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Cyber market to face COVID-19 challenges: Fitch

11th May 2020

Economic fallout caused by the coronavirus (COVID-19) pandemic will likely test recent premium revenue trends and claims experience in the US cyber insurance market, according to Fitch Ratings. Analysts noted that cyber insurance continues to be a small but profitable market, representing a modest portion of premium risk for individual p/c ... Read the full article

Ransomware continues to dominate cyber discussion: Aon

8th May 2020

Ransomware continues to dominate the cyber insurance discussion according to broker Aon, with total ransomware incidents up 135% last year and carriers steadily fielding more claims emanating from these attacks. Ransomware infections also continued to affect all industries, although sectors like healthcare, public administration, and education experienced the most reported incidents. But ... Read the full article

Willis Towers Watson launches new cyber cover for shipowners

1st May 2020

Re/insurance brokerage Willis Towers Watson has announced the launch of CyNav, a new type of cyber insurance cover designed specifically for shipowners. The new product aims to provide a solution that specifically addresses ship-operators’ needs, rather than trying to amend existing cyber products to fit marine exposures. Notably, CyNav includes crisis management ... Read the full article

Slice Labs & AXA XL extend cyber cover to Lenovo users

28th April 2020

Slice Labs has announced that its cloud-based cyber insurance for small to midsize businesses (SMB), provided by one of the affiliated insurance companies of AXA XL, will now be offered Lenovo SMB customers. Accessible through the Security Advisor suite of the Lenovo Vantage platform, users will be able to access information ... Read the full article

Cyber risk requires unique modelling approach: CyberCube report

28th April 2020

According to a new report from cyber analytics provider CyberCube, the evolution of natural catastrophe modelling since Hurricane Andrew in 1992 can act as a template for cyber modellers, but only up to a point. The company believes cyber’s lack of historical data and rapidly evolving nature means modellers need to ... Read the full article

Tokio Marine HCC partners with CyberScout on new offering

23rd April 2020

Tokio Marine HCC, a member of Tokio Marine Group, has partnered with CyberScout to provide cyber insurance, cyber education, identity management and resolution services to insurance carriers throughout the US. CyberScout provides identity theft resolution, data defense and employee benefits services, and serves approximately 17.5 million households worldwide. With this new offering, ... Read the full article

CyberCube accounts for new threat trends in risk model update

20th April 2020

Cyber risk analytics firm CyberCube has released an updated version of its cyber risk modelling platform, Portfolio Manager, that accounts for new trends in cyber threats. Since the model was first launched in 2018, CyberCube notes that there has been an increase in the reliance on the cloud across most industries, ... Read the full article

Cowbell Cyber adds social engineering cover to cyber offering

15th April 2020

Cowbell Cyber, a startup leveraging Artificial Intelligence (AI)-powered cyber insurance for SMBs, has added social engineering protection to its Cowbell Prime 100 cyber insurance solution. According to Cowbell Cyber, a huge 98% of cyberattacks deploy social engineering methods, essentially exploiting human weaknesses and preying on naivety. The company's new social engineering product ... Read the full article

Ransomware attacks “skyrocket” in 2019: Beazley

2nd April 2020

Ransomware attacks continue to represent the top cyber security threat for businesses, as incidents “skyrocketed” across 2019, according to a report by Beazley. Beazley Breach Response (BBR) Services reported the number of ransomware attack notifications against clients increased by 131% compared to 2018. With the growth in frequency, the sums demanded by ... Read the full article

Marriott announces second cyber breach, 5.2mn guests affected

1st April 2020

The Marriott hotel chain has again fallen victim to cyber criminals in an attack which may have compromised the personal information of around 5.2 million guests. Marriott hit the headlines in late 2018 when hackers accessed its Starwood brand guest reservation database and compromised the personal information of around 500 ... Read the full article

Zurich warns of heightened cyber risk during pandemic

20th March 2020

Zurich Insurance has warned that a surge in remote work during the coronavirus (COVID-19) pandemic will result in heightened cyber security risks. With businesses around the world increasingly urging employees to work from home to help slow the spread of the virus, analysts believe that the security standards of some organisations ... Read the full article

Beazley opens cyber product to brokers of SMEs via online platform

9th March 2020

Specialist insurer Beazley has announced that its cyber product, Beazley Breach Response (BBR), will be available to brokers of small and medium-sized business through the myBeazley platform in the US. Beazley says this will reduce the time required to obtain a bindable BBR quote by allowing brokers to access accounts, update ... Read the full article

Larger firms more exposed to machine identity related cyber losses: Report

6th March 2020

As much as 25% of cyber losses for the largest companies are machine identity related and, in the U.S., as much as 13% of total economic losses due to cyber events are related to unprotected machine identities, according to a new report by AIR Worldwide, sponsored by Venafi. The new report ... Read the full article

TMK cyber policy includes physical damage cover

24th February 2020

Tokio Marine Kiln, part of global insurance group Tokio Marine, has launched an enhanced policy designed to protect against physical damage from cyber attacks. Cyber Ctrl PD+ offers affirmative cover for property damage and ensuing business interruption arising from a cyber attack. “As most cyber insurance policies exclude cover for property damage, ... Read the full article

Accenture to provide cyber response service for AXA XL clients

11th February 2020

As part of its existing partnership, professional services firm Accenture is to provide its Cyber Incident Response Service to help AXA XL clients respond to and recover from cyberattacks. Accenture will provide post-breach security services for AXA XL clients outside the US, including incident management and information technology (IT) forensics. The ... Read the full article