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Ransomware attacks spur cyber demand, could be a $14bn market: Fitch
16th May 2017
As we wrote yesterday, the recent cyber attacks that struck more than 150 countries across the globe with ransomware will stimulate new demand for cyber insurance and reinsurance coverage, and Fitch Ratings agrees, saying today that re/insurers are in a unique position to respond to assist customers faced by ... Read the full article
Global ransomware attack highlights the growing need for cyber re/insurance
15th May 2017
Last weekend's devastating global ransomware attack has refocused attention on the need to mitigate against growing risks of cyber threat with greater protection and re/insurance cover, and prompted a cybersecurity stock purchase by European investors. The cyber attack locked up more than 200,000 computers in over 150 countries - disrupting hospitals, businesses, ... Read the full article
Mosaic launches cyber risk assessment initiative
9th June 2023
Global specialty insurer, Mosaic, and tech company Safe Security have launched a new initiative to incentivise clients with broader coverage and premium rating credits of up to 30% for sharing cutting-edge assessments of their cyber-risk profile. According to the announcement, Mosaic x SAFEinside customers will benefit from insurance premiums directly linked ... Read the full article
Reinsurance support plays a large role in the cyber insurance market: Moody’s
8th June 2023
According to analysts at Moody's, reinsurance support plays a large role in the cyber insurance market, as primary insurers continue to reinsure cyber risk through quota share arrangements to obtain expertise and capital protection. Citing Gallagher Re's 1st View Emerging Equilibrium published in January this year, Moody's notes that reinsurance pricing ... 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
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
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
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
Mosaic partners with Safe Security to offer cyber insurance globally worth $20 million
12th May 2023
Mosaic has announced that it is underwriting primary cyber insurance globally and offering $20 million in capacity across its network of underwriting hubs. The specialty insurer has launched a new coverage in partnership with tech company Safe Security to embed real-time cyber-risk data into its underwriting process. Read the full article
State-backed cyber exclusions at Lloyd’s could cause disputes: RPC
11th May 2023
Proposals by Lloyd’s of London to exclude state-backed cyber attacks from standard cyber insurance policies could lead to disputes between insurers and the businesses they insure, according to analysts at international law firm RPC. Lloyd’s is proposing that state-backed attacks are excluded from standard cyber insurance policies to reduce the insurance ... Read the full article
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
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
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