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Global economy resilient to cyber attacks, but major events pose significant risk: CyberCube
6th June 2023
A recent report by cyber risk analytics provider CyberCube reveals that while the global economy has shown resilience to cyber attacks with minimal financial losses experienced so far, the analysis of near-miss events suggests a significant risk of far larger losses in the future. In the comprehensive study, CyberCube examined over ... Read the full article
Tokio Marine Kiln establishes standalone Cyber & Enterprise Risk Division
5th June 2023
Tokio Marine Kiln (TMK), part of global insurance group Tokio Marine, has announced the establishment of a dedicated Cyber & Enterprise Risk division as part of its strategic expansion in the cyber market. The newly formed division, led by Laila Khudairi, brings together Cyber, Technology, and Intellectual Property specialisms, previously housed ... Read the full article
Guy Carpenter analysis shows modelled 1:200-year global cyber industry loss at $33.4bn
1st June 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 evolution of cyber as a core line of business. Along with ... Read the full article
Cowbell & Skyward Specialty announce partnership to expand cyber & tech E&O coverage
31st May 2023
Cowbell, a provider of cyber insurance for small & medium-sized businesses (SMEs) and Skyward Specialty Insurance Group, have entered into a partnership that expands Cowbell's coverage and capacity of its Prime 250 Cyber Liability and Prime Tech. Prime 250 Cyber Liability and Prime Tech is a recently introduced program that safeguards ... Read the full article
Inigo hires James Creasy as Head of Cyber Insurance
31st May 2023
Specialty insurer and reinsurer Inigo Limited has appointed James Creasy as its Head of Cyber Insurance. With a well-established background in cyber & technology insurance, Creasy will provide strategic insights that are necessary to protect Inigo's clients. He brings a strong level of expertise in underwriting from Axis Capital, one of the ... Read the full article
Corvus Insurance unveils new cyber risk prevention solution, Corvus Signal
30th May 2023
Cyber MGA Corvus Insurance has unveiled Corvus Signal, a risk prevention solution which the firm says has been shown to reduce cyber breach frequency and cost by up to 20%. Corvus states that the announcement comes amid increasing market activity and interest in combining cyber insurance with risk management services. "Corvus Signal ... Read the full article
Intangic MGA calls for a new approach to managing nation-state cyber attacks
26th May 2023
Intangic MGA has called for a new approach to managing nation-state cyber attacks that moves away from the focus on catastrophic 'Cyber Armageddon' toward the higher frequency events happening every day. According to Intangic, outside of the individuals and entities on the frontline of cyber warfare today, the general perception of ... Read the full article
OdysseyRe names Christopher Shafer as Head of North American Cyber Underwriting
25th May 2023
Odyssey Reinsurance Company (OdysseyRe) has announced the appointment of Christopher Shafer as the Vice President and Head of North American Cyber Underwriting. Shafer will be responsible for assisting the company's business partners in effectively addressing cyber risk, both on a facultative and treaty basis. Brian Quinn, OdysseyRe's North American CEO, expressed his ... Read the full article
Beazley sponsors second cyber cat bond, secures $20m more reinsurance
25th May 2023
Specialty insurer and reinsurer, Beazley, has sponsored its second cyber catastrophe bond, adding $20 million of additional reinsurance protection via the issuance of Cairney II, as reported by our insurance-linked securities (ILS) focused sister publication, Artemis. In January, Beazley became the first to sponsor a cyber catastrophe bond when ... Read the full article
Global cyber and E&O insurance market shifts to buyer-friendly environment in 2023: Aon
24th May 2023
The global cyber and errors & omissions (E&O) insurance market has transitioned into a buyer-friendly environment in early 2023, following a period of substantial rate increases, suggests professional services firm Aon. This shift is attributed to several market factors that have contributed to a more favourable rate landscape for businesses worldwide. The ... Read the full article
Bishopsgate to utilise CyberCube’s Broking Manager software
23rd May 2023
Insurance broker Bishopsgate has announced it will utilise CyberCube’s Broking Manager software to "gain a competitive advantage" in the cyber insurance market. Broking Manager is the first Software-as-a-Service application CyberCube has built specifically for the insurance broking community. According to the firm, It offers a streamlined approach to analysing potential financial exposure ... Read the full article
Liberty Mutual Insurance appoints Patrick Thielen as Global Head of Cyber
22nd May 2023
Liberty Mutual Insurance Global Risk Solutions (GRS) has appointed Patrick Thielen as Global Head of Cyber. In the role, he will lead the development and execution of a cyber strategy that helps brokers and buyers across the globe better manage cyber exposure. At the same time, he will report to GRS Insurance ... Read the full article
Consilium appoints Tom Abbotts to lead new Cyber, Tech & Fintech division
22nd May 2023
Aventum Group's specialty re/insurance broking business, Consilium has announced the launch of a new Cyber, Tech and Fintech division, and has appointed specialist insurance broker Tom Abbotts, as Associate Partner to lead the division. Abbotts joins Consilium from Elmore Insurance Brokers where he was one of the founding members and led ... Read the full article
Vulnerable organisations 33% more likely to experience cyber claims: Coalition
18th May 2023
Policyholders with even one unresolved critical vulnerability are 33% more likely to experience a cyber claim, according to a recent report by cyber insurance provider Coalition. The 2023 edition of the Cyber Claims Report also confirmed human error or inaction as the top exploited attack vector, with organisations using end-of-life software ... Read the full article
Beazley report urges layered cybersecurity strategies to combat surging software vulnerability exploitation
17th May 2023
Specialist re/insurer Beazley has released its latest Cyber Services Snapshot report, emphasising the critical importance of implementing a layered "Defence in Depth" cybersecurity strategy to safeguard organisations against the escalating exploitation of software vulnerabilities. The report presents a comprehensive analysis of global incidents handled by Beazley's Cyber Services, shedding light on ... Read the full article