Reinsurance News
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If cyber insurance were bigger, 2017 would really hurt
27th November 2017
As the market for cyber insurance grows the amount of exposure in the re/insurance industry is increasing, so reinsurance companies are also finding their portfolios more exposed making the ability to hedge that exposure vital, according to Tom Johansmeyer, Assistant Vice President, PCS Strategy & Development at ISO. While you were ... Read the full article
SMEs remain underprepared as cyber threat grows
24th November 2017
Small-medium sized enterprises (SMEs) remain particularly vulnerable to cyber attacks, with just half of SMEs surveyed by Argo Group having purchased protection despite the drastically rising threat of cyber crime. Nearly two-thirds of SMEs surveyed have already been victims of a cyber incident, but the majority of firms remain underprepared with ... Read the full article
Cyber coverage to grow fastest in retail and manufacturing industries
17th November 2017
The cyber insurance market has been forecast to reach almost $17 billion by 2023, growing over 20% CAGR between 2017-2023, according to P&S Market Research Global. The Banking Financial Services and Insurance (BFSI) sector has been the largest consumer of cyber insurance, as these companies are more prone to cyber-attacks - ... Read the full article
Social engineering attacks on the rise but hacking & malware still dominate: Beazley
2nd November 2017
Social engineering attacks are on the rise across numerous industries as cyber attackers increasingly look to deceive in order to scam, according to London re/insurer Beazley's Q3 2017 Breach Insights report. The most prevalent cause of data breach during the first nine months of 2017 remains hacking and malware, which amounted ... Read the full article
Restoration costs of ransomware attacks triples since 2016
31st October 2017
Ransomware has become the new plague to run rampant through the cyber world, rising to the fifth most common malware type and causing the costs of restoring computer systems from such attacks to triple since 2016. Consequently, Head of BDO International Cybersecurity, Gregory Garrett, warned re/insurers to urgently assess their cyber ... Read the full article
Marsh appoints Jamie Saunders to cyber risk strategic advisor
27th October 2017
Marsh has named former Director of the National Cyber Crime Unit at the National Crime Agency (NCA), Jamie Saunders, as new strategic adviser on cyber risk management for UK specialist cyber security within the Client Advisory Services division. In his newly-created London based role, Dr Saunders will provide strategic cyber security ... Read the full article
GDPR pushes cyber risk to business leaders’ top concern
26th October 2017
With the European Union’s General Data Protection Regulation (GDPR) due to take effect in May 2018, cyber risk has been pushed to the top of the corporate risk agenda for businesses throughout Europe, according to a survey of over 1,300 senior executives by Marsh. The GDPR is a new legal framework with ... Read the full article
Re/insurers could be key to firms’ cyber risk management: Chubb
25th October 2017
Widespread concern exists among risk and IT professionals about the scale of cyber threat but there is little agreement about how organisations should assess, manage and mitigate the threats, according to a Chubb study that surveyed over 250 risk managers and IT professionals. The study interviewed industry experts from major firms ... Read the full article
Emerging ransomware attack ‘Bad Rabbit’ hits Europe
25th October 2017
An emerging ransomware attack, Bad Rabbit, has infected systems across Russia and Ukraine and is spreading across the globe - even as firms are still recovering from recent widespread disruption caused by the devastating WannaCry and Petya cyber attacks. Bad Rabbit encrypts computers' contents and asks for a payment of 0.05 ... Read the full article
Demand for BI & supply chain cyber coverage up, says Munich Re & Beazley
17th October 2017
Demand for holistic cyber cover for business interruption (BI) and supply chain risks has surged, report Beazley and Munich Re after having joined forces to offer complex cyber risk cover through their Vector partnership. "Since we established Vector, we’ve seen a significant shift in the pattern of demand for cyber cover," ... Read the full article
Brokerslink & Safeonline launch facility for cyber risk management and insurance
12th October 2017
Brokerslink, an international network of brokers, has launched a new cyber risk management and insurance facility, called PoCydon, in collaboration with Safeonline, and which MS Amlin will provide the insurance wording. MS Amlin's cyber insurance wording is considered industry leading, and is backed up with active risk monitoring and threat detection ... Read the full article
Capsicum Re says industry threatened by unclarified cyber risk policies
5th October 2017
Specialist reinsurance broker, Capsicum Re, said in a report on cyber risk perils, that the re/insurance industry is facing a growing problem of cyber perils being neither explicitly excluded or implicitly included in insurance policies - a problem that leaves both insurers and insureds in a vulnerable position. The fast-developing cyber ... Read the full article
Allianz partners with Zeguro to offer clients cyber risk guidance
4th October 2017
Allianz Group's specialist corporate insurer, Allianz Global Corporate & Specialty (AGCS), has formed a partnership with software firm Zeguro, in which Zeguro will act as Chief Information Security Officer (CISO), using its platform to provide Allianz clients with guidance on cyber risk. These cyber exposure management and mitigation strategies will initially be ... Read the full article
Hiscox UK names Robert Hannigan as cyber security advisor
21st September 2017
Specialist insurer Hiscox UK and Ireland has appointed former GCHQ Director Robert Hannigan as Special Advisor on Cyber Security, set to work alongside Hiscox specialist cyber division to provide market intelligence, staff training, and develop cyber products. Robert Hannigan, Special Advisor at Hiscox UK and Ireland said; “The risks that cyber ... Read the full article
“Cyber probably not insurable,” Swiss Re CEO
12th September 2017
While cyber cover has often been heralded as one of the biggest re/insurance opportunities of the future, the Chief Executive Officer (CEO) of reinsurer Swiss Re, has a very different take on the realities of the emerging risk, saying that despite the hype he remains "extremely skeptical about cyber.” Speaking at ... Read the full article