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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

CFC warns of new ‘BazarCall’ ransomware attacks

12th July 2022

Specialist insurance provider CFC has warned brokers and clients of an emerging method of ransomware attack, dubbed ‘BazarCall’, which is targeting small businesses. According to CFC’s in-house cyber threat analysis team, the ‘BazarCall’ attack method has been growing in use among well-known ransomware groups and is responsible for an increasing number ... Read the full article

Ransomware pay-outs by cyber insurers in the last two years averages £3.2m: Panaseer

12th July 2022

According to a recent survey conducted by enterprise security company, Panaseer, the largest ransomware pay-outs by cyber insurers in the last two years has averaged £3.26 million in the UK and $3.52 million in the US. The company recently released its latest report on the state of the cyber insurance industry, ... Read the full article

Amwins & FusionMGA to provide retail brokers with access to cyber liability coverage

1st July 2022

Global distributor of specialty insurance products and services, Amwins, has announced a new partnership with FusionMGA. The partnership between the two companies will provide retail brokers with exclusive access to cyber liability coverage for accounts without minimum cyber security controls in place. At the same time, the partnership will also give retail ... Read the full article

Cyber insurance prices set to increase for energy companies

29th June 2022

Energy and utility companies have become the main target for cyber attacks, according to a recent report by re/insurance broker Gallagher. Given the growing threat of such attacks, demand for cyber insurance from these companies has skyrocketed in recent months, the broker noted. According to the report, in response to a surge ... Read the full article

Marsh launches Cyber Incident Management service for UK & EU

29th June 2022

Marsh has announced the launch of its Cyber Incident Management (CIM) service to support clients headquartered in the UK and Continental Europe to prepare for, respond to, and recover from cyber incidents and increase their cyber resilience. The service was first launched in the US in 2021 and is a first ... Read the full article

Cowbell releases Q2 Cyber Round-Up 

23rd June 2022

Cowbell Cyber has announced the results of its Q2 cyber insurance risk report, the Cowbell Cyber Round-Up. The report offers insight into and rationale behind cyber insurance for SMEs. A recent survey by GlobalData found that many SMEs will leave themselves exposed to cyber risk in 2022 due to ... Read the full article

US cyber liability market continues growth trend

22nd June 2022

Direct premiums written in the US cyber liability market continued to grow in 2021, seeing a 75% increase, far outpacing that of the overall property/casualty insurance industry.  However, according to an AM Best report, there has been a 16% increase in claims and just a modest reduction in the loss ... Read the full article

Cyber buyers should “prepare to face dramatic premium increases”

21st June 2022

As cyber markets continue to limit their exposure, buyers should be prepared to face dramatic premium increases or non-renewals if they are unable to demonstrate certain minimum-security standards, according to WTW’s 2022 Spring update.  Primary and excess cyber renewals are now averaging premium increases in excess of 200% ... Read the full article

“Russia’s invasion of Ukraine negatively impacting cyber market” – Moody’s

16th June 2022

Russia’s invasion of Ukraine has led to a situation in which cyber insurers are increasing rates and narrowing coverage due to the possibility of cyberattacks. A new note from Moody’s says that while attacks related to the conflict have not yet risen to a level previously feared, further and large-scale attacks ... Read the full article

Cyber insurance pricing rises amidst multiple factors – Marsh

14th June 2022

The latest UK Cyber Insurance Trends Report from Marsh states that pricing in the sector rose quickly in Q3 and Q4 2021, while the market focuses on addressing systemic risk. However, Marsh said that efforts to tackle this through exclusionary language have caused frustration for clients, while the ongoing war that ... Read the full article

CyberCube report addresses criminal cyber threat actors

13th June 2022

A new report from CyberCube says that cyber criminals display a variety of motivations and maintain complex relationships, which should be considered when underwriting and broking cyber risk. The report – Understanding criminal cyber threat actors and motivations, states that there are three main types of threat actors: state-sponsored, criminal gangs, ... Read the full article

Howden: “Cyber cover cost doubles in less than a year”

6th June 2022

Howden’s newest annual report on cyber reveals that higher loss frequency and severity from ransomware have caused such an extreme supply-demand imbalance the average cost of cover is more than double what it was last year. The report, A Hard Reset 2.0, looks at developments that have shaped the market in ... Read the full article