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M&S estimates £300m hit to operating profit from recent cyberattack

21st May 2025

Large British retailer Marks & Spencer (M&S) has disclosed that the recent cyber attack is estimated to impact Group operating profit by approximately £300 million for 2025/26. As a reminder, on 22 April 2025, M&S announced it was responding to a cyber incident that had disrupted its operations. The attack is ... Read the full article

DragonForce ransomware behind M&S cyberattack is a global threat: Killara Cyber CEO

2nd May 2025

The recent cyberattack on M&S is not a UK-centric incident, with the DragonForce ransomware group rapidly emerging as one of the most dangerous threats in the cybersecurity domain globally, according to Rick Welsh, CEO of Killara Cyber. Killara Cyber is the cyber insurance program of Canopy Specialty Insurance. It offers a ... Read the full article

M&S and Co-op cyberattacks reveal rise in advanced cybercriminal tactics: Resilience

1st May 2025

Simon West, Director of Customer Engagement at Resilience, commented on the recent cyberattacks targeting Marks & Spencer (M&S) and Co-op, stressing that the incident is particularly concerning due to the attackers' use of advanced tactics such as SIM swapping and MFA bypass. The attacks, believed to have been carried out by ... Read the full article

Cyber risk to intensify in 2025 as attackers switch tactics: Moody’s

12th December 2024

Cyber risk is set to intensify next year as attackers switch tactics in response to better corporate cyber defences, and as advances in artificial intelligence (AI) increase the volume and effectiveness of their strikes, says Moody's Ratings. According to Moody's 2025 cybersecurity outlook, ransomware attackers are expected to shift to targeting ... Read the full article

Cyber-attacks cost UK businesses £44bn in last five years: Howden

25th November 2024

Half (52%) of UK businesses, representing 1.3 million private sector companies, have endured at least one cyber-attack in the past five years, equating to £44 billion of lost revenue, according to Howden, the international insurance intermediary group. New research published by Howden reveals that businesses with an annual revenue of over ... Read the full article

Coalition helps UK policyholders recover stolen funds from cyberattacks with new service

17th October 2024

Coalition, an active insurer focused on preventing digital risks, has launched a service dedicated to recovering funds stolen by cyber attackers in the UK. Designed to intercept funds in the banking system before an attacker can move them, the cyber insurer’s new ‘clawback’ service has recently proven a success with the ... Read the full article

Cyber insurance market poised for growth as cyberattacks continue to increase: Moody’s

6th September 2024

The cyber insurance market is poised for significant growth over the next several years as cyberattacks continue to grow in number and sophistication, with the potential to cause major financial and reputational damage and disrupt business operations, according to a new report from Moody's Ratings. However, as profitability has improved and cyber ... Read the full article

Trium Cyber partners with AttackIQ for enhanced cybersecurity

20th June 2024

Trium Cyber, the Lloyd's of London cyber insurance specialist, has partnered with AttackIQ to provide its policyholders with AttackIQ Flex, aiming to enhance cybersecurity and reduce risk. AttackIQ Flex is an on-demand testing service that allows organisations to quickly simulate cyberattacks through a user-friendly interface. It utilises AttackIQ’s advanced emulation software ... Read the full article

MOVEit & Change Healthcare attacks designated as cyber catastrophe loss events by PCS

29th April 2024

Verisk's Property Claim Services (PCS), a provider of industry loss estimates and loss data globally, has designated the MOVEit cyber attack and the Change Healthcare cyber attack as PCS Cyber Catastrophe Loss Events, as reported first by our sister publication, Artemis. For PCS to designate these cyber attacks as PCS Cyber ... Read the full article

2022 US Cyber insurance premium surge, but CL0P/MOVEit attack threat looms in 2023: Aon

28th September 2023

The National Association of Insurance Commissioners (NAIC) has reported a remarkable 50% increase in US cyber insurance premiums in 2022, totaling $7.22 billion, according to Aon's U.S. Cyber Market Update. While this growth is notable, the industry's performance also reveals emerging challenges, with the CL0P/MOVEit attack taking center stage as a ... Read the full article

Lack of cyber education leaves SMEs vulnerable to cyberattacks: Cowbell

27th September 2023

A new survey commissioned by Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs), has revealed a concerning lack of cyber education within businesses, putting 3 out of 4 SMEs at risk due to inadequate risk prevention efforts. The study underscores the pivotal role employees play in ... Read the full article

Cyberattacks on MGM and Caesars send ripples through industries: Guy Carpenter

21st September 2023

The recent cyberattacks on gaming and hospitality giants MGM Resorts International and Caesars Entertainment have sent shockwaves through the cybersecurity and insurance industries. Guy Carpenter's Cyber Center of Excellence has issued a Cyber Event Analysis briefing shedding light on these incidents and their implications. One of the key takeaways from the analysis ... Read the full article

MOVEit attacks provide key lessons for cyber re/insurance industry: CyberCube

31st July 2023

Cl0p’s MOVEit attacks have shone light on the cyber re/insurance industry’s blind spots, a recent report by cyber analytics firm CyberCube revealed. The global MOVEit MFT (Managed File Transfer) attack is an ongoing cybersecurity incident, led by the Cl0p ransomware and extortion gang, that has affected companies and government agencies on ... Read the full article

Majority believe Clop ransomware attack could be impactful to cyber insurers

8th June 2023

We recently published a poll on our LinkedIn page asking our readers how meaningful they think that the Clop ransomware attack could be for the insurance industry. The results from the poll have shown that 36% of participants believe that it could be impactful towards the cyber insurance industry. However, 14% of ... Read the full article

Volume of ransomware & extortion attacks to continue in 2023: CyberCube

7th March 2023

In a new report from CyberCube, the risk analytics specialist anticipates that there will be further attempts to compromise IT supply chains and geopolitical targets such as government agencies and non-government organizations. In CyberCube’s Global Threat Briefing, the firm identifies areas that the re/insurance and broking community needs to focus on ... Read the full article

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