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Barbican teams up with cyber specialists on ‘One-Step-Ahead’ resilience product

13th April 2018

Barbican Insurance Group has developed a new cyber resilience product in collaboration with specialists TSC Advantage and FICO, called Barbican Cyber ‘One-Step-Ahead’ (OSA). OSA combines software components, on- and off-site training, and detailed evaluation and recommendation reports to help insured organisations assess and improve their overall cyber security measures. Barbican has structured ... Read the full article

Endeavour introduces cyber coverage for physical damage to manufacturers

12th April 2018

Endeavour Insurance Services, a Delegated Authority Specialist and Lloyd’s Broker, has launched a new cyber security product that protects manufacturers from physical damage related to cyber attacks. The new programme, called Ensconce, targets new risks that are arising out of increasingly automated manufacturing processes and the internet of things (IOT), which ... Read the full article

ISO’s cyber insurance programme implemented in 42 states and U.S. territories

9th April 2018

Verisk ISO's new cyber insurance programme, which features rating information and advisory loss costs along with an array of cover options, has been implemented in 42 states and U.S. territories. The programme is designed to help insurance companies expand into the growing cyber market, which is forecast by Verisk analytics to ... Read the full article

Specialty re/insurers explore avenues into energy sector cyber cover

5th April 2018

Growing cyber threats to the U.S. power grid have led specialty re/insurers in the energy/utility sector to explore avenues to leverage their industry knowledge into areas of profitable - but conservative and controlled - growth in cyber, according to A.M. Best. For the utility sector the threat of cyber attacks has ... Read the full article

Tokio Marine Kiln partners on new cyber security offering

3rd April 2018

Tokio Marine Kiln (TMK) has launched a new insurance and services policy in conjunction with intelligence experts XCYber and Sytorus, which will protect clients from cyber-attacks and offer consultancy on the European Union’s (EU) General Data Protection Regulation (GDPR), which comes into effect in May. The new product, called Cyber Ctrl, ... Read the full article

XL Catlin and RedSeal launch risk analysis tool for cyber insurers

29th March 2018

Insurer and reinsurer XL Catlin and RedSeal have launched a risk analysis tool for cyber insurers with a dynamic measure of resilience to gauge risk and improve cybersecurity and insurance terms. The risk analysis objectively measures a network's resilience to help underwriters more thoroughly evaluate their clients’ risks over time, while ... Read the full article

Big data, cyber security, and AI top InsurTech trends: Survey

15th March 2018

Top insurance trends where InsurTech is expected to make its mark in the next three years were identified in an Infosys market survey as big data for customer insight and wallet share, cyber security for data protection and compliance, artificial intelligence (AI) for underwriting and automation, and technology for business ... Read the full article

Barbican strengthens cyber cover with incident response & phishing simulation

13th March 2018

Barbican Insurance Group has strengthened its cyber insurance cover by providing incident response exercises and phishing simulation as part of the overall package to be delivered through risk and cybersecurity consulting firm, TSC Advantage. Read the full article

Written premium for commercial cyber liability to reach $6.2 billion by 2020

9th March 2018

Written premium for the commercial cyber liability market is estimated to reach $6.2 billion by 2020 with annual take-up rates forecast to grow by 20 to 30% over the next several years, according to Verisk Analytics. Maroun Mourad, President of commercial lines at Verisk's ISO business, said cyber liability risk is rapidly ... Read the full article

RMS announces launch of re/insurance industry’s first probabilistic cyber risk model

7th March 2018

Global catastrophe risk modeller RMS recently announced the launch of RMS Cyber Solutions Platform v3.0, the re/insurance industry's first probabilistic model for cyber loss. The new platform is RMS' third generation of its cyber model, and has been renamed to Cyber Solutions Platform 3.0 to reflect its expanded functionality. RMS announced the launch ... Read the full article

Pool Re upsizes retrocession program to £2.1bn, includes cyber terror

1st March 2018

The UK's government-backed mutual terrorism reinsurer Pool Re has renewed its retrocessional reinsurance program at an expanded size and with the inclusion of coverage for cyber terrorism events, a risk the reinsurer has been promising to include within its offering. The retrocession program was increased in size by £100 million ... Read the full article

Cyber re/insurance market “frustratingly immature”: Inga Beale, Lloyd’s

27th February 2018

Lloyd's Chief Executive Officer (CEO) Inga Beale, told delegates at the Organisation for Economic Cooperation and Development (OECD) conference in Paris recently that the cyber insurance and reinsurance market remains "frustratingly immature" and highlighted partnerships as the best way to tackle the risk. “In 2016, the stand-alone cyber market reached an estimated ... Read the full article

Cyber incidents evolving and becoming more sophisticated: Beazley

20th February 2018

Specialist insurer Beazley has released its 2018 Breach Briefing, which explores the evolving cyber risk landscape and highlights a number of growing threats to businesses around the world, further supporting the need for affordable and effective cyber risk insurance and reinsurance solutions. Over the past year Beazley helped clients manage 2,615 ... Read the full article

Cyber risk management lags behind growing threat to business: Marsh, Microsoft

16th February 2018

Although the majority of senior executives view cyber as a top risk management priority, few organisations are confident in their ability to manage the risk of a cyber-attack, according to a survey by Marsh and Microsoft that highlighted ways in which risk management is falling behind in cyber risk mitigation ... Read the full article

Cyber re/insurance is already rapidly maturing: PCS

7th February 2018

The budding cyber insurance and reinsurance industry is already in the process of rapidly maturing with policy limits currently five times larger than those of just 4-5 years ago, according to loss trends highlighted in a new PCS report. 2017 became the most active year for cyber risk losses in market ... Read the full article