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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

Cyber insurance losses from CrowdStrike outage to be driven by business interruption: Moody’s

29th July 2024

Cyber insurance losses related to the CrowdStrike outage will be driven by business interruption, Moody’s has highlighted in a recent report, who also warned that determining final losses for the industry will be a lengthy process due to cyber insurance policy language not being standardised. Caused by a flawed software update ... Read the full article

Cowbell secures $60m Series C from Zurich for SMEs cybersecurity boost

26th July 2024

Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), has announced the closure of a $60 million Series C equity round, funded by Zurich Insurance Group (Zurich), a global multi-line insurer. With this $60 million investment, Cowbell plans to enhance its operations to accommodate growing demand, increase its ... Read the full article

Poll suggests AI threats will drive the biggest cyber losses for re/insurers

17th July 2024

A recent poll from Reinsurance News suggests that AI-powered threats will drive the biggest losses across the cyber re/insurance market over the next two years. Hundreds of people from across the insurance and reinsurance industry responded to the poll. Of this, nearly half of respondents (45%) said that they expect AI-powered threats ... Read the full article

Active cyber insurance vital for effective risk management: Motta, Coalition

4th July 2024

Joshua Motta, Founder and CEO of Coalition, advocates for the necessity of active cyber insurance due to the shortcomings of traditional approaches, highlighted by erratic rate fluctuations and the inadequate readiness of organisations facing escalating cyber risks. Speaking at the Marsh McLennan Rising Professionals’ Forum, Motta pointed to the volatile rate ... Read the full article

Lexasure and OneDegree launch cyber insurance for South/Southeast Asia

3rd July 2024

Lexasure Financial Group Limited (Lexasure), specialising in reinsurance, insurance, and insurtech solutions across South and Southeast Asia, joins forces with OneDegree Global (ODG), the technology division of OneDegree Group renowned for its IXT insurtech solutions and Cymetrics cybersecurity services. They revealed a joint cyber insurance solution at the ITC Asia conference ... Read the full article

Cyber insurance growth to shift to non-US markets by 2030: Howden

1st July 2024

Howden, the insurance intermediary group, has released its fourth annual cyber report, "Risk, Resilience and Relevance," noting market stabilisation last year due to improved cyber hygiene following a surge in ransomware claims in 2020 and 2021. According to the report, carriers and brokers have made notable strides in enhancing price stability, ... Read the full article

76% of companies enhance cyber defences to secure insurance: Sophos

1st July 2024

Sophos, a provider of cybersecurity solutions, released findings from its recent survey, showing that 76% of companies enhanced their cyber defences to qualify for cyber insurance. The report found that 97% of companies with a cyber insurance policy invested in improving their defences to help with insurance. Among these, 67% secured ... Read the full article

Cyber warfare is not insurable: Munich Re’s Kreuzer

27th June 2024

In an interview with Reinsurance News, Martin Kreuzer, Senior Risk Manager for Cyber Risks at Munich Re, emphasised that cyber warfare exceeds the company's risk appetite, nonetheless, the firm is actively collaborating with governments to exchange ideas around solutions for potential catastrophic cyber war scenarios. Kreuzer noted, “With the current wars ... Read the full article

Surge in cyber insurance market fuelled by regulatory shifts and global tensions: Morningstar DBRS

27th June 2024

Morningstar DBRS, a global credit rating agency, emphasises that cyber insurance is rapidly growing and essential in the digital age, projected to soar to $40 billion by decade's end amidst rising cyber threats and stringent data regulations. Morningstar DBRS highlights that Cyber insurance is a relatively new type of insurance designed ... Read the full article

UK midsize firms wary of cyber insurance: Coalition

26th June 2024

A study by Coalition, a cyber insurance provider, reveals that many IT security leaders in midsize UK businesses are wary of cyber insurance, with only one in five (19%) respondents reporting a positive experience with it. The survey, conducted earlier this year with 500 senior cybersecurity professionals from mid-sized UK firms, ... Read the full article

Beazley Security goes live as an integrated cyber risk management firm

25th June 2024

Beazley Security has gone live as an integrated cyber risk management company following the merger, announced in February 2024, of Beazley’s in-house cyber services team and its wholly owned cyber security company, Lodestone. Beazley Security has launched with an expanded portfolio of services, including a new Managed eXtended Detection & ... Read the full article

AM Best reports stable global cyber insurance outlook as demand rises

24th June 2024

AM Best, a credit rating agency, has assigned a stable outlook to the global cyber insurance sector, citing increased demand and promising growth prospects in the near term as uptake rates continue to rise steadily. “The reduction in rates has been due to various factors, including increased competition from the supply ... Read the full article