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Coinnect: Leading the charge in the revolutionary ‘Cyber Insurtech’ domain
27th July 2023
As the digital landscape continues to accelerate, cybersecurity threats continue to evolve and have raised the prominence of the cyber insurtech, reflecting an innovative intersection of cyber security technologies and cyber insurance solutions, according to Massimiliano Rijllo, CEO of Coinnect. Coinnect is a cyber insurtech firm which provides services and platforms ... Read the full article
Economic impact of cybercrime on business predicted to reach $10.5 trillion by 2025: Cybersecurity Ventures
13th July 2023
The threats that are posed by new technologies such as artificial intelligence (AI), which had consistently reduced since 2021, is now predicted to be a growing threat for the next 12 months ahead, according to Beazley's latest Risk & Resilience report: Spotlight on: Cyber & Technology Risks 2023. The report highlighted ... Read the full article
Zurich NA unveils cyber insurance offering targeted for middle market businesses
11th July 2023
Zurich North America has unveiled a cyber insurance offering designed specifically for middle market businesses. The Zurich Cyber Insurance Policy Concierge Suite includes not only cyber insurance coverage, but also loss-prevention and resilience services such as a breach coach and a cybersecurity hotline available 24/7. Cyber Concierge, which has the ability to ... Read the full article
Global cyber insurance premiums could exceed $50bn by 2030: Howden
5th July 2023
International insurance broker Howden has suggested that the size of the cyber insurance market could reach $50 billion by 2030, though the realisation of this potential is tied to three key factors: distribution, tail-risk management and attracting capital. "If these challenges can be navigated successfully, the cyber market is on the ... Read the full article
Canopius launches Cyber Incident Management Team to provide support to insureds & brokers
30th June 2023
Specialty re/insurance firm Canopius Group, has launched its Cyber Incident Management Team (CIMT), which is available to all Canopius cyber policyholders worldwide with immediate effect. According to Canopius, the service provides comprehensive support to both insureds and brokers as they manage the disruptions caused by cyber-attacks. The service is led by Cyber ... Read the full article
Re/insurance alone cannot absorb all risks from cyber incidents: Munich Re’s Kreuzer
29th June 2023
Collaboration among stakeholders in the risk and insurance industry to tackle evolving cyber risks is essential, a recent report from Federation of European Risk Management Associations (FERMA) has stated, with individuals like Martin Kreuzer, Senior Risk Manager Cyber Risks at Munich Re, highlighting that re/insurance cannot absorb the number ... Read the full article
HSB extends Cyberwrite partnership for AI-driven cyber insurance platform
27th June 2023
Specialty insurer HSB, part of Munich Re, has renewed its agreement with Cyberwrite for the use of its AI-driven cyber insurance platform, 4SEEN, as part of its ongoing strategy to better leverage data and technology in its cyber insurance underwriting and portfolio management. HSB has been using Cyberwrite since 2018 to ... Read the full article
Corvus launches cyber risk prevention solution designed to improve policyholder security
23rd June 2023
Corvus Insurance has announced that it has launched a "first of its kind" endorsement to help make policyholders safer through proactive engagement with Corvus Signal™, a cyber risk prevention solution that is set to reduce the frequency and costs of cyber breaches by up to 20%. According to the announcement, the ... Read the full article
Intangic MGA unveils new early warning tool for predicting cyber breaches
19th June 2023
Intangic MGA, a data science-driven London-based Managing General Agent (MGA), has announced the launch of the Intangic CyFi™ Dashboard, an early warning tool to provide companies with data-backed predictions for cyber breaches and offer pre-breach insurance. Intangic states that the new dashboard observes cyber attacks targeting companies at an "unparalleled scale", ... Read the full article
WTW launches upgraded Cyber Quantified model to enhance risk management strategies
19th June 2023
Global advisory and broking firm, WTW, has announced the release of its enhanced Cyber Quantified model, designed to assist companies in evaluating cyber loss potential and optimising risk management strategies. With the increasing prevalence of cyber attacks, data loss, and cyber extortion, WTW's updated tool aims to provide decision support and ... Read the full article
Coalition unveils vulnerability scoring system designed to mitigate cyber threats
15th June 2023
Cyber insurance provider Coalition, has unveiled the Coalition Exploit Scoring System (Coalition ESS), a vulnerability scoring system designed to help risk managers mitigate potential cyber threats. Developed by Coalition Security Labs - the firm's research and innovation center - Coalition ESS is a security risk prioritization scoring system that leverages real-time ... Read the full article
U.S. cyber insurance growth continued in 2022 with direct premium up 50%
13th June 2023
According to AM Best, the U.S. cyber insurance market's strong growth continued in 2022, with direct premium increasing by 50% to $7.2 billion. In its Market Segment Report titled, US Cyber: First Hard Market Cycle Brings a Return to Profitability, AM Best states that direct premiums written (DPW) have tripled in ... 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