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Cowbell advises SMEs on cyber catastrophe preparation

13th January 2023

Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has released a whitepaper in which it lays out a path to model catastrophic cyber events in the SME market. According to the announcement, the firm’s goal is to to help SMEs prevent and recover from a cyber event of ... Read the full article

Cyber insurance premiums on the rise for UK businesses

9th January 2023

UK businesses are facing soaring cyber insurance premiums caused by higher claim risks at a time of heightened exposure to cyber-attacks, a survey by Mactavish, an independent insurance buyer and claim expert, has revealed. Mactavish surveyed companies with over a 10m turnover, across industries including technology, manufacturing, aviation and maritime sectors, ... Read the full article

Beazley launches $45 million cyber catastrophe bond

9th January 2023

Specialist insurer and reinsurer Beazley has launched a $45 million cyber catastrophe bond, providing the carrier with protection against "remote probability catastrophe and systemic events", opening up a much larger source of capital for the firm, according to a report by the Financial Times. It's been described as the first cyber ... Read the full article

Cyber may be the most “underwrite-able line of business”: Ladeau, Trium Cyber

5th January 2023

In an interview with Reinsurance News, Josh Ladeau, Chief Executive Officer of Trium Cyber, syndicate 1322, explains what differentiates the firm from other underwriters of cyber risk. After gaining approval in November of last year, Trium Cyber is the first Lloyd’s-approved service company to provide coverage for US-domiciled cyber risks, ... Read the full article

Safe Security launches new cybersecurity MGA

16th December 2022

Safe Security has launched an MGA specialising in cybersecurity called SafeInside Insurance. The firm said in a statement that the MGA looked to leverage API-based cyber risk telemetry and quantified insights to underwrite cyber insurance. Backed by an AM Best ‘A-rated’ carrier and panel of prominent, global reinsurance partners, SafeInside is introducing ... Read the full article

Cyber competition slowing rate increases for firms with good security: WTW

13th December 2022

A new note from WTW says that increased competition from cyber underwriters has led to more nominal rate increases when organisations can demonstrate good cyber security controls year over year. The firm said in its note that these cyber underwriters were eager to write new business following the recalibration of cyber ... Read the full article

FTT and ransomware are top drivers of cyber loss, Corvus finds

9th December 2022

New data from cyber specialist Corvus Insurance has found that fraudulent funds transfer (FFT) and ransomware are the top drivers of cyber loss in 2022, accounting for over 50% of all claims combined. FFT alone comprised 36% of all claims in Q3, Corvus’s Corvus Risk Insights Index shows, and continues to ... Read the full article

Cyber a burgeoning risk pool with big challenges & big opportunities: Swiss Re

28th November 2022

Digitalisation is increasing exposure to cyberattacks throughout society, though as the risk landscape grows, so does awareness and demand for commercial and personal coverage, says the Swiss Re Institute. Swiss Re forecasts global cyber insurance premiums to reach $23 billion by 2025, from an estimated $10 billion in 2021. It adds that ... Read the full article

Insurance can help strengthen cyber resilience as risks evolve: Swiss Re

23rd November 2022

In recent years there has been a strong increase in cyber attacks, which has made organisations and companies realise that they can become a target and face serious consequences, Swiss Re Institute notes in a new report. They have also realised that investing in pre-emptive mitigation efforts and cyber hygiene is ... Read the full article

Cyber changing rapidly but still fails to meet definition of insurability: Swiss Re

22nd November 2022

A new study from the Swiss Re Institute says that the insurance industry needs to adopt a new approach to cyber business amidst a changing landscape. The twenty-nine-page report, Cyber Insurance: Strengthening Resilience for the Digital Transformation, says that not only have cyber risk risen alongside geopolitical, economic instability, and reliance ... Read the full article

Agilicus and Ridge Canada Cyber Solutions announce partnership

18th November 2022

Agilicus, a cybersecurity company and Ridge Canada Cyber Solutions Inc. (RCCS), a managing general insurance agency, have announced their partnership to assist Canadian small to midsize businesses (SMB) qualify for and obtain cybersecurity insurance. With cyber risks and data breaches on the rise, additionally, the adoption of remote work by many ... Read the full article

Cyber MGA Elpha Secure partners with CyberCube to utilise risk analytics tools

15th November 2022

New York-based MGA Elpha Secure has partnered with CyberCube to utilise two of its cyber risk analytics tools as the business grows to create a compelling case to attract capacity from providers operating within the ILS space. Elpha has licensed CyberCube’s Portfolio Manager platform and its Single Point of Failure (SPoF) ... Read the full article

AXA XL expands Lawyer’s E&O offering with cyber insurance option

9th November 2022

AXA XL, the property & casualty and specialty risk division of AXA, has added Cyber Suite, a cyber and security insurance coverage as an option to its Lawyers' Errors & Omissions (E&O) insurance program. According to the announcement, this move aims to help lawyer firms minimise the high financial cost and ... Read the full article

Zurich settles NotPetya cyber lawsuit

7th November 2022

Switzerland headquartered insurer Zurich has reached a settlement with multinational food and beverage company Mondelez International to close a $100 million lawsuit brought against the insurer for refusing to pay out on cyber claims related to the 2017 NotPetya attack. Details of the settlement have not been disclosed, but notably it ... Read the full article

Risk Strategies suggests cyber insurance market is beginning to stabilise

7th November 2022

According to Risk Strategies State of the Market update, the cyber insurance market is beginning to stabilise after years of steep rate increases, though insurers will continue to be on high alert through the remainder of the year and into 2023. The report notes that the pace of cyber attacks has ... Read the full article