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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

Cyber criminals increasingly targeting SMEs: Chubb report

9th April 2019

Small and medium sized enterprises are increasingly falling victim to cyber attacks orchestrated by hackers able to take advantage of their sub-par security systems and processes, according to a report by global insurer Chubb. Ransomware attacks, which typically utilise malicious software to block a business' network until a ransom is paid, ... Read the full article

Gallagher appoints John Farley to lead cyber practice

27th March 2019

Gallagher, the global re/insurance brokerage and risk management services firm, has appointed John Farley as its Managing Director, Cyber Practice Group leader. He joined the firm in March 2019 to lead its Cyber Practice, a role that will see him develop and executive strategy for cyber insurance and related business lines ... Read the full article

Norsk Hydro gives ransomware update, confirms BI cover in cyber policy

20th March 2019

Following yesterday’s news of an extensive malware attack on aluminium manufacturing giant Norsk Hydro, the firm’s Chief Financial Officer Eivind Kallevik has stated that its cyber insurance policy includes Business Interruption (BI), but was unable to provide further information. “I’ll be careful going into details of the insurance coverage,” said ... Read the full article

Beazley, Marsh launch cyber & breach solution for US manufacturers

27th February 2019

Specialist insurer Beazley and global broker Marsh have collaborated on the launch of a new tailored cyber insurance and breach response solution for U.S. manufacturers. Together, Beazley and Marsh have created Manufacturer's First Response, a Marsh and Beazley Breach Response (BBR) initiative that provides the following coverages tailored specifically to address ... Read the full article

Cyber risks spare no market, sector, or company: Munich Re’s Martin Kreuzer

14th February 2019

The growing cyber threat is proving to be a challenge for all industries, markets and companies, no matter the shape or size, according to reinsurance giant Munich Re. Commenting on the Ryuk ransomware (an updated version of the HERMES ransomware family by North Korea APT Lazarus Group), Martin Kreuzer, a cyber ... Read the full article

Aon highlights greatest cyber security challenges for businesses

14th February 2019

Global insurance and reinsurance broker Aon has published a new report that details the greatest cyber security threats and challenges to organisations in 2019, highlighting both the significant opportunities and risks that new technologies bring. The 2019 Cyber Security Risk Report identified eight key areas where business are likely to face ... Read the full article

AAIC launches cyber product for SMEs, farmers

6th February 2019

American Agricultural Insurance Company (AAIC), a provider of agriculture re/insurance solutions, has announced the launch of Cyber Coverage, a turnkey cyber insurance product available exclusively for Farm Bureau insurance companies. The new product is designed for small business owners and farmers/ranchers and helps policyholders mitigate the risk of common types of ... Read the full article

Beazley combines Cyber & Executive Risk divisions

5th February 2019

Beazley has announced the launch of a new division that is to be led by Mike Donovan, called Cyber & Executive Risk, launched to focus on some of the most challenging risks that businesses face around the world. The new unit combines the specialist insurer's cyber insurance capabilities and its experience ... Read the full article

Swiss Re Corporate Solutions launches cyber offering for SMEs

5th February 2019

Swiss Re Corporate Solutions, a division of global reinsurer Swiss Re, has launched a new risk management solution for small and medium-sized enterprises (SMEs) to help them manage their cyber and digital risks. CyberSolution 360° was developed in collaboration with OZON, a French cyber security insurtech company, and combines insurance with ... Read the full article

Cyber and business interruption top global risk rankings: Allianz

1st February 2019

Cyber incidents and business interruption (BI) are tied as the most concerning risks for global businesses in 2019 and beyond, according to the results of the latest Allianz Risk Barometer report. The annual survey by Allianz, which questioned 2,415 experts from 86 countries, found that 37% of respondents identified cyber as ... Read the full article

Cyber risk could cost businesses $5.2tr within five years: Accenture

22nd January 2019

Professional services firm Accenture says that, over the next five years, companies worldwide risk losing an estimated $5.2 trillion in value creation opportunities from the digital economy—almost the size of the economies of France, Italy and Spain combined—to cyber attacks. Today, many of the base Internet protocols—the set of rules embedded ... Read the full article

CFC expands cyber policy to include business interruption

9th January 2019

London-headquartered specialist insurer CFC has expanded its cyber insurance offering to include business interruption triggered by an IT system failure as well as a malicious event. Also included in the updated policy is full supply chain business interruption cover, extending to events that impact the insured’s systems, the systems of technology ... Read the full article

Reinsurers speculate over nature of Marriott cyber loss: Johansmeyer, PCS

24th December 2018

Following the major cyber attack and resulting data breach of one of the Marriott hotel chain’s reservation systems, Reinsurance News spoke with the Co-Head of Property Claim Services (PCS), Tom Johansmeyer, about the nature of the event and expected industry loss. The breach, announced on November 30th, led the insurance ... Read the full article

Cyber not included in Australia’s terrorism reinsurance pool

13th December 2018

With the Australian Cyber Security Centre considering the current risk of terrorist groups using a cyber-attack to impact Australia’s interests and security as low, the threat has not been included in the country’s terrorism reinsurance pool. The Australian Reinsurance Pool Corporation (ARPC) was set up in 2003 to correct a market ... Read the full article