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Your search for “cyber attack”
Reputational risk from cyber “kills modern businesses” – Inga Beale, Lloyd’s
28th June 2017
Inga Beale the Chief Executive of the Lloyd's of London insurance and reinsurance market has warned today that it is reputational risks and fallout from a cyber breach that "kills modern businesses." With the recent WannaCry ransomware attacks, and the ongoing impacts of Petya or PetrWrap which is a current attack, ... Read the full article
Lack of employee knowledge threatens firms’ cyber security: Willis Towers Watson
16th June 2017
The so-called human element of the cyber equation, employees' understanding of cyber risk, was ranked by 79% of U.S. employees as the biggest barrier to firms' cyber risk management in a recent Willis Towers Watson survey. The survey revealed a massive disparity between firms' beliefs about their level of protection, and ... Read the full article
Reinsurers shift from quota share arrangements to directly acess cyber risk: Aon Benfield
16th June 2017
Evolving consumer demand and increased regulation and awareness of cyber risk are driving an expected near-term exponential market growth, and reinsurers who have so far cautiously tread into the cyber space through quota share arrangements with insurers are making bolder moves to directly take on the risk, Aon Benfield said ... Read the full article
Re/insurers need proactive cyber development and marketing strategies: Inga Beale
5th June 2017
Speaking at Mexico's AMIS Insurance Conference, Lloyd's Inga Beale reiterated the urgency of getting aboard the cyber insurance market, which she said could triple in size to $7.5 billion by 2020. "I don’t think that, as a sector, we are doing enough to promote the benefits of cyber insurance and make ... Read the full article
Increasing regulation on data breaches to spur cyber re/insurance growth: RBC
2nd June 2017
Cyber has been hailed as the re/insurance shooting star with the potential to more than double in size by 2020 - nothing brings more promise to the industry then this emerging market space. Although growth so far has stemmed mostly from the U.S. cyber market, RBC said in a recent report ... Read the full article
Cyber risk aggregation a threat to re/insurer solvency
1st June 2017
While underwriting cyber risks is seen as one of the biggest opportunities in insurance and reinsurance right now, the risks to re/insurers could be equally large. Cyber attacks such as the recent WannaCry ransomware have clearly demonstrated that self-propagating cyber exploits could become major sources of aggregated losses for the insurance ... Read the full article
Cyber, the innovative opportunity for the London market: Bousfield, Capsicum Re
30th May 2017
There's been notable concern across the global insurance and reinsurance industry of London's ability to maintain its position as an international re/insurance hub in an increasingly competitive and post-Brexit world, but could the cyber reinsurance market be the perfect opportunity for London to embrace? Discussing the growing threat of cyber in relation ... Read the full article
Critical infrastructure the next cyber battleground
25th May 2017
As cyber threats increase, alongside the exponential advancements being seen in technology which can heighten cyber risk there is also an increasing threat to legacy systems, particularly in areas such as critical infrastructure, according to experts. It is expected that cyber attacks against critical infrastructure, power grids and energy infrastructure, telecommunications, ... Read the full article
Average cyber limit doubles & penetration levels increasing: CIAB
22nd May 2017
A number of factors continue to converge in the global cyber insurance space resulting in increased demand, while the average cyber policy limit has roughly doubled in the last six months, according to The Council of Insurance Agents & Brokers (CIAB). The CIAB's latest Cyber Insurance Market Watch Survey highlights some ... Read the full article
WannaCry was the first true cyber catastrophe event: RMS
19th May 2017
RMS cyber risk management expert, Tom Harvey, called the recent WannaCry ransomware attack that hit businesses across the globe the world's "first ever cyber-catastrophe," he told Reinsurance News it demonstrates the systemic nature of the risk with "a single vulnerability resulting in hundreds of thousands of infected machines across over ... Read the full article
WannaCry could be a catalyst for a new approach to cyber risks: Sciemus
17th May 2017
The global cyber attack caused by the virulent new strain of self-replicating ransomware known as Wanna Decryptor, WannaCry, or WCry, could be just the catalyst that the insurance and reinsurance market needs to stimulate a new approach to cyber risks, according to experts at Sciemus. The WannaCry ransomware has impacted more ... Read the full article
Report finds disconnect between cyber & property risk management
4th May 2017
Global organisations are spending almost four times as much on property related risks than on cyber risks, despite a broad expectation of heightened cyber exposure over the next two years and the greater impact of business disruption to cyber assets than to property, plant and equipment (PP&E) assets, according to Aon ... Read the full article
New & enhanced RMS cyber model highlights challenge and opportunity for re/insurers
2nd May 2017
Global catastrophe risk modelling and analytics firm, RMS, has released its updated RMS Cyber Accumulation Management System version 2.0, which further highlights the need for improved cyber insurance and reinsurance solutions. The new and enhanced version 2.0 of the RMS Cyber Accumulation Management System includes a suite of cyber models and ... Read the full article
Cyber breach costs to skyrocket with new European data regulation: Study
25th April 2017
Severe cyber breaches cost PLCs 1.8% of company value or £120 million, according to a new CGI study, and these figures are set to skyrocket in the future as General Data Protection Regulation in Europe requiring firms to reveal cyber breaches is rolled out - a move which could see European ... Read the full article
Cyber risk as a standalone market will increase re/insurance industry resilience: JLT
24th April 2017
Cyber risk insurance and reinsurance continues to develop in what's now a crucial time for the marketplace and buyers of cyber protection. And while there's ample available, and essential reinsurance capacity to address and support the issue, JLT Re believes considering cyber as a standalone line of business could create a ... Read the full article