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Q1 2024 sets record for most ransomware attacks in a first quarter: Corvus
30th April 2024
As per a new report from Corvus Insurance, Q1 2024 has set a record for the most global ransomware attacks in a first quarter. According to the data in Corvus' Q1 2024 Ransomware Report, 1,075 leak site ransomware victims were posted on leak sites during the first quarter, despite the disruption ... Read the full article
Moody’s and Bitsight launch new cyber risk solution
26th April 2024
Cyber risk manager Bitsight and Moody’s have launched a new cyber risk solution that will cover over 300 million organisations worldwide. The Implied Cyber Threat (ICT) is an offering built on Bitsight's cyber risk analytics engine and Moody's Orbis company database. It was designed to provide cyber risk insights and valuable market ... Read the full article
Major cyber catastrophe loss could accelerate market development: Lockton Re
24th April 2024
Lockton Re, the global reinsurance arm of the privately held independent insurance broker, has highlighted how a large cyber catastrophe event could have its benefits by pushing the market to work collaboratively and drive innovation and product development. In a new analysis, "A Kaleidoscope of Possibilities: Preparing for Ivan Wiper," the ... Read the full article
IQUW unveils new combined FI and Cyber solution, FortiFI
24th April 2024
IQUW, the property and specialty re/insurer has launched FortiFI, the company's new Financial Institutions (FI) wording featuring integrated cyber coverage, specifically tailored for US clients. According to the announcement, FortiFI will focus on supporting the needs of small to mid-market financial institutions, with coverage ranging from corporate finance and non-bank lenders to ... Read the full article
Mulberri and Acronis partner to provide embedded cyber insurance for US SMBs
22nd April 2024
Mulberri, an AI-driven insurance platform, and Acronis, a provider of cyber security and data protection solutions, have partnered to provide cyber insurance to US-based small & medium-sized businesses customers. Through this partnership, Acronis customers can opt-in for Mulberri’s embedded Cyber Insurance directly through the Acronis platform. It also enables Acronis and Mulberri ... Read the full article
Cytora and DynaRisk announce partnership to improve cyber risk
17th April 2024
Digital risk processing platform Cytora has partnered with cybersecurity company DynaRisk to help insurers understand and reduce cyber risk. Through this partnership insurers will be able to use DynaRisk’s suite of cyber risk assessment data on Cytora’s platform. This will allow underwriters to immediately be able to take into account a host ... Read the full article
Canopius bolsters cyber offering through partnership with Group-IB
15th April 2024
Global specialty re/insurer, Canopius Group, has entered into a partnership with Group-IB, a creator of cybersecurity technologies, which is set to strengthen Canopius’ cyber insurance offering with further advanced threat intelligence capabilities. With this being Group-IB’s first full-service partnership with a Lloyd’s of London syndicate, this collaboration between the two firms ... Read the full article
Coalition adds new Affirmative AI Endorsement to cyber insurance policies
27th March 2024
Active cyber insurance provider Coalition has added a new Affirmative Artificial Intelligence (AI) Endorsement to clarify what is covered by the company's US Surplus and Canada Cyber Insurance policies. According to the announcement, the endorsement expands the definition of a security failure or data breach to include an "AI security event," ... Read the full article
Munich Re’s HSB unveils cyber insurance coverage for autos
26th March 2024
Seeing cars and trucks as likely targets for hackers and cyber thieves, specialty insurer HSB has introduced Cyber for Auto, a new coverage aimed at helping consumers respond to new exposures. According to HSB, passenger vehicles built after 2020, and many older models, have sensors, computers, and other connected technology, meaning ... Read the full article
Health & safety takes over cyber as highest D&O risk for 2024: WTW
21st March 2024
Health & safety has emerged as the most important risk facing directors and officers (D&O) in 2024, with risk associated to cyber attacks falling to second place, according to broking and solutions company WTW and global law firm, Clyde & Co. Both firms recently released their latest Global Directors’ & Officers’ ... Read the full article
Mixed market outlook for cyber insurance in 2024: OAC
20th March 2024
Despite growth expected for cyber insurance in 2024, actuarial consultancy OAC - part of the Broadstone Group - predicts a mixed market outlook in the year as there are some areas of concern that could lead to a major loss event and have the potential for accumulation. According to ... Read the full article
New research shows UK SMEs are leaving themselves open to cyber threats: Cowbell
19th March 2024
A recent survey commissioned by Cowbell has revealed that the UK's small and medium-sized enterprises (SMEs) lack implementation of best practice cybercrime protocols and are severely unprepared to react to an incident, with only 19% having a recommended cyber incident response plan (IRP) in place. This comes as advancements within AI ... Read the full article
Ransomware attack on Change Healthcare pegged as “most significant” in sector history
15th March 2024
The American Hospital Association has named the suspected ransomware attack on Change Healthcare, a unit of insurance giant UnitedHealth Group's Optum division, as "the most significant and consequential incident of its kind against the U.S. healthcare system in history." Change Healthcare, which suffered the cyberattack on February 21st, reportedly handles 14 ... Read the full article
Insurance industry must be proactive as GenAI reshapes cyber landscape: Lloyd’s
12th March 2024
The impact of Generative Artificial Intelligence (GenAI) technology on the cyber landscape is expected to increase the frequency, severity, and diversity of attacks, and as the threats evolve, it's imperative that the insurance industry takes proactive steps, according to Lloyd's. A new report from Lloyd's, the world's oldest insurance and reinsurance ... Read the full article
Cyber insurance a focal point in the P/C industry: AM Best
8th March 2024
AM Best's recent market segment report highlights how the cyber insurance sector has become a focal point of growth and risk within the property/casualty (P/C) industry. The report notes that although pricing for cyber insurance stabilised in 2023, the demand for it remains stable. According to AM Best, “cyber insurance is ... Read the full article