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Chat GPT & AI a growing concern for cyber insurance: Corvus’ Hedberg

24th March 2023

With the capabilities of Chat GPT and artificial intelligence (AI) continuing to advance, this technology is only going to get smarter and potentially more difficult to control as it can be used to facilitate security breaches and increase the scale of cyber-attacks, states Peter Hedberg, Vice President of Cyber Underwriting ... Read the full article

Coalition enters excess cyber insurance market in UK

14th March 2023

Cyber insurance provider Coalition is set to enter the excess cyber insurance market in the United Kingdom, to help protect businesses with enhanced coverage. By doing this, the firm will be able to help more businesses obtain the coverage they need to protect themselves from digital risks. The firm has confirmed that ... Read the full article

Saiber & CYMAR form partnership to address cyber insurance needs within the UAE

2nd March 2023

Smart Port technology company, Saiber Innovation Technologies and Ports & Terminals cyber insurance specialist CYMAR Management Ltd., have announced a strategic partnership to address the demanding cyber insurance needs of the global maritime and logistics sector in the UAE. The announcement of this partnership comes as the UAE has steadily been ... Read the full article

CFC introduces policy encryption for cyber insurance

15th February 2023

Specialist insurance provider CFC has announced that it is introducing policy encryption for its cyber insurance policies, with the firm noting that it is the first provider in the industry to do so. CFC suggests that providing this additional layer of security for its customers is another critical step to keeping ... Read the full article

Cyber insurance premiums on the rise for UK businesses

9th January 2023

UK businesses are facing soaring cyber insurance premiums caused by higher claim risks at a time of heightened exposure to cyber-attacks, a survey by Mactavish, an independent insurance buyer and claim expert, has revealed. Mactavish surveyed companies with over a 10m turnover, across industries including technology, manufacturing, aviation and maritime sectors, ... Read the full article

Growth potential for cyber insurance market could be improved: CyberCube’s Bole

24th November 2022

There is a huge growth potential for the cyber insurance market, and more could be unlocked if re/insurers worked on a number of points to improve it, Rebecca Bole, CyberCube’s Head of Industry Engagement, suggested at AM Best's “Europe Insurance Market & Methodology Briefings”. Bole said: “I think that for future ... Read the full article

AXA XL expands Lawyer’s E&O offering with cyber insurance option

9th November 2022

AXA XL, the property & casualty and specialty risk division of AXA, has added Cyber Suite, a cyber and security insurance coverage as an option to its Lawyers' Errors & Omissions (E&O) insurance program. According to the announcement, this move aims to help lawyer firms minimise the high financial cost and ... Read the full article

Risk Strategies suggests cyber insurance market is beginning to stabilise

7th November 2022

According to Risk Strategies State of the Market update, the cyber insurance market is beginning to stabilise after years of steep rate increases, though insurers will continue to be on high alert through the remainder of the year and into 2023. The report notes that the pace of cyber attacks has ... Read the full article

Global cyber insurance pricing increases, outpacing other products: Marsh

2nd November 2022

In the first edition of its quarterly index that presents cyber data separately from financial and professional lines, Marsh has announced that cyber insurance pricing has increased again in Q3, outpacing other products. Cyber insurance pricing increased globally by 53% in Q3, while Property insurance pricing increased by 6%, Casualty insurance ... Read the full article

Quod Orbis & Liberty Specialty collaborate to study future of cyber insurance

11th October 2022

Quod Orbis and Liberty Specialty Markets (LSM) have released a white paper report exploring the prospective future of cyber insurance, alongside the role data can play to enhance the understanding of risk. According to the report, global cyber insurance premiums totalled $8bn in 2021, and are growing rapidly, with one estimate ... Read the full article

C&F promotes Nick Economidis to Senior VP of Cyber Insurance

21st September 2022

Crum & Forster (C&F) has announced the promotion of Nick Economidis to Senior Vice President of eRisk. Economidis joined C&F as Vice President of eRisk in 2018, aiding with business line growth and the expansion of its tech and cyber underwriting group. He holds more than three decades of underwriting experience, including ... Read the full article

Coalition launches in UK cyber insurance market

5th September 2022

Insurance brokers across the UK now have access to the cybersecurity tools provided by American insurer Coalition, as it has commenced trading in the country this month. Coalition entered a multi-year capacity agreement with Allianz Global Corporate & Specialty and will distribute its products via brokers. According to the announcement, it will ... Read the full article

Cyber insurance study suggests businesses lack ransomware insurance

22nd August 2022

A recent BlackBerry Cyber Insurance Coverage study shows that businesses are growing increasingly concerned about how they will meet ransomware demands. Only 19% of those surveyed have ransomware coverage limits above $600,000, while 59% hoped the government would cover damages when future attacks are linked to other nation-states. Shishir Singh, Executive Vice ... Read the full article

CyberCatch & Ridge Canada announce partnership to enable SMO’s to obtain cyber insurance

12th August 2022

Cyber security software-as-a-service (SaaS) company CyberCatch has announced a strategic partnership with Ridge Canada Cyber Solutions Inc. (RCCS) to enable Canadian small and medium organisations (SMOs) to obtain cyber insurance. Approximately, there are 1.2 million SMOs in Canada and the majority of them do not have cyber insurance, or those that do are ... Read the full article

Ransomware and Ukraine war the big risks for cyber insurance: CyberCube

12th August 2022

Ransomware continues to be largely responsible for the insurable cyber losses experienced by companies, with the maritime sector and satellite infrastructure being more likely to be targeted by cyber criminals, according to a recent report. Additionally, CyberCube’s H2 2022 Global Threat Briefing analysed the cyber activity following Russia’s invasion of Ukraine ... Read the full article