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Public-private sector partnerships critical to the UK’s resilience to terror attacks: Pool Re

6th February 2018

Pool Re has launched a new Terrorism Frequency Report, produced by the scheme’s Terrorism Risk and Analysis Centre (TRAC), designed to provide Pool Re Members and stakeholders with a record and analysis of recent terrorist attacks, while underlining the importance of public-private sector partnerships when addressing the risks. Julian Enoizi, Chief Executive ... Read the full article

Ed appoints Henry Warner as Cyber Broker/Producer

30th January 2018

Global reinsurance broker Ed as announced the hiring of Henry Warner as Cyber Broker/Producer, effective immediately, and reporting to Divisional Director, Professional and Executive Risks (ProEx), James Baird. He started his career with Marsh as a client advisor for both cyber and professional indemnity risks, and joins the firm from SafeOnline, ... Read the full article

Munich Re member firm The Hartford Steam Boiler expands cyber offer

29th January 2018

Munich Re member firm The Hartford Steam Boiler, has expanded its cyber offer with the launch of a comprehensive cyber insurance cover designed for mid-sized businesses, HSB Cyber Suite. HSB Cyber Suite combines a range of cyber insurance covers and services for data breach, identity theft and cyber attacks, including malware, viruses, ... Read the full article

Beazley adds cyber breach advisory services to breach response cover

25th January 2018

Beazley has added post-breach consultation and remediation services to its Beazley Breach Response (BBR) cover for small and mid-sized policyholders in the U.S., in conjunction with its specialist advisory subsidiary Lodestone Security. The expanded cover provides up to 100 hours post-breach consultation services to help policyholders who have suffered unauthorized access or ... Read the full article

Barbican partners with FICO to offer cyber risk assessment tool

22nd January 2018

The Barbican Insurance Group has partnered with software analytics provider FICO to offer a cyber threat monitoring and vulnerability assessment solution, the FICO Enterprise Security Store Portrait (FICO ESS Portrait). Barbican will now provide all its cyber insurance clients with a free subscription to the product. Graeme King, business group leader for ... Read the full article

BI, cyber & larger nat cat losses top global business risks in 2018: Allianz

19th January 2018

Business interruption (BI), cyber incidents and larger losses from natural catastrophe events are the top three business risks globally in 2018, according to the latest Allianz Risk Barometer. The Allianz 2018 Risk Barometer, which includes responses from over 1,900 risk experts from 80 countries, ranks BI as the number one business ... Read the full article

Companies’ uptake of standalone cyber insurance to surge in 2018

12th January 2018

In 2018 uptake of standalone cyber insurance policies is expected to surge as companies respond to the growing cyber threat and regulators more strictly enforce and coordinate cybersecurity regulations, according to Aon's 2018 Cybersecurity Predictions report. As firms increasingly feel the heat of cyber attacks with reduced earnings, operational disruption and ... Read the full article

Swiss Re Corporate Solutions & Argo Group back cyber insurer Coalition

6th December 2017

Cyber risk insurance solution provider Coalition launched today with its cyber solutions backed by capacity from Swiss Re Corporate Solutions and Argo Group. Coalition was co-founded by technology entrepreneurs Joshua Motta and John Hering, and provides a full range of cybersecurity products for small to midsize businesses (SMBs) as well as comprehensive ... Read the full article

Pool Re coverage to include physical damage from cyber terrorism

28th November 2017

The UK's government-backed mutual terrorism reinsurer, Pool Re, has said that from April 2018 it will expand its coverage to include material damage and direct business interruption (BI) as a result of cyber terrorism. According to an announcement from the terrorism reinsurance pool, the cover excludes intangible assets and will be ... Read the full article

Demand for cyber cover could expand to general public: GlobalData

28th November 2017

As the cyber insurance market develops alongside rising online crime, data and analytics firm GlobalData says personal cyber insurance could be adopted by the general public, significantly increasing demand for cyber cover. Personal cyber products are currently offered by AIG and Hiscox, who offer cyber protection for high net worth (HNW) ... Read the full article

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