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Embroker report reveals 93% of startups now use cyber insurance
20th November 2024
Embroker, a digital insurance platform simplifying the insurance process for businesses, has released its "2024 Cyber Risk Index: Startup Edition," revealing a steady rise in cyber insurance adoption with a focus on simplicity, resilience, and investor appeal in a shifting cyber risk landscape. Nearly all startups now carry cyber insurance, with ... Read the full article
Cyber insurance growth slows, yet new opportunities emerge: Swiss Re
18th November 2024
Although the rapid growth of the cyber insurance market may be slowing, it continues to present a compelling growth opportunity, but looking ahead, this will be fueled by different drivers and regional variations, with small and medium-sized enterprises (SMEs) having the largest potential to address the existing cyber protection gap, ... Read the full article
AXA XL launches cyber endorsement for contractors in the US
8th November 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has created a new tailored cyber insurance endorsement for construction companies in the United States, designed to enhance their protection against cyber threats. Michelle Chia, Chief Underwriting Officer, Cyber in the Americas, stated: "Every industry has ... Read the full article
Bridging the cyber protection gap for EU policymakers: Insurance Europe
4th November 2024
A recent publication by Insurance Europe outlines policy recommendations for EU policymakers aimed at strengthening the insurance industry's cyber resilience across Europe in response to a significant protection gap. The global cyber insurance market has experienced rapid growth, increasing from an estimated $5.9 billion in 2019 to $14 billion in 2023, ... Read the full article
The Hartford and Coalition partner to tackle growing demand in UK cyber market
29th October 2024
Property & casualty (P&C) insurer The Hartford and Coalition, a cyber insurer, have entered into a strategic, long-term capacity partnership to combat the growing customer and broker demand for Coalition’s Active Cyber Insurance approach in the UK market. Coalition’s Active Cyber Insurance offering is designed to help organisations spot, mitigate, and ... Read the full article
VIG establishes specialist cyber security firm, CyRiSo
29th October 2024
Vienna Insurance Group has established CyRiSo, a cyber security firm aimed at small and medium-sized companies. Christiana Bruckner and Michael Ganzwohl have been appointed to manage CyRiSo, which aims to provide clients with comprehensive support to reduce cyber risks and prevent and resolve any damage caused by cyber attacks. Bruckner holds experience ... Read the full article
Hiscox reports two-thirds of organisations face increased cyber incidents
29th October 2024
Specialist insurer Hiscox recently released findings from their annual Cyber Readiness Report, which reveals that two-thirds of organisations (67% globally and 70% in the UK) have faced more cyber incidents in the past year compared to the previous year. As cyber attacks continue to increase, the reputation and trust in businesses ... Read the full article
Coterie teams up with Berkley Re to provide cyber insurance for evolving business risks
23rd October 2024
Coterie Insurance, a technology-driven managing general agent (MGA) focused on simplifying small business insurance, has introduced cyber insurance to its platform through a new collaboration with Berkley Re Solutions and TransUnion. Leveraging coverage from Berkley Re Solutions and cyber services from TransUnion's TruEmpower™ Cyberscout solutions, Coterie now integrates Berkley Re’s tailored ... Read the full article
Cyber insurers could cut loss ratios by 16% by excluding high-risk entities: Gallagher Re
22nd October 2024
A recent study by Gallagher Re, a global reinsurance broker, analysed Bitsight's security performance data from 62,000 organisations across 67 countries, along with Gallagher Re's proprietary data on cybersecurity incidents and claims. The research revealed that poor performance in specific areas increased the likelihood of a cybersecurity incident and subsequent claim, ... Read the full article
AXA XL introduces new cyber insurance for emerging Gen AI risks
22nd October 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has introduced a new cyber insurance policy that extends coverage to help businesses manage risks associated with developing their own Generative AI (Gen AI) models. Michael Colao, Global Chief Underwriting Officer, Cyber at AXA XL, stated, ... Read the full article
Kroll welcomes Katherine Keefe as MD and Global Cyber Insurance Industry Lead
22nd October 2024
Kroll, an independent provider of global risk and financial advisory services, announced that Katherine Keefe will join as Managing Director and Global Cyber Insurance Industry Lead, overseeing the firm's worldwide cyber insurance capabilities. "We are proud to welcome Katherine to Kroll. Her deep understanding of the cyber insurance and regulatory landscape, ... Read the full article
Cybersecurity and regulation identified as top risks for the TMT sector: WTW
11th October 2024
Cyber and data privacy have emerged as the top risks in the technology, media, and telecom (TMT) sectors, which are increasingly relying on innovations like artificial intelligence (AI) to drive growth, according to a recent report by WTW. The report highlights growing concerns about the impact of regulations and trade tensions ... Read the full article
UK businesses cite economic risks and cybercrime as top 2024 concerns: Marsh McLennan
9th October 2024
According to new research from Marsh McLennan, a professional services firm focused on risk, strategy, and people management, the primary concerns for UK businesses over the next 12 months are economic and financial challenges (43%), cyber threats (39%), and people-related risks (38%). These insights are drawn from Marsh McLennan’s UK Business ... Read the full article
Beazley, Munich Re, and Gallagher Re study reveals cyber market resilience
9th October 2024
Findings from a year-long collaboration between Beazley, Munich Re, and Gallagher Re indicate that the cyber insurance market can withstand a plausible yet remote malware event under current parameters. This information was released in a whitepaper that aimed at building a shared understanding of the potential systemic losses the cyber-insurance industry ... Read the full article
Cyber insurance demand to rise as new threats emerge, says Bloomberg Intelligence
7th October 2024
Bloomberg Intelligence reveals that demand for cyber insurance is set to grow amid a series of high-profile cyber attacks. Analysts noted that Beazley, the specialist cyber insurance provider, sees 18% compound annual growth for that cover in 2024-2030, while other major firms, such as Munich Re, Hiscox, Axis Capital, and Chubb, ... Read the full article
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