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Ariel Re picks up Portfolio Manager from CyberCube

15th March 2022

Ariel Re has decided to implement analytics platform Portfolio Manager into its organisation. The software, from CyberCube, is a scenario-based data-driven model that enables risk professionals to develop insights for their senior leadership and teams. Portfolio Manager stress tests portfolios of insurance and reinsurance risks against a range of systemic cyber-related ... Read the full article

Russia-Ukraine war to increase cyber-related claims?

9th March 2022

The fallout from the war between Russia and Ukraine following the former’s invasion of the latter could increase cyber-related insurance and reinsurance claims within Europe and North America, according to a new note from DBRS Morningstar. The note says that considering the number of cyberattacks having ‘materially increased’ and the tightening ... Read the full article

CyberCube advises stress testing of portfolios with eastern European business

4th March 2022

CyberCube has released a new report saying that insurers and reinsurers should stress test their portfolios if they hold eastern European business, following the invasion of Ukraine by Russia. The company has released a new report called War in Ukraine creates fundamental shift in the cyber threat landscape that presents eight ... Read the full article

Gallagher Re partners with BitSight to deliver cyber-modelling insights

28th February 2022

Global reinsurance broker Gallagher Re and BitSight have collaborated to integrate BitSight cybersecurity data with Gallagher Re’s reinsurance insights and analytics. The partnership will provide reinsurance clients with a holistic view of security performance and supply chain aggregation within their portfolios, giving them a comprehensive and differentiated understanding of cyber risk ... Read the full article

Marsh makes two senior cyber appointments

28th February 2022

Insurance broker and risk advisor Marsh has appointed Helen Nuttall as UK Head of Cyber Incident Management, Marsh Specialty, and Patrick Cannon as UK Head of Cyber Claims. Both appointments are based in London, with Nuttall reporting to Sarah Stephens, Head of Cyber, International, Marsh Specialty, and Cannon reporting to Helen ... Read the full article

Cyber threats continue to grow: Tokio Marine HCC

18th February 2022

The threat from cyber threats continues to grow, according to a new report from Tokio Marine HCC. The second edition of the Cyber Incidents Report found that just ten incidents in 2021 led to the theft of over $600m in cash, while tens of millions of records, and ten of thousands ... Read the full article

WTW partners with Falvey Cargo Underwriting on cyber coverage

18th February 2022

Re/insurance broker WTW has announced a new affirmative cyber coverage product for cargo and stock throughput risks, which is the result of a collaboration with Falvey Cargo Underwriting, a Falvey Insurance Group company. According to WTW, the product will be the first standalone cargo cyber solution available in the insurance marketplace. Among ... Read the full article

Fermat Capital Management adopts CyberCube software

9th February 2022

Fermat Capital Management, the specialist insurance-linked securities (ILS) investment manager, has licensed CyberCube’s Portfolio Manager software. The deal will see Fermat begin to use the application, which helps risk carriers financial stress portfolios against a range of cyber-related scenarios such as ransomware attacks or outages. Joanna Syroka, senior underwriter and director of ... Read the full article

Moody’s warns on the costs of cyber crime

4th February 2022

A recent court ruling in New Jersey highlights the hidden risks within cyber coverage, says a new briefing from Moody’s. The briefing, which came out a few days ago, looks at a ruling involving Merck & Co., which had sought insurance coverage from fifteen of its P&C insurers for damages related ... Read the full article

CyberCube outlines the risks for 2022

31st January 2022

Risk management firm CyberCube has identified four industries that are likely to be targeted by cyber criminals this year. Outlined in the company’s latest Global Threat Briefing, the four industries are healthcare, manufacturing, education, and utilities. The report was authored by William Altman, principal cyber security consultant, and Darren Thomson, head of ... Read the full article

Cyber market still hardening as underwriting view shifts: analysts

18th January 2022

Analysts at some of the top re/insurance brokers have noted that the cyber reinsurance market is continuing to see hardening rates following another challenging year for losses in this sector. Gallagher Re classified the primary cyber markets as “truly hard” at recent renewals, but said there is still room for reinsurance ... Read the full article

Cyber the top concern for businesses in 2022: Allianz

18th January 2022

Cyber perils are viewed as the top concern for businesses globally in 2022, as natural catastrophe and climate change risks climb the rankings of the latest Allianz Risk Barometer. With 44% of respondents citing cyber incidents as their biggest concern, largely driven by the threat of ransomware attacks, the peril claimed ... Read the full article

Cyber landscape to increase in 2022: Beazley’s Raf Sanchez

12th January 2022

Beazley’s Head of Cyber Services, Raf Sanchez, has reported his predictions for the cyber insurance landscape for the following year, anticipating that it will likely increase. “Whilst many organisations know to expect short-term technical and operational impacts, we find they are often un-prepared for the longer lasting impact on their reputation,” ... Read the full article

Cyber requires significant investment in underwriting: Beazley

4th January 2022

Specialist insurer Beazley recently hosted a small group meeting with Paul Bantick, Global Head of Cyber and Technology, and Sarah Booth, Head of IR, which focused on cyber insurance. According to the insurer, cyber requires significant investment in underwriting and data analytics and cyber experts, but will generate attractive returns. It believes ... Read the full article

Aon turns to Guidewire for cyber software integration

7th December 2021

Re/insurance broker Aon has announced plans to implement the cyber data listening and modelling collection capabilities offered by specialist firm Guidewire. Aon views the high-profile events of 2021 as having further reinforced industry concerns over the systemic potential of cyber attacks, and the rapid rise of ransomware events. It's hoped Guidewire’s Cyence ... Read the full article