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Howden: “Cyber cover cost doubles in less than a year”
6th June 2022
Howden’s newest annual report on cyber reveals that higher loss frequency and severity from ransomware have caused such an extreme supply-demand imbalance the average cost of cover is more than double what it was last year. The report, A Hard Reset 2.0, looks at developments that have shaped the market in ... Read the full article
CyberCube teams up with Kroll on event response service
31st May 2022
CyberCube has launched a new feature for its customers called Cyber Aggregation Event Response Service (CAERS). CAERS will see CyberCube partnering with Kroll to provide its clients with information and guidance on major cyber aggregation events. Following a major cyber event, the CAERS team will update CyberCube’s clients with the latest information ... Read the full article
Hippo’s First Connect insurtech marketplace to offer cyber protection from Blink by Chubb
31st May 2022
First Connect Insurance Services LLC, a subsidiary of Hippo Insurance Group, has announced a collaboration with Blink, a suite of Chubb-backed consumer insurance products, to make personal cyber insurance protection available to independent agents that participate in First Connect’s insurtech marketplace platform. First Connect – a digital platform designed to provide ... Read the full article
Cyber risk confidence stagnating, says new Marsh report
30th May 2022
Confidence in being able to manage cyber risk has not improved in the last two years, according to a new report from Marsh. The report, The State of Cyber Resilience, questioned over 660 cyber risk decision makers globally and analyses how cyber risk is viewed by various functions and executives ... Read the full article
Cowbell Cyber launches the Cyber Risk Heatmap
30th May 2022
Cowbell Cyber has launched the Cyber Risk Heatmap. According to the firm, this new feature will provide all of Cowbell's agencies and brokers, insurance and reinsurance partners, and underwriters with immediate visibility into the distribution of covered risk in their portfolios. Rajeev Gupta, co-founder, and chief product officer at Cowbell Cyber, said: ... Read the full article
WTW launches cyber coverage for ports & terminals
27th May 2022
Leading advisory and broking solutions company, WTW has released a new specialist cyber coverage for ports and terminals. CyNav for Ports and Terminals is designed to address the specific cyber threats faced by port and terminal owners and operators. The coverage provides flexible and tailored cover for business interruption losses, including those ... Read the full article
Beazley launches online incident response platform for US cyber
26th May 2022
Beazley has launched an online incident response platform for US cyber policyholders. The firm said that the platform will serve as a central location to monitor and manage incidents, and centralize communications between the policyholder, Beazley, and specialist service providers. Raf Sanchez, head of cyber services at Beazley, said: “As the cyber ... Read the full article
Howden appoints Marsh’s Sarah Neild to lead UK Cyber Retail Practice
26th May 2022
International insurance broker, Howden, has appointed Sarah Neild as Head of UK Cyber Retail, where she will report to David Rees, and be based in London. Neild will join Howden in November once her contractual obligations have been fulfilled. Her appointment reflects Howden’s commitment to continue with investing in its Cyber proposition, ... Read the full article
CyberCube updates Portfolio Manager to keep pace with cyber trends
26th May 2022
Leading cyber analytics provider, CyberCube has released an updated version of Portfolio Manager (PM) – the industry’s leading cyber risk modeling platform used by re/insurers and brokers. The new version of PM focuses on deepened modeling of two key scenario classes, cloud outage and mass malware, and also includes general data ... Read the full article
UK property and cyber markets remain challenged
24th May 2022
The property and cyber markets in the UK remain challenged, according to Aon’s latest Q1 Market Dynamics Outlook: The United Kingdom. The firm said that conditions within the property market remained challenging, but were expected to stabilise, while geopolitical events in Eastern Europe continued to exacerbate and complicate the cyber landscape. Aon ... Read the full article
Cyber insurance gap ‘disproportionately high’ – Munich Re
20th May 2022
The insurance gap for cyber products is ‘disproportionately high’, says Munich Re in a new report. The 26-page work, the Munich Re Global Cyber Risk and Insurance Survey 2022, posits that while global cyber premiums are currently $9.2bn annually and are set to reach $22bn in the next three years, the ... Read the full article
US cyber insurance payouts increase, amid rising claims: Fitch
19th May 2022
Analysts at Fitch Ratings have said, that cyber insurance has become the fastest growing segment for US property & casualty (P&C) insurers as evolving threats have “boosted” the demand for coverage, with insurers actively raising prices in response to rising claims. In the analysts latest report on the US cyber insurance ... Read the full article
Cyber attacks driving insolvency fears into businesses: Hiscox
18th May 2022
According to the latest Hiscox Cyber Readiness Report, 20% of businesses across eight countries said that a cyber attack almost rendered them insolvent, a 24% increase compared to last years report. The Hiscox Cyber Readiness Report, now in its sixth year, surveyed over 5,000 businesses in the US, UK, Ireland, Belgium, ... Read the full article
At-Bay launches new cyber insurance program, backed by Trisura & HSB
16th May 2022
Cyber insurance provider At-Bay has announced the launch of a new cyber insurance program backed by two leaders within specialty insurance – Trisura Specialty Insurance Company and The Hartford Steam Boiler (HSB). Trisura serves as the new issuing carrier for the cyber and tech errors and omissions (E&O) program, while HSB ... Read the full article
Insurance not the sole solution to cyber resilience: Swiss Re’s Ermotti
13th May 2022
Sergio P. Ermotti, Chairman of the Board of Directors, has stressed that, while insurance go some way towards mitigating the impact of cyber risks, it “is not the sole solution” to cyber resilience. Cyber risks have become even more prominent since the COVID-19 pandemic and Russia's invasion of Ukraine, as working ... Read the full article
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