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CRC Group / INSUREtrust Cyber Practice partners with Darkweb IQ

12th June 2024

Newly formed CRC / INSUREtrust Cyber Practice Group has entered a new exclusive wholesale partnership with Darkweb IQ to help clients prevent ransomware attacks by leveraging exclusive visibility into the criminal ecosystem. CRC Group, a wholesale specialty insurance distributor in North America, had previously announced the launch of its Cyber Practice ... Read the full article

Vantage launches U.S. primary cyber insurance

11th June 2024

Vantage Group Holdings, a specialty insurer and reinsurer, has announced that its U.S. subsidiaries will now offer primary cyber insurance, providing up to $10 million in coverage. This new cyber insurance offering supports the company's continued portfolio growth and enhances its insurance capabilities in the U.S. and Bermuda for brokers and ... Read the full article

VIG establishes EU-funded cyber security programme to combat rising threats

7th June 2024

Vienna Insurance Group (VIG) has launched a comprehensive Cyber Defence Center programme (CDC) to enhance protection against the growing threat of cyberattacks. This initiative receives financial support from the European Union through the European Cybersecurity Competence Centre. The risk of cyber-attacks on companies continues to rise, particularly with new threats driven by ... Read the full article

CFC launches upgraded cyber risk heat map focused on key exposures

6th June 2024

CFC, a specialist insurance provider, has updated its cyber risk heat map to offer more detailed insights into key exposures across various industry sectors such as construction, education, healthcare, transport, and logistics. Drawing from CFCs own claims data and external trends observed by its incident response team, this user-friendly tool presents ... Read the full article

Cyber insurance market remains stable due to robust cybersecurity: McGriff

29th May 2024

McGriff, a US retail insurance broker, reports that cyber insurance market rates in 2024 remain stable as businesses strengthen their cybersecurity measures. Businesses opting for higher retention levels or deductibles are also benefiting from premium savings in their programs. However, McGriff notes, “Custodians of large volumes of records (personal health information, personal ... Read the full article

Cyber facility Incyde Risk launches, powered by Safe Security, led by Mosaic & other Lloyd’s Syndicates

28th May 2024

Mosaic 1609 and other participating Lloyd's syndicates have partnered with Safe Security to streamline cyber insurance solutions through newly launched facility Incyde Risk. According to the announcement, the new facility will provide up to $25mn in capacity on a primary and first-excess basis, with a lead-line by Mosaic 1609, and supported ... Read the full article

Zurich Insurance and insurtech BOXX launch personal cyber product

21st May 2024

Zurich Insurance in Switzerland and cyber insurtech BOXX have partnered to introduce a breakthrough personal cyber product designed to help individuals and families better predict and prevent potential scams and digital threats. This collaboration was born in response to the critical need for comprehensive protection against digital threats, BOXX explains. The new ... Read the full article

Howden launches SME cyber insurance platform to widen access to protection

21st May 2024

Howden, the global insurance intermediary group, has launched a unique cyber insurance platform for SMEs that enables easier access cyber insurance by simplifying the process of purchasing cover. The platform is designed for businesses with revenues of up to $250 million, and allows cyber insurance to be purchased in four simple ... Read the full article

Lloyd’s updates cyber war wordings

17th May 2024

Lloyd’s of London has recently issued an updated Market Bulletin to offer clearer guidance on cyber war wordings, aiming to prevent disputes over policy coverage. In August 2022, Lloyd’s released Market Bulletin Y5381, outlining requirements for exclusions in standalone cyber-attack policies. This was done to help the Lloyd’s market better manage ... Read the full article

Surging cyber threats necessitate need for robust protection: Munich Re

15th May 2024

In its recent survey, Global reinsurer Munich Re highlights the evolving cyber threats of companies and the persisting protection gap, necessitating the need for sufficient cyber insurance solutions to mitigate risks effectively. With a surge in cyber attacks globally, particularly ransomware and data theft, managers have rising concerns regarding their organisations' ... Read the full article

New cyber insurance capacity is increasingly matching fast-growing demand, S&P

13th May 2024

A recent analysis by credit rating agency S&P Global Ratings has revealed that new cyber insurance capacity is increasingly matching fast-growing demand, particularly within the United States, and greater competition is said to be leading to decreasing retention levels, as well as lower costs for coverage. Cyber insurance remains one of the ... Read the full article

Resilience enhances cyber risk solutions with new integrated features

2nd May 2024

Resilience, a cyber risk management firm, enhances its Essential Solution for Cyber Insurance and Edge Solution for Cyber Risk Management by integrating two new features that empower clients to consistently monitor and prioritise their efforts in mitigating and transferring cyber risk. One of the new features is Breach & Attack Simulation ... Read the full article

Q1 2024 sets record for most ransomware attacks in a first quarter: Corvus

30th April 2024

As per a new report from Corvus Insurance, Q1 2024 has set a record for the most global ransomware attacks in a first quarter. According to the data in Corvus' Q1 2024 Ransomware Report, 1,075 leak site ransomware victims were posted on leak sites during the first quarter, despite the disruption ... Read the full article

Moody’s and Bitsight launch new cyber risk solution

26th April 2024

Cyber risk manager Bitsight and Moody’s have launched a new cyber risk solution that will cover over 300 million organisations worldwide. The Implied Cyber Threat (ICT) is an offering built on Bitsight's cyber risk analytics engine and Moody's Orbis company database. It was designed to provide cyber risk insights and valuable market ... Read the full article

Major cyber catastrophe loss could accelerate market development: Lockton Re

24th April 2024

Lockton Re, the global reinsurance arm of the privately held independent insurance broker, has highlighted how a large cyber catastrophe event could have its benefits by pushing the market to work collaboratively and drive innovation and product development. In a new analysis, "A Kaleidoscope of Possibilities: Preparing for Ivan Wiper," the ... Read the full article