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Marsh appoints Jamie Saunders to cyber risk strategic advisor

27th October 2017

Marsh has named former Director of the National Cyber Crime Unit at the National Crime Agency (NCA), Jamie Saunders, as new strategic adviser on cyber risk management for UK specialist cyber security within the Client Advisory Services division. In his newly-created London based role, Dr Saunders will provide strategic cyber security ... Read the full article

GDPR pushes cyber risk to business leaders’ top concern

26th October 2017

With the European Union’s General Data Protection Regulation (GDPR) due to take effect in May 2018, cyber risk has been pushed to the top of the corporate risk agenda for businesses throughout Europe, according to a survey of over 1,300 senior executives by Marsh. The GDPR is a new legal framework with ... Read the full article

Re/insurers could be key to firms’ cyber risk management: Chubb

25th October 2017

Widespread concern exists among risk and IT professionals about the scale of cyber threat but there is little agreement about how organisations should assess, manage and mitigate the threats, according to a Chubb study that surveyed over 250 risk managers and IT professionals. The study interviewed industry experts from major firms ... Read the full article

Emerging ransomware attack ‘Bad Rabbit’ hits Europe

25th October 2017

An emerging ransomware attack, Bad Rabbit, has infected systems across Russia and Ukraine and is spreading across the globe - even as firms are still recovering from recent widespread disruption caused by the devastating WannaCry and Petya cyber attacks. Bad Rabbit encrypts computers' contents and asks for a payment of 0.05 ... Read the full article

Demand for BI & supply chain cyber coverage up, says Munich Re & Beazley

17th October 2017

Demand for holistic cyber cover for business interruption (BI) and supply chain risks has surged, report Beazley and Munich Re after having joined forces to offer complex cyber risk cover through their Vector partnership. "Since we established Vector, we’ve seen a significant shift in the pattern of demand for cyber cover," ... Read the full article

Brokerslink & Safeonline launch facility for cyber risk management and insurance

12th October 2017

Brokerslink, an international network of brokers, has launched a new cyber risk management and insurance facility, called PoCydon, in collaboration with Safeonline, and which MS Amlin will provide the insurance wording. MS Amlin's cyber insurance wording is considered industry leading, and is backed up with active risk monitoring and threat detection ... Read the full article

Capsicum Re says industry threatened by unclarified cyber risk policies

5th October 2017

Specialist reinsurance broker, Capsicum Re, said in a report on cyber risk perils, that the re/insurance industry is facing a growing problem of cyber perils being neither explicitly excluded or implicitly included in insurance policies - a problem that leaves both insurers and insureds in a vulnerable position. The fast-developing cyber ... Read the full article

Allianz partners with Zeguro to offer clients cyber risk guidance

4th October 2017

Allianz Group's specialist corporate insurer, Allianz Global Corporate & Specialty (AGCS), has formed a partnership with software firm Zeguro, in which Zeguro will act as Chief Information Security Officer (CISO), using its platform to provide Allianz clients with guidance on cyber risk. These cyber exposure management and mitigation strategies will initially be ... Read the full article

Hiscox UK names Robert Hannigan as cyber security advisor

21st September 2017

Specialist insurer Hiscox UK and Ireland has appointed former GCHQ Director Robert Hannigan as Special Advisor on Cyber Security, set to work alongside Hiscox specialist cyber division to provide market intelligence, staff training, and develop cyber products. Robert Hannigan, Special Advisor at Hiscox UK and Ireland said; “The risks that cyber ... Read the full article

“Cyber probably not insurable,” Swiss Re CEO

12th September 2017

While cyber cover has often been heralded as one of the biggest re/insurance opportunities of the future, the Chief Executive Officer (CEO) of reinsurer Swiss Re, has a very different take on the realities of the emerging risk, saying that despite the hype he remains "extremely skeptical about cyber.” Speaking at ... Read the full article

Willis Re survey highlights uncertainty of silent cyber exposures

10th September 2017

A recent survey by the reinsurance arm of brokerage Willis Towers Watson, Willis Re, reveals that over the coming year the risk of "silent cyber" exposure has the potential to increase, although uncertainty remains across the risk transfer industry. Silent cyber refers to potential cyber-related losses from an insurance policy not ... Read the full article

GC executives call for common cyber risk currency development

8th September 2017

The global insurance and reinsurance industry needs to develop a common cyber risk currency in order to improve risk differentiation in a rapidly expanding part of the risk transfer space, according to Guy Carpenter's Morley Speed and Carolyn Morley. As the cyber risk market continues to evolve, diversification is essential, but so ... Read the full article

PCS releases Global Cyber Industry Loss Index

4th September 2017

Property Claim Services (PCS) has released a new Global Cyber Industry Loss Index for insured cyber losses with a minimum threshold of $20 million industry wide. The cyber loss index was developed in collaboration with Capsicum Re in response to growing demand for an independent view of cyber industry loss estimates. The new ... Read the full article

NAIC’s new security model to improve U.S. insurance sector’s cyber risk management: Fitch

4th September 2017

Fitch Ratings expects the National Association of Insurance Commissioner's (NAIC) recently approved Insurance Data Security Model Law to drive more rigorous cyber risk management in the U.S. insurance sector, but does warn of the potential for increased compliance costs. The NAIC has sought to establish industry standards for data security that will ... Read the full article

Chubb releases new cyber cover policies

31st August 2017

In response to increasing demand for cyber protection as threat of systemic cyber attacks grows, Chubb has released two new policy forms Cyber Enterprise Risk Management (Cyber ERM) and DigiTech® Enterprise Risk Management (DigiTech® ERM). The new policies combine cyber cover with extensive loss mitigation and incident response services, to provide clients ... Read the full article