Web Services (AWS) Cyber Insurance Partner Initiative. As an AWS Cyber Insurance Partner, Cowbell's solution has been vetted by AWS for its ability to streamline the quoting process using thorough cyber risk assessments that leverage ... Read the full article
QBE North America and MGA Converge launch cyber insurance program
28th July 2023
QBE North America has announced the launch of a new cyber insurance program with Converge, a new managing general agent (MGA) that will act as program administrator. The program will be broken down into two separate distribution structures, ConvergeElements and ConvergeConnect. Each structure will have a distinct revenue focus and cyber ... Read the full article
Coinnect: Leading the charge in the revolutionary ‘Cyber Insurtech’ domain
27th July 2023
As the digital landscape continues to accelerate, cybersecurity threats continue to evolve and have raised the prominence of the cyber insurtech, reflecting an innovative intersection of cyber security technologies and cyber insurance solutions, according to Massimiliano Rijllo, CEO of Coinnect. Coinnect is a cyber insurtech firm which provides services and platforms ... Read the full article
Canopius hires Lewis Gayle as Underwriter – Cyber and Technology
21st July 2023
Canopius, a leading global specialty re/insurer, has appointed Lewis Gayle as Underwriter – Cyber and Technology, where he will report to Michael Shen, Head of Cyber and Technology, London. He joins the firm with immediate effect, bringing Canopius’ rapidly expanding cyber division to 36 employees, including 10 new hires since the ... Read the full article
AXIS Capital names Lori Bailey Head of Cyber and Technology
19th July 2023
AXIS Capital, a global specialty underwriter and provider of re/insurance solutions, has appointed Lori Bailey as Head of Cyber and Technology, a New York-based role. In her new role, Bailey will oversee the company’s Global Cyber and Technology team and will be responsible for shaping the division’s strategy, driving its profitability ... Read the full article