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Your search for “cyber attack”

Wider audience access to cyber risk analysis through CyberCube and AkinovA partnership

12th September 2022

CyberCube, a cyber risks analytics provider, has announced its partnership with AkinovA, an electronic marketplace for the transfer and trading of insurance risk, to enable AkinovA’s clients to benefit from CyberCube’s modelling and analytics. Through this partnership, CyberCube’s products will be made available to AkinovA’s platform, making all its models accessible ... Read the full article

US cyber market premiums shot up by 76% last year: Aon

10th September 2022

The US cyber market saw continued and increasing demand for its products in 2021, according to a new report from re/insurance broker Aon. The report, US Cyber Market Update: 2021 Cyber Insurance Profits and Performance, said the number of insurers in this sector grew from 200 to 214 between 2020 and ... Read the full article

Market will have to “suck it and see” on cyber wordings: Helios’ Hanbury

5th September 2022

Nigel Hanbury, CEO of Helios Underwriting and Board member of Association of Lloyd’s Members, has said it will be a case of “suck it and see” when it comes to the new exclusions for state-backed cyber attacks recently laid out by Lloyd’s. In a public statement, the Lloyd’s investment and underwriting ... Read the full article

Cyber supply chain risk reveals re/insurance market challenges: SCOR

2nd September 2022

In a recent report, French reinsurance firm SCOR has addressed the potential challenges for the market amidst the growing concern of cyber-attacks on digital supply chains. SCOR states that cyber-attacks have been a growing anxiety over the last 18 months as traditional and IT supply chains are becoming increasingly entangled to ... Read the full article

Reinsurance capacity not keeping up with cyber demand: S&P

31st August 2022

S&P Global Ratings says in a new report that while the demand for cyber risk protection is growing, the capacity for reinsurance in this sector is not keeping the same pace. At the same time, S&P said, the conditions for insurance-linked securities (ILS) investors are improving after several difficult years due ... Read the full article

BRP partners with CyberCube to fuel growth

31st August 2022

Baldwin Risk Partners (BRP) has announced a partnership with cyber risk analytics specialist CyberCube, to power its cyber growth. With the partnership, BRP has gained access to a wide range of products and services including Broking Manager, CyberCube’s consulting service Concierge, and learning platform CyberCube Academy. BRP note that this will enable ... Read the full article

Cyber insurance study suggests businesses lack ransomware insurance

22nd August 2022

A recent BlackBerry Cyber Insurance Coverage study shows that businesses are growing increasingly concerned about how they will meet ransomware demands. Only 19% of those surveyed have ransomware coverage limits above $600,000, while 59% hoped the government would cover damages when future attacks are linked to other nation-states. Shishir Singh, Executive Vice ... Read the full article

Capacity stabilizing across GB cyber market: WTW

16th August 2022

New analysis from broking firm WTW shows that capacity stabilized for most cyber re/insurance market segments in Great Britain (GB) during Q2, with increased competition noted in some areas as available capital grows. Looking at key developments in the GB market, analysts observed significant changes during the second quarter of 2022, ... Read the full article

“Cyber growth more about rate adjustments than contracts.” – S&P Global Ratings

12th August 2022

The growth in the cyber insurance market is due more to rate adjustments than increases in the volume or size of contracts, says S&P Global Ratings. Despite being the fastest-growing sector, Manuel Adam, analyst at the firm, said that the market dynamic reflects a growing number of (re)insurers' hesitancy to underwrite ... Read the full article

CyberCatch & Ridge Canada announce partnership to enable SMO’s to obtain cyber insurance

12th August 2022

Cyber security software-as-a-service (SaaS) company CyberCatch has announced a strategic partnership with Ridge Canada Cyber Solutions Inc. (RCCS) to enable Canadian small and medium organisations (SMOs) to obtain cyber insurance. Approximately, there are 1.2 million SMOs in Canada and the majority of them do not have cyber insurance, or those that do are ... Read the full article

Ransomware and Ukraine war the big risks for cyber insurance: CyberCube

12th August 2022

Ransomware continues to be largely responsible for the insurable cyber losses experienced by companies, with the maritime sector and satellite infrastructure being more likely to be targeted by cyber criminals, according to a recent report. Additionally, CyberCube’s H2 2022 Global Threat Briefing analysed the cyber activity following Russia’s invasion of Ukraine ... Read the full article

Cybersecurity revenue in insurance sector to grow at 10%: GlobalData

10th August 2022

Cybersecurity revenues in the insurance sector are set to grow at a compound annual growth rate of more than 10%, from $6.4 billion in 2020 to $10.6 billion in 2025, according to data and analytics company, GlobalData. According to GlobalData’s report, ‘Cybersecurity in Insurance’, insurers must navigate the theme cautiously or ... Read the full article

Strict underwriting will dominate cyber market – S&P

1st August 2022

Ransomware shouldn't be an existential threat to the cyber insurance sector, thanks to a combination of policyholder education, the provision of services to reduce claim values, and policy rate adjustments, S&P Global Ratings says. Yet making a steady profit from cyber will remain challenging for insurers, S&P believes, ... Read the full article

Acrisure acquires two leading MSPs to expand its cyber services division

22nd July 2022

Acrisure, a fast-growing fintech leader and insurance broking group, has acquired two Managed Service Providers (MSP) within its cyber services division: Catalyst Technology Group and ITS Inc. Based in Indianapolis, Indiana, Catalyst Technology Group offers small-and-medium (S&M) size businesses enterprise-class IT support with a specialty in streamlining processes for better customer ... Read the full article

McGill boosts cyber development strategy with CyberCube products

14th July 2022

CyberCube, a cyber risk analytics firm, has announced that specialist re/insurance broker McGill and Partners, will be using its cyber risk analytics platforms as part of its cyber re/insurance growth strategy. According to the announcement, the broker is using CyberCube’s Portfolio Manager and Broking Manager. Neil Sharma, Partner - Reinsurance at McGill ... Read the full article