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Beazley launches online incident response platform for US cyber

26th May 2022

Beazley has launched an online incident response platform for US cyber policyholders. The firm said that the platform will serve as a central location to monitor and manage incidents, and centralize communications between the policyholder, Beazley, and specialist service providers. Raf Sanchez, head of cyber services at Beazley, said: “As the cyber ... Read the full article

CyberCube updates Portfolio Manager to keep pace with cyber trends

26th May 2022

Leading cyber analytics provider, CyberCube has released an updated version of Portfolio Manager (PM) – the industry’s leading cyber risk modeling platform used by re/insurers and brokers. The new version of PM focuses on deepened modeling of two key scenario classes, cloud outage and mass malware, and also includes general data ... Read the full article

Cyber insurance gap ‘disproportionately high’ – Munich Re

20th May 2022

The insurance gap for cyber products is ‘disproportionately high’, says Munich Re in a new report. The 26-page work, the Munich Re Global Cyber Risk and Insurance Survey 2022, posits that while global cyber premiums are currently $9.2bn annually and are set to reach $22bn in the next three years, the ... Read the full article

Insurance not the sole solution to cyber resilience: Swiss Re’s Ermotti

13th May 2022

Sergio P. Ermotti, Chairman of the Board of Directors, has stressed that, while insurance go some way towards mitigating the impact of cyber risks, it “is not the sole solution” to cyber resilience. Cyber risks have become even more prominent since the COVID-19 pandemic and Russia's invasion of Ukraine, as working ... Read the full article

Ransomware attacks becoming a growing risk for US Corporates: Fitch

12th May 2022

With the frequency, severity and sophistication of ransomware attacks in the US rising dramatically in 2021 from the prior year, according to Fitch analysts, this trend is expected to continue as long as profit incentives remain high and outweigh perceived risks of criminal prosecution. In 2021 it was reported that there ... Read the full article

Acrisure partners with Coalition to unveil Cyber Risk Assessment

3rd May 2022

Global insurance broker, Acrisure, has announced that it has entered into a partnership with cyber insurance and security provider, Coalition. Acrisure’s Cyber Services division will offer the Coalition Risk Assessment, which is designed to help small and mid-size organisations understand their cyber and digital risk exposure. The risk assessment offers a personalised ... Read the full article

Beazley has war exclusions in every cyber policy: J.P Morgan

27th April 2022

In a report released by J.P Morgan based on findings from a recent conference call with Beazley’s Global Head of Cyber & Technology, Paul Bantick, to discuss the specialist insurers cyber business, it states that Beazley has war exclusions in every cyber policy. The report adds that the exclusions have two ... Read the full article

CyberCube partners with actuarial capital modeller

26th April 2022

Cyber risk analytics firm CyberCube has announced a new partnership with Ultimate Risk Solutions (URS), a provider of actuarial capital modelling to the insurance and reinsurance sectors. The partnership will see URS integrate CyberCube’s Portfolio Manager model outputs with its Risk Explorer financial analysis software for insurers and reinsurers. Risk Explorer models ... Read the full article

COVID-19 highlighted concerns around cyber risk: BMA

22nd April 2022

According to a new report from the Bermuda Monetary Authority, the COVID-19 pandemic has highlighted a growing interest and concern around cyber risk and the need for a robust cyber insurance market. As organisations are forced to continue to operate in remote working environments, cyber threat actors continue to exploit inherent ... Read the full article

US cyber direct written premiums increased by 74% in 2021: Fitch

21st April 2022

According to rating agency Fitch Ratings, US standalone and packaged cyber statutory direct written premiums increased by 74% in 2021, to nearly $5 billion compared with a 9% growth for the property & casualty (P&C) industry overall. This major growth was driven by heightened policyholder risk awareness and greater demand for ... Read the full article

Beazley hires Christian Taube as Head of Cyber, Intl.

4th April 2022

Specialist insurer Beazley has appointed Christian Taube as its new Head of Cyber Services – International, continuing the rapid expansion of its cyber team this year. Before joining Beazley, Taube was Chief Information Security Officer at Contentserv and, prior to that, he built the information security practice at DataGuard. Taube will be ... Read the full article

ICA calls for overhaul of cyber policy settings

30th March 2022

The Insurance Council of Australia (ICA) has argued that Australian businesses, insurers and government must work together to establish the settings for a sustainable cyber insurance market to underpin economic growth into the future. In a new report, the ICA highlights challenges to maintaining and developing a cyber insurance market to ... Read the full article

Cyber insurance in P&C industry grew by 22% in 2020: Fitch Ratings

25th March 2022

According to rating agency Fitch Ratings the Cybersecurity and Identity Theft Insurance Coverage Supplement reported that cyber insurance direct written premiums for the property & casualty (P&C) industry grew by 22% in 2020 to over $2.7 billion. Cyber insurance continues to be viewed as a growth market for P&C insurers, as ... Read the full article

Falvey Cargo launches new cyber coverage with Chaucer

18th March 2022

Falvey Cargo Underwriting has announced its brand new coverage protection – Cyber for Cargo. This new coverage will also see the company partnering with the leading speciality re/insurance company, Chaucer Group, to help bring this exclusive protection to Falvey clients. The company says that it recognises that cyber risk exposure is an ... Read the full article

Mosaic begins cyber underwriting team in Bermuda

15th March 2022

Mosaic is putting together a cybersecurity underwriting unit to be based in Bermuda. Citing a desire to align its global business strategy around what it calls a ‘fast-growing risk’, the insurer has moved George Cole, its cyber team underwriter, there from London. Cole will be one of a host of cyber ... Read the full article