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Cyber threats remain top concern for businesses in 2023: Travelers Risk Index
27th September 2023
In the recently released 2023 Travelers Risk Index, The Travelers Companies, Inc. highlighted that for the ninth consecutive year, cyber threats continue to rank among the top three business concerns for a wide spectrum of companies. The annual survey, which encompassed responses from 1,200 participants representing small, medium, and large-sized enterprises, ... Read the full article
Catherine Lyle named Senior VP and Head of Cyber Claims at Tokio Marine HCC – CPLG
27th September 2023
Tokio Marine HCC – Cyber & Professional Lines Group (CPLG) has announced the appointment of Catherine Lyle as Senior Vice President and Head of Cyber Claims & Incident Response, effective September 25, 2023. Lyle will be reporting directly to Michael Palotay, the President of the group. In her new role, Lyle ... Read the full article
Coalition’s mid-2023 report shows 12% rise in cyber claims due to ransomware & fraud
21st September 2023
In its "2023 Cyber Claims Report: Mid-year Update," Coalition, a leading Active Insurance provider for digital risk prevention, reveals a concerning 12% increase in cyber claims during the first half of 2023, driven by rising ransomware attacks and funds transfer fraud. The Mid-year Update underscores the broadening impact of cyber threats, ... Read the full article
Cyber insurance is yet to evolve to the same levels as property cat: Swiss Re
12th September 2023
During Swiss Re's press briefing at RVS Monte Carlo 2023, Gianfranco Lot, Swiss Re's Chief Underwriting Officer, Property & Casualty Reinsurance, explained that cyber insurance is yet to evolve to the same levels as property cat. Within their property cat line, the reinsurance giant uses models that allows them to understand ... Read the full article
Insurance industry grapples with rising cyber crime threat, climate change concerns: PwC
11th September 2023
In the "Insurance Banana Skins 2023" report, a joint effort by PwC and CSFI, the global insurance industry's primary concerns have been revealed, with mounting fears over cyber crime and escalating worries regarding climate change. The insurance industry faces its foremost challenge in the form of cyber crime. This threat encompasses ... Read the full article
Cyber reinsurance prices stabilise as demand surges: Moody’s survey
6th September 2023
In a recent Moody's survey, it has been revealed that cyber reinsurance prices are finally finding stability after years of significant increases. This development comes as insurers brace for the possibility of further rises in cyber loss costs, prompting a growing number of them to seek increased reinsurance protection. The shift ... Read the full article
Cowbell continues UK expansion with launch of adaptive cyber insurance programme
6th September 2023
Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), is set to further expand its footprint across the UK market with a new senior appointment, as well as the launch of its AI-powered cyber insurance programme. In 2022, 54% of SMEs across the UK experienced some form of ... Read the full article
Nation-state cyber threats to push boundaries of war exclusion language: CyberCube
4th September 2023
"Nation-state cyber threat actors conduct themselves in ways that push the cyber (re)insurance industry to consider the limitations and strengths of current war-exclusion language deeply," according to cyber risk analytics specialist CyberCube. These comments stem from a new report in which CyberCube examined selected nation-state cyber hot zones to gain insight ... Read the full article
Cyber insurance market regains profitability, reaching $12bn in annual premiums by 2022: S&P Global
29th August 2023
Following a phase of escalating rates and more stringent terms, the global cyber insurance market has resurged into profitability, with annual premiums reaching around $12 billion by the end of 2022, as reported by S&P Global Ratings. Projections suggest that this growth will persist, with premiums predicted to rise by 25%-30% ... Read the full article
Mosaic names David Drogin SVP, Head of US, Cyber
21st August 2023
Mosaic Insurance has appointed David Drogin to lead the growth of its US cyber business. Drogin joins Mosaic's New York office as Senior Vice President, Head of US, Cyber, and will report to the Global Head of Cyber, Yosha DeLong. Drogin is a senior cyber insurance professional and lawyer with almost two ... Read the full article
Zurich Holding Company of America acquires cyber firm SpearTip
15th August 2023
Zurich Holding Company of America, a subsidiary of Zurich Insurance Group, has acquired SpearTip, a cyber counterintelligence firm that helps protect clients against cyber threats through proactive and response services. According to the firm, this acquisition expands the cyber risk mitigation services available from Zurich Resilience Solutions, a global division of ... Read the full article
Ariel Re expands partnership with CyberCube to strengthen cyber risk analytics
7th August 2023
In a strategic move to bolster its cyber risk analytics capabilities, Ariel Re, global reinsurance business, has announced an expanded partnership with cyber risk analytics trailblazer CyberCube. This extension involves the licensing of CyberCube's Industry Exposure Databases and Portfolio Manager APIs, further solidifying Ariel Re's position as a premier manager of ... Read the full article
Companies make strides in cyber defense and resilience amid escalating cyber threats: Aon
2nd August 2023
In Aon's latest Cyber Resilience Report, companies are shown to have made significant strides in strengthening their cyber defenses and achieving greater resilience in the face of escalating cyber threats. The report reveals key insights gathered from over 2,000 Aon clients worldwide, showcasing a positive global shift in cyber maturity from ... Read the full article
Lockton Re expands partnership with CyberCube
1st August 2023
Innovative cyber risk analytics leader CyberCube has deepened its collaboration with Lockton Re, the reinsurance arm of the world's largest privately held independent insurance broker. Lockton Re's decision to license CyberCube's cutting-edge Industry Exposure Databases signifies a pivotal step in bolstering their cyber risk modeling and analytics solutions. CyberCube's Industry Exposure Databases ... Read the full article
With ransomware attacks on the rise, Towergate Insurance Brokers urges caution
31st July 2023
Towergate Insurance Brokers, a UK-based insurance intermediary, has urged businesses to recheck their cyber insurance to make sure they have adequate coverage as ransomware attacks rise. After global figures dropped in 2022, ransomware attacks have been on the rise since early 2023, which is believed to be linked to Russia's ongoing ... Read the full article