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Cyber insurance prices set to increase for energy companies
29th June 2022
Energy and utility companies have become the main target for cyber attacks, according to a recent report by re/insurance broker Gallagher. Given the growing threat of such attacks, demand for cyber insurance from these companies has skyrocketed in recent months, the broker noted. According to the report, in response to a surge ... Read the full article
Marsh launches Cyber Incident Management service for UK & EU
29th June 2022
Marsh has announced the launch of its Cyber Incident Management (CIM) service to support clients headquartered in the UK and Continental Europe to prepare for, respond to, and recover from cyber incidents and increase their cyber resilience. The service was first launched in the US in 2021 and is a first ... Read the full article
CyberCube to continue collaboration with CyberAcuView
28th June 2022
CyberAcuView, a company formed by primary cyber insurers to enhance cyber risk mitigation efforts across the industry, is continuing its collaboration efforts with leading provider of cyber analytics – CyberCube. During the formation of CyberAcuView, CyberCube provided technical guidance. In a press release, it states that CyberCybe will continue to deliver insights ... Read the full article
Cowbell releases Q2 Cyber Round-Up
23rd June 2022
Cowbell Cyber has announced the results of its Q2 cyber insurance risk report, the Cowbell Cyber Round-Up. The report offers insight into and rationale behind cyber insurance for SMEs. A recent survey by GlobalData found that many SMEs will leave themselves exposed to cyber risk in 2022 due to ... Read the full article
US cyber liability market continues growth trend
22nd June 2022
Direct premiums written in the US cyber liability market continued to grow in 2021, seeing a 75% increase, far outpacing that of the overall property/casualty insurance industry. However, according to an AM Best report, there has been a 16% increase in claims and just a modest reduction in the loss ... Read the full article
QBE to roll out products from CyberCube
21st June 2022
Australia-headquartered insurer and reinsurer QBE has announced plans to roll out a range of products from cyber risk analytics firm CyberCube, including its Account Manager and Portfolio Manager platforms. In addition, QBE will be utilising the CyberCube Academy, the firm’s training offering, as well as accessing CyberCube’s enhanced Concierge service. “As one ... Read the full article
Cyber buyers should “prepare to face dramatic premium increases”
21st June 2022
As cyber markets continue to limit their exposure, buyers should be prepared to face dramatic premium increases or non-renewals if they are unable to demonstrate certain minimum-security standards, according to WTW’s 2022 Spring update. Primary and excess cyber renewals are now averaging premium increases in excess of 200% ... Read the full article
SMEs vulnerable to cyber attacks – GlobalData
16th June 2022
Many SMEs will leave themselves exposed to cyber risk in 2022 due to high insurance premiums and the cost-of-living crisis, according to a new survey by GlobalData. The research found that 17.3% of SMEs did not have cyber insurance in 2021 due to it being too expensive, while 29% had ... Read the full article
“Russia’s invasion of Ukraine negatively impacting cyber market” – Moody’s
16th June 2022
Russia’s invasion of Ukraine has led to a situation in which cyber insurers are increasing rates and narrowing coverage due to the possibility of cyberattacks. A new note from Moody’s says that while attacks related to the conflict have not yet risen to a level previously feared, further and large-scale attacks ... Read the full article
Cyber insurance pricing rises amidst multiple factors – Marsh
14th June 2022
The latest UK Cyber Insurance Trends Report from Marsh states that pricing in the sector rose quickly in Q3 and Q4 2021, while the market focuses on addressing systemic risk. However, Marsh said that efforts to tackle this through exclusionary language have caused frustration for clients, while the ongoing war that ... Read the full article
CyberCube report addresses criminal cyber threat actors
13th June 2022
A new report from CyberCube says that cyber criminals display a variety of motivations and maintain complex relationships, which should be considered when underwriting and broking cyber risk. The report – Understanding criminal cyber threat actors and motivations, states that there are three main types of threat actors: state-sponsored, criminal gangs, ... Read the full article
Swiss Re cautious on writing cyber business
10th June 2022
Swiss Re has said it is biding its time before increasing its appetite for cyber risk, citing the newness of the sector. Thierry Léger, CUO of the reinsurance giant said that while it was still underweighted in cyber, it was investing in research and development to better understand this line of ... Read the full article
Cyber attacks increased year-on-year, Munich Re survey shows
10th June 2022
Reinsurance giant, Munich Re recently published the results from its Global Cyber Risk and Insurance Survey 2022. The survey was conducted among more than 7,000 participants from 14 countries. On a global level, data from the survey shows that attacks in ransomware, data breach and online fraud have increased year-on-year. Ransomware ... Read the full article
Kovrr collaborates with Microsoft on internal cyber security data
8th June 2022
Cyber risk modeller Kovrr has announced its selection by Microsoft for Startups – a global program dedicated to accelerating the trajectory of high-potential start-ups to enable growth at scale. By being a program member, this will give Kovrr exclusive access to Microsoft’s technology, as well as its mentorship and business support. In ... Read the full article
Surefire Cyber launches, receives $10m in funding
7th June 2022
Forgepoint Capital, a venture capital firm that focuses on cybersecurity investments, is pumping $10mn in Series A funding into Surefire Cyber - an early stage start-up incident response company, created to help cyber insurers, brokers, law firms, and the organizations they support to better manage major cyber events. With the rising ... Read the full article
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