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Mixed market outlook for cyber insurance in 2024: OAC
20th March 2024
Despite growth expected for cyber insurance in 2024, actuarial consultancy OAC - part of the Broadstone Group - predicts a mixed market outlook in the year as there are some areas of concern that could lead to a major loss event and have the potential for accumulation. According to ... Read the full article
Cyber broker veteran Daniel Leahy appointed cyber practice co-leader, BMS
20th March 2024
Independent specialist re/insurance broker, BMS, has hired Daniel Leahy as cyber practice divisional director, where he will be based in London. BMS has confirmed that Leahy will co-lead the company's cyber practice alongside fellow divisional director Simon Meech, and he will also report to BMS cyber strategy director, Monica ... Read the full article
New research shows UK SMEs are leaving themselves open to cyber threats: Cowbell
19th March 2024
A recent survey commissioned by Cowbell has revealed that the UK's small and medium-sized enterprises (SMEs) lack implementation of best practice cybercrime protocols and are severely unprepared to react to an incident, with only 19% having a recommended cyber incident response plan (IRP) in place. This comes as advancements within AI ... Read the full article
Howden collabs with Cyberwrite to increase cyber resiliency for clients worldwide
18th March 2024
Howden has partnered with cyber insurance technology firm Cyberwrite to increase cyber resiliency for its clients across 50 countries. Founded in 2017, Cyberwrite specialises in providing cyber risk reports, offering brokers the tools to assess the probability of a breach and gauge its potential economic repercussions, as well as tailored recommendations ... Read the full article
Gallagher Re appoints Head of Asia Pacific Cyber
18th March 2024
Reinsurance broker Gallagher Re has announced the appointment of Sie Liang Lau as Head of Asia Pacific Cyber, a Singapore-based role. Lau is a UK qualified Actuary with over two decades of experience in the re/insurance industry. He joined Gallagher Re in May 2023 as Head of Analytics, Rest of Asia. Previously, ... Read the full article
Cyber attack/data breaches hailed as top business risk for firms in India: Aon
14th March 2024
Cyber attack/data breaches have been identified as the top business risk for organisations across India, according to data from re/insurance broker Aon. The broker recently announced the results of its 2023 Global Risk Management Survey, which gathered data from almost 3,000 risk managers, c-suite leaders, treasurers, talent professionals and other executives ... Read the full article
Insurance industry must be proactive as GenAI reshapes cyber landscape: Lloyd’s
12th March 2024
The impact of Generative Artificial Intelligence (GenAI) technology on the cyber landscape is expected to increase the frequency, severity, and diversity of attacks, and as the threats evolve, it's imperative that the insurance industry takes proactive steps, according to Lloyd's. A new report from Lloyd's, the world's oldest insurance and reinsurance ... Read the full article
Markel appoints Ng Yao Hua as Cyber Security Analyst in Singapore
11th March 2024
Markel, the insurance operation within Markel Group Inc., has appointed Ng Yao Hua as Cyber Security Analyst, further strengthening its investment in cyber security underwriting in the Asia Pacific market. Markel explained that Ng will support its cyber underwriting capability in the region by "leaning on his significant technology experience" to ... Read the full article
Cybersecurity startup BreachBits secures seed funding led by Blu Ventures
11th March 2024
Cybersecurity startup BreachBits has secured seed funding, in a round led by Blu Ventures, to accelerate its efforts to help businesses predict and avoid data breaches at scale. According to BreachBits, the funds will be used to capitalise on its strong customer growth and accelerate the adoption of its BreachRisk™ solutions. The ... Read the full article
Cyber insurance a focal point in the P/C industry: AM Best
8th March 2024
AM Best's recent market segment report highlights how the cyber insurance sector has become a focal point of growth and risk within the property/casualty (P/C) industry. The report notes that although pricing for cyber insurance stabilised in 2023, the demand for it remains stable. According to AM Best, “cyber insurance is ... Read the full article
DeNexus new Executive Cyber Risk Report to streamline compliance to SEC regulation
8th March 2024
DeNexus US users are to benefit from the firm's newly launched DeRISK Executive Report, a solution that will automatically map cyber risk metrics to SEC requirements for annual reporting of cyber risk management and governance. The Executive Report and the cyber risk analyses detail an estimation of Annual Expected Losses and ... Read the full article
BLUECYBER secures $1.5m investment and acquires ISMAC
7th March 2024
BLUECYBER, a managing general agent (MGA) specialising in cyber insurance, has secured a significant $1.5 million investment from venture capital firms Invisto and Bossa Invest, alongside support from investors within the insurance market. Eduardo Rocha, CEO of BLUECYBER, expressed enthusiasm about the investment, stating, “This investment reflects the investors' confidence in ... Read the full article
Mosaic’s cyber division launches primary tech E&O coverage
6th March 2024
Mosaic Insurance has announced the launch of primary technology errors and omissions (E&O) coverage to protect tech companies from increasing liability risks. Offering up to $15 million in capacity via both its own Syndicate 1609 and a consortium of syndicated capital partners, Mosaic is making primary Tech E&O coverage available via ... Read the full article
AXIS hires SCOR’s Simon Dejung as CUO, Global Cyber & Technology
5th March 2024
AXIS Capital Holdings Limited, the global specialty underwriter and provider of re/insurance solutions, has hired Simon Dejung as Chief Underwriting Officer, Global Cyber & Technology (GCT), effective immediately. In the role, he will be based in Zurich, Switzerland, reporting to Lori Bailey, Head of Global Cyber & Technology As CUO, GCT, Dejung ... Read the full article
Lockton Re appoints Brian Lewis to lead Cyber Practice in North America
5th March 2024
Lockton Re, the reinsurance arm of the privately held independent insurance broker, has appointed Brian Lewis as Senior Broker leading the Cyber Practice for North America, based in the firm's New York office. Lewis has deep expertise in cyber and has over two decades of insurance broking and underwriting experience. Most ... Read the full article