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Cowbell establishes Cybersecurity Advisory Board

14th December 2022

Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has announced the launch of its Cybersecurity Advisory Board (CSAB), convening experts to drive cross-industry innovation According to the firm, the creation of this board accelerates Cowbell's mission to strengthen cyber resilience in the SME market through cross-industry innovation between ... Read the full article

Cyber competition slowing rate increases for firms with good security: WTW

13th December 2022

A new note from WTW says that increased competition from cyber underwriters has led to more nominal rate increases when organisations can demonstrate good cyber security controls year over year. The firm said in its note that these cyber underwriters were eager to write new business following the recalibration of cyber ... Read the full article

Mosaic partners with Safe Insurance to launch cyber risk platform

12th December 2022

Underwriting company, Mosaic Insurance has partnered with Safe Security to use its award winning SAFE platform to help underwrites evaluate cyber risks for brokers and insureds. The platform offers a real-time view of the extent and nature of a company’s enterprise-wide cyber risk, allowing the most accurate exposure analysis, coverage, and ... Read the full article

AXIS appoints Andy Maher to head of cyber and tech in London

9th December 2022

Specialty lines insurer AXIS has appointed Andy Maher of head of cyber and technology in London. In his new role, Maher leads the London-based team of underwriters, and will focus on developing the team and enhancing the range of products and services that the team offers to its distribution partners and ... Read the full article

FTT and ransomware are top drivers of cyber loss, Corvus finds

9th December 2022

New data from cyber specialist Corvus Insurance has found that fraudulent funds transfer (FFT) and ransomware are the top drivers of cyber loss in 2022, accounting for over 50% of all claims combined. FFT alone comprised 36% of all claims in Q3, Corvus’s Corvus Risk Insights Index shows, and continues to ... Read the full article

CyberCube reveals Version 4.0 of Account Manager

29th November 2022

Cyber risk analytics provider CyberCube, has released Version 4.0 of Account Manager, its software-as-a-service (SaaS) application for single risk re/insurance underwriters. The latest version of Account Manager includes a variety of improvements including new data, usability enhancements, as well as scoring and signal refinements. New financial quantification insights have also been introduced, ... Read the full article

Cyber a burgeoning risk pool with big challenges & big opportunities: Swiss Re

28th November 2022

Digitalisation is increasing exposure to cyberattacks throughout society, though as the risk landscape grows, so does awareness and demand for commercial and personal coverage, says the Swiss Re Institute. Swiss Re forecasts global cyber insurance premiums to reach $23 billion by 2025, from an estimated $10 billion in 2021. It adds that ... Read the full article

RIMS replies to FIO on federal cyber backstop

28th November 2022

The Risk and Insurance Management Society (RIMS) has written to the Federal Insurance Office (FIO) in response to legislative dialogue regarding a federal backstop for large-scale catastrophic cyber incidents impacting infrastructure. The eight-page letter from RIMS says that a recent survey of its members shows that they overwhelmingly support a federal ... Read the full article

Marsh hires Billy Aldous as Vice President, Cyber

28th November 2022

Broker and risk advisory firm, Marsh, has appointed Billy Aldous as Vice President, Cyber. Aldous joins Marsh from McGill and Partners, where he served as a reinsurance broker. Prior to McGill and Partners, Aldous spent three years working at AIG, where he held the role of Assistant Ceded Reinsurance Manager, where he ... Read the full article

Markel Intl. merges professional & financial risks division with expanded cyber team

28th November 2022

Markel International, a subsidiary of Markel Corporation, has announced that it will merge its professional and financial risks (PFR) division with its recently expanded cyber team. The decision to merge the two division together is part of the businesses efforts to simplify the trading experience for its broking partners, and to ... Read the full article

AXA XL hires Leemans as Head of Cyber, UK & Lloyd’s

25th November 2022

AXA XL has appointed Vanessa Leemans as Head of Cyber, UK & Lloyd’s, effective immediately. Within this new role, Leemans will be responsible for leading AXA XL’s cyber business in the UK, as well as driving its strategic and profitable development. Overall, Leemans brings 20 years of industry experience towards the role. ... Read the full article

BMA notes growth in Bermuda cyber and climate risk captives

24th November 2022

The Bermuda Monetary Authority (BMA) has noted a “significant growth increase” in the number of organisations using captives for cyber insurance and climate risk as part of their overall management of risk. In a new report on the state of the Bermuda captive market, the BMA says the sector has proved ... Read the full article

Growth potential for cyber insurance market could be improved: CyberCube’s Bole

24th November 2022

There is a huge growth potential for the cyber insurance market, and more could be unlocked if re/insurers worked on a number of points to improve it, Rebecca Bole, CyberCube’s Head of Industry Engagement, suggested at AM Best's “Europe Insurance Market & Methodology Briefings”. Bole said: “I think that for future ... Read the full article

Insurance can help strengthen cyber resilience as risks evolve: Swiss Re

23rd November 2022

In recent years there has been a strong increase in cyber attacks, which has made organisations and companies realise that they can become a target and face serious consequences, Swiss Re Institute notes in a new report. They have also realised that investing in pre-emptive mitigation efforts and cyber hygiene is ... Read the full article

Cyber risk modeller DeNexus opens new London office

23rd November 2022

Cyber risk modeller DeNexus has opened an office in the UK capital. The firm said in a statement that the move was part of its plan to expand into Europe. The office is headed up by Mitesh Chauhan, global vice president of product, who joins from Entrust, where he was global ... Read the full article