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FERMA urges collaborative approach to address evolving cyber insurance market
10th May 2023
Federation of European Risk Management Associations (FERMA) has called upon the insurance industry to adopt a more collaborative approach to cyber insurance in order to strike a balance between the risk appetite of the market and the coverage requirements of corporate buyers. FERMA has expressed concerns that the cyber insurance market ... Read the full article
We really need to understand what cyber insurance is: Matt Harrison, Moody’s RMS interview
3rd May 2023
As the cyber insurance and reinsurance market continues to develop and expand, with the risk also growing in popularity within the insurance-linked securities (ILS) space, Matt Harrison, Director of Product Management for Cyber at Moody’s RMS, highlights the importance of understanding exactly what cyber insurance is. Read the full article
Munich Re warns of increasing cyber risk accelerated by AI, IoT, geopolitical conflict
2nd May 2023
Munich Re has warned that future cyberattacks will be accelerated by key technology trends such as artificial intelligence (AI), the "metaverse," and expanding IT, Internet of Things (IoT), and operational technology (OT) worlds. While these technologies offer great opportunities for society, businesses, and governments, they also create new attack surfaces, vulnerabilities, ... Read the full article
Coalition launches next generation Cyber Risk Management Platform
2nd May 2023
Cyber insurance provider Coalition has launched the next generation of its cyber risk management platform, Coalition Control. The platform combines cyber risk monitoring, assessment, and quantification tools with third-party risk management and AI-powered assistance to provide unparalleled risk management capabilities to organizations of all sizes. "Releasing the next generation of Coalition Control ... Read the full article
Cowbell and Qualys expand cyber risk partnership
28th April 2023
Cyber insurance provider Cowbell has expanded its partnership with Qualys, a specialist in disruptive cloud-based IT, security and compliance solutions, adding an attack surface intelligence feed from Qualys' External Attack Surface Management (EASM) to assess customer cyber risk. Qualys EASM leverages the Qualys Cloud Platform to assess features from the cyber ... Read the full article
Cytora and CyberCube announce partnership to build a digital platform for risk assessment
26th April 2023
Cytora and CyberCube have announced their partnership to provide commercial insurers with a more streamlined and informed understanding of cyber risk. Cytora is a digital risk processing platform and CyberCube is a cyber risk analytics provider. Through this partnership, CyberCube’s cyber risk analytics and modelling ... Read the full article
Economic & cyber hailed as biggest risks surrounding D&O: WTW & Clyde & Co
25th April 2023
According to a new survey from brokerage WTW and global law firm Clyde & Co, economic and cyber risks, particularly those associated with data loss and ransomware, are causing increasing concern for Directors and Officers (D&O). The Director’s and Officers’ Liability survey identifies the key risks that surround Directors across the ... Read the full article
Aon warns BESS operators to boost resilience against emerging cyber threats
25th April 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' point of vulnerability. As the energy grid digitalises, cyber attacks are ... Read the full article
Bitsight expands into integrated cyber risk management with Moody’s as partner
24th April 2023
Bitsight, a cybersecurity ratings company has announced its expansion into a broader category of integrated cyber risk management bolstered by an expanded partnership with Moody's Corporation and improvement to proprietary ratings algorithm. Bitsight's enhanced strategy will deliver new capabilities to empower security professionals and business leaders to more effectively and holistically ... Read the full article
Second-gen cyber modelling offers vital visibility for risk transfer market: DeNexus’ Seara
21st April 2023
Cyber risk modeller DeNexus' CEO José Seara said Lloyd's of London must balance protecting its business while recognising the importance of second-generation cyber modelling in providing necessary risk visibility for effective risk transfer. Lloyd’s of London, the 330-year-old institution, has responded to the growing cyber risk landscape by clamping down on ... Read the full article
David Grigg to lead Aon’s Reinsurance Solutions US cyber team
20th April 2023
Aon’s Reinsurance Solutions has named AXA XL’s David Grigg as Executive Managing Director to lead its US Cyber Reinsurance team. Based in Aon’s New York office, Grigg is to start his new role immediately. He will be reporting to Randy Stanco, co-leader of the New York/New Jersey Reinsurance Treaty Office and ... Read the full article
Aviva announces partnership with CyberCube
18th April 2023
London-headquartered insurer, Aviva has partnered with cyber risk analytics firm CyberCube to support the growth ambitions for its cyber book. Through this partnership, the insurer is to roll out a broad range of CyberCube’s products. It has signed a multi-year contract licensing CyberCube’s platforms Portfolio Manager and Account Manager. Stephen Ridley, Aviva ... Read the full article
Trium Cyber launches excess program in collaboration with Origami Risk
13th April 2023
Trium Cyber, a Lloyd’s services company providing cyber insurance, risk management, and claims adjudication services, has launched an excess cyber program powered by Origami Risk’s multi-tenant SaaS P&C insurance core solution suite. Through this collaboration, the firms aim to speed first phase of tech implementation in three months; primary cyber underwriting, ... Read the full article
Corvus and Core Specialty team up on Cyber and Tech E&O product
13th April 2023
Cyber underwriter Corvus has announced the launch of a new program with Core Specialty to support the expansion of the Excess Tech E&O and Cyber product with additional capacity. This program is Core Specialty’s first offering in the Cyber and Tech E&O market and also marks a step for Corvus in ... Read the full article
Marsh McLennan research links cybersecurity controls and reduced cyber risk
12th April 2023
Automated hardening techniques have the greatest ability to decrease the likelihood of a successful cyberattack, recent research by global brokerage Marsh McLennan has revealed. The broker’s report - titled Using data to prioritise cybersecurity investments - found that key cybersecurity controls commonly required by cyber insurers are linked to a reduced ... Read the full article