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Security budget cuts may escalate cyber risk, warns Fitch

30th September 2022

Fitch Ratings has warned of a potential increase in cyber risk as corporate and infrastructure cybersecurity budgets across the US come under increasing pressure due to poor revenue outlooks. Analysts note that cybersecurity spending is often viewed as an added cost rather than an essential business expense, with ROI metrics difficult ... Read the full article

Cyber continues to top Travelers Risk Index

29th September 2022

For the third time in four years, cyber threats have been found to be the top overall concern for business decision makers, according to the 2022 Travelers Risk Index results. Of the 1,200 survey participants, more felt that today’s business environment is riskier compared to a year ago, and more than ... Read the full article

Cyber claims cost for small businesses up 58% between H1 2021 and H1 2022

16th September 2022

The cost of a cyber claim for small business owners increased by 58% in H1 2022, compared to the same period the year before. That statistic comes in insurance provider Coalition’s twelve-page 2022 Cyber Claims Report: Mid-Year Update, which says that the average cost of such a claim has now reached ... Read the full article

Russian sovereign internet creates cyber risks for re/insurers: CyberCube

12th September 2022

A sovereign Russian internet could lead to cybercriminal safe havens, giving greater confidence that large-scale attacks can be carried out without consequences, says a new report by cyber risk analytics expert CyberCube. The report examines the rise in the use of wiper malware by Russian threat actors, which, unlike ransomware, has ... Read the full article

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