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Reinsurance backstops are key to addressing systemic cyber risk: EastWest Institute

13th June 2019

A new report from the EastWest Institute has argued that the creation of government backstops in the form of private reinsurance pools will be one of the key pillars in enabling the insurance industry to guard against systemic cyber risk and avoid catastrophic losses. The non-profit thinktank suggested that such an ... Read the full article

DAC Beachcroft adds virtual crisis room to cyber breach response services

10th June 2019

International law firm DAC Beachcroft has enhanced its breach response services with the launch of a secure, virtual crisis room that enables businesses to communicate and share information confidentially in the aftermath of a cyber attack or data breach. Developed in partnership with British technology firm Pushfor, the DACB Situation Room ... Read the full article

The Hartford partners with Mimecast on cyber awareness training course

31st May 2019

Property and casualty (P&C) insurer The Hartford has partnered with email and data security firm Mimecast in order to bolster knowledge and foresight around the inherent risks of cyber. The service, named Mimecast Awareness Training, is designed to help its customers reduce the risk of a cyber incident before it occurs. The ... Read the full article

Munich Re views cyber as an opportunity for “sustainable new business”: Jurgen Reinhart

30th May 2019

Munich Re wants to help the re/insurance industry approach the cyber challenge as an opportunity for “sustainable new business,” rather than as an insurmountable obstacle to be overcome. This is according to Jurgen Reinhart, Munich Re’s Chief Underwriter for Cyber, who told Reinsurance News that the company was “ready to accept ... Read the full article

Reports of ransomware attacks surged 105% in Q1: Beazley

28th May 2019

Ransomware attacks surged 105% in the first three months of 2019 when compared against the same period in 2018, with attackers shifting their focus to larger organisations able to pay high ransom amounts, according to a report by Beazley. While ransomware-as-a-service (RaaS) attacks remain commonplace and tend to hit unsuspecting small ... Read the full article

Cyber insurance market growth slows in 2018, says Fitch

20th May 2019

Growth in the cyber insurance market slowed dramatically in 2018 when compared with the previous year. However, analysts at Fitch Ratings expect a desire for improved risk management and pricing will benefit the sector over the long-term. In total, the U.S. property and casualty (P&C) industry's total direct written cyber premiums ... Read the full article

CNA Hardy bolsters cyber offering with new pre-breach partnership

20th May 2019

Specialist commercial insurer CNA Hardy has announced a partnership with GamaSec, a cyber-security firm, in a move designed to strengthen policyholders’ resilience and preparedness to cyber threats. The addition of GamaSec, which offers a pre-breach tool designed to prevent cyber attacks, joins a suite of partner services already available including penetration ... Read the full article

Munich Re member firm HSB announces cyber cover for farmers

17th May 2019

Munich Re member firm The Hartford Steam Boiler has announced a new cyber solution designed to help protect farmers and farm technology from hackers, malware and other cyber attacks. HSB Farm Cyber Insurance protects farmers against cyber attacks involving computers and electronic devices located on the farm premises, including the farm ... Read the full article

Beazley develops affirmative cyber cover for marine risks

15th May 2019

Specialist insurer Beazley has developed a new affirmative cyber insurance product for the marine space, designed to protect vessel owners and operators. The product, called Beazley Cyber Defence for Marine, will provide insurance for physical damage and loss of hire in the event that a cyber incident impacts a vessel’s operational ... Read the full article

CNA Hardy adds new features to cyber offering

13th May 2019

Specialist commercial insurer CNA Hardy has added a number of features to its cyber proposition, including a new pre-breach service and additional coverages. The company’s policy now includes cover for impersonation fraud and social engineering, which it considers to be one of the biggest exposures for businesses. Existing and new policyholders in ... Read the full article

Arch Insurance steps into cyber market with SME product

30th April 2019

Arch Insurance (UK), a division of Arch Insurance International, is entering the cyber insurance market with ‘Cyber Searchlight’, a product designed for small to medium enterprise (SME) clients. Due to be launched at BIBA 2019, Cyber Searchlight aims to provide policy structures more appropriately suited for the needs of SMEs in ... Read the full article

Cyber insurance surges as risk awareness grows: Marsh report

29th April 2019

Over the last five years, the number of Marsh’s US clients purchasing cyber insurance has doubled, from 19% in 2014 to 38% in 2018, according to a new report by the global re/insurance broker. The report indicates that as risk awareness has grown, cyber insurance products have evolved to address a ... Read the full article

Brit adds features to physical damage cyber offering

26th April 2019

Global specialty re/insurer Brit Ltd has added a number of new features to its Brit Cyber Attack Plus (BCAP) product, which is designed to protect clients from the impact of physical damage arising from cyber attacks. BCAP has now been substantially built out, Brit said, offering physical damage cover due to ... Read the full article

AXA XL adds cover for cyber business interruption

25th April 2019

AXA XL, a division of French insurance and investment giant AXA, has designed a new first-party cyber insurance option to help businesses in the U.S address interruption resulting from a cyber attack. The new cyber option, which is available to businesses that buy 100% of their property coverage from AXA XL, ... Read the full article

Number of compromised business emails rise 133%: Beazley cyber report

15th April 2019

Business email compromises (BEC) made up 24% of the total number of cyber related incidents reported to Beazley Breach Response (BBR) Services in 2018, up from 13% in 2017, according to a report by the specialist re/insurer. BEC are social engineering attacks in which a cybercriminal uses compromised email credentials or ... Read the full article