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FERMA urges EU to streamline cyber reporting processes

4th October 2024

The Federation of European Risk Management Associations (FERMA) has urged European Institutions to streamline cyber reporting requirements and consider the insurance implications of cyber-related legislation. The news follows the release of the Cyber Reporting Stack report - produced in partnership with WTW -, which provides risk managers with comprehensive advice on ... Read the full article

Cyber threats top the 2024 Travelers Risk Index, fourth time in six years

24th September 2024

The 2024 Travelers Risk Index released by property and casualty insurer, The Travelers Companies, Inc. has disclosed cyber threats as the top concern amongst businesses, for the fourth time in six years. Established in 2014, the annual survey asks business insurance decision-makers of US-domiciled companies of various sizes and industries about ... Read the full article

Munich Re’s HSB expands cyber offering as potential losses from the sector rise

11th September 2024

HSB, a multi-line specialty insurer and part of reinsurance giant Munich Re, has expanded its cyber insurance coverage with new protections for connected vehicles, cybercrime victims, digital wallets, and other emerging risks. HSB Home Cyber Protection offers a mix of innovative cyber coverages and services for online fraud, cyber extortion, home ... Read the full article

Markel Group launches FintechRisk+, covering fintech liability & cyber threats

11th September 2024

Markel Group Inc., an insurance company renowned for its expertise in specialised insurance and risk management, has introduced its new FintechRisk+ insurance policy. This move highlights Markel’s commitment to offering top coverage and service for fintech companies navigating a complex market. The FintechRisk+ policy provides financial services and technology liability, directors and ... Read the full article

Insurers and asset managers continue to invest in longer term cybersecurity planning: Moody’s

10th September 2024

A vast majority of insurers and asset managers are continuing to invest in longer term cybersecurity planning and have put in place advanced cybersecurity protection, a new report from Moody's Ratings reveals. According to Moody's, these efforts reflect the growing frequency and sophistication of cyberattacks, as well as increased regulatory expectations ... Read the full article

Businesses’ preparedness against cyber threats beginning to shrink: Beazley

10th September 2024

Beazley, a specialist insurer, has released its Risk & Resilience report, Spotlight on Cyber & Technology Risk 2024, which explores global business views on cybercrime, tech obsolescence, disruptions, and intellectual property risks amid rapid technological change. Over the past year, the cyber threat landscape has grown more challenging due to the ... Read the full article

Multi-tool approach to enhance cyber risk assessment, says Lockton Re

9th September 2024

In its latest cyber report, reinsurance broker Lockton Re evaluates vulnerability scanning tools and highlights the need for multiple methods to assess and manage cyber risk amid growing digital complexity. As digital networks become more complex, companies face increasing exposure to cyber threats. By 2025, it’s expected that half of the ... Read the full article

Bridging the cyber protection gap through public-private partnerships: Zurich & Marsh McLennan

5th September 2024

A new whitepaper from Zurich Insurance Group and Marsh McLennan underscores the urgent need for greater public sector involvement to strengthen societal resilience against catastrophic cyber events. As cyber threats evolve rapidly, they are outpacing the ability of traditional insurance and risk management solutions to fully address them. The report emphasises the ... Read the full article

Tokio Marine HCC launches malicious cyber event coverage for event cancellation

4th September 2024

Tokio Marine HCC (TMHCC) – Specialty Group, part of the Tokio Marine HCC companies based in Houston, Texas, has announced the addition of a malicious cyber event extension to its cancellation product. This enhancement is available through both its Lloyd’s syndicate and HCC International Insurance Company PLC. TMHCC – Specialty Group's event ... Read the full article

Increasing need for improved cyber CAT models for SMBs: Guy Carpenter

2nd September 2024

An increasing number of small and medium-sized businesses (SMBs) are seeking cyber coverage, but current cyber catastrophe (CAT) models still struggle to accurately assess SMB risk aggregation, according to a recent report by Guy Carpenter. The report, developed with At-Bay, highlights the rapid growth of the cyber insurance market and the ... Read the full article

US firms see spike in cybersecurity services as data breaches increase: ISG

30th August 2024

Recent analysis by Information Services Group (ISG), a global technology research and advisory firm, suggests that US enterprises are investing strategically in cybersecurity services as data breaches continue to rise. The firm's 2024 ISG Provider Lens Cybersecurity — Solutions and Services report discloses that the most affected industries are healthcare and ... Read the full article

Q2’24 marks second highest quarter for ransomware attacks, says Corvus

22nd August 2024

The frequency of global ransomware attacks is rising sharply, with Q2 2024 marking the second-highest number of reported attacks in a single quarter, according to Corvus Insurance’s Q2 2024 Cyber Threat Report. Based on data from ransomware leak sites, the report identified 1,248 victims in Q2 alone. Ransom demands are also increasing, ... Read the full article

AI usage heightens risk of cyber event aggregation, says Guy Carpenter

21st August 2024

The rapid adoption and evolving deployment of artificial intelligence (AI) in recent years have heightened the risk of cyber event aggregation from both malicious and accidental sources, according to a recent paper by Guy Carpenter. The paper identifies four main ways in which AI development and deployment contribute to this aggregation: ... Read the full article

Aon report reveals cyber insurance shortage as AI risks intensify for EMEA companies

12th August 2024

Aon, a global professional services firm, has released its 2024 Intangible versus Tangible Risks Comparison Report, underscoring the need for businesses across Europe, the Middle East, and Africa (EMEA) to reassess their cyber insurance and intellectual property (IP) protection strategies. This addresses the growing risks linked to generative artificial intelligence (Gen ... Read the full article

Coalition expands Active Cyber Insurance to Germany

1st August 2024

Cyber insurance provider Coalition has launched its suite of Active Cyber Insurance products in Germany, through its subsidiary Coalition Insurance Solutions GmbH. Coalition's expansion comes as cyber-attacks and IT system breakdowns stand amongst the biggest threats impacting German businesses today. Coalition's Active Cyber Insurance offering is designed to help organisations spot, mitigate, and ... Read the full article