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UK business leaders struggle to recognise cyber risk as a financial threat: Resilience
6th December 2024
IT and financial leaders at the UK’s largest firms have a poor understanding of cyber risk as a financial risk, despite 74% of mid-to-large UK businesses experiencing cybercrime, according to a new survey by cyber risk solutions provider Resilience. The findings reveal a disconnect between what causes the greatest financial losses ... Read the full article
CyberCube partners with HUB International to strengthen cyber risk analytics for clients
5th December 2024
CyberCube, a provider of cyber risk analytics solutions, has announced a new partnership with HUB International (HUB), an insurance brokerage and financial services firm. Through this collaboration, HUB will harness CyberCube’s software and expertise to deliver advanced cyber risk insights to clients across North America. As part of the partnership, HUB will ... Read the full article
Re/insurers’ operations exposed to cyber threats, says S&P
5th December 2024
According to a new report by S&P Global, insurers and reinsurers are exposed to cyber threats, with the potential for a direct attack to impact their operations, potentially costing a significant portion of their average annual earnings. Re/insurers face various operational cyber risks, including IT system disruptions, outages of third-party IT ... Read the full article
Economic threats still overshadow climate and cyber risks for G20 business leaders
5th December 2024
Economic threats continue to overshadow climate and cyber risks as one of the top three near-term risks for business leaders in G20 countries, according to the Executive Opinion Survey, conducted by the World Economic Forum and released by Marsh McLennan and Zurich Insurance Group. While global economic conditions show signs of ... Read the full article
TMK appoints Furness-Smith as Cyber Underwriter in APAC
4th December 2024
Tokio Marine Kiln (TMK) has announced the appointment of Georgina Furness-Smith as Cyber Underwriter in APAC, a Singapore-based role. She will take up her role on 2 January. Furness-Smith is a cyber insurance specialist with over five years of underwriting experience. She is joining TMK from AXIS Capital, where she most recently ... Read the full article
Aon accelerates cyber product development & capital sourcing with O’Connell hire
3rd December 2024
Global insurance and reinsurance broker Aon has announced the appointment of Robert O’Connell as global cyber strategy and growth leader, executive managing director, within its Reinsurance Solutions business. Based in New York, O'Connell will lead the firm's initiatives to provide transformative value to Reinsurance Solutions' cyber clients and trading partners. This will ... Read the full article
CyberCube partners with Penguin Tech to enhance cyber risk solutions
2nd December 2024
CyberCube, a provider of cyber risk analytics, has partnered with Penguin Tech, an integration and consulting provider, to deliver enhanced solutions that help insurers better understand, manage, and mitigate cyber threats. Through this collaboration, CyberCube’s advanced analytics will integrate seamlessly with the solutions Penguin Tech delivers to Duck Creek Technologies clients. ... Read the full article
Re/insurance market must prepare for Single Point of Failure tech outage events: CyberCube
29th November 2024
CyberCube, a provider of cyber risk analytics, has warned that organisations must prepare for the escalating risk of unplanned technology outage events, primarily driven by a rise in cloud service provider outages and an increased frequency of industry-wide Single Point of Failure (SPoF) events. In their Global Threat Briefing report, CyberCube ... Read the full article
S&P projects cyber insurance premiums to hit $23bn by 2026
28th November 2024
S&P Global Ratings, a provider of credit ratings, research, and analytics, maintains a stable outlook on the global cyber insurance and reinsurance industry, supported by solid underwriting profitability in 2023 and 2024, with expectations for this trend to continue into 2025. The industry's stability is further reinforced by substantial increases in ... Read the full article
GenAI can open doors for malicious cyber actors to exploit capabilities
27th November 2024
Generative AI (GenAI) presents many ways for organisations to revolutionise their respective industries by enhancing business functions, however, the technology may also open doors for malicious actors to exploit capabilities for cyber attacks, according to a new report from Guy Carpenter, the reinsurance broking arm of Marsh McLennan, and CyberCube, ... Read the full article
Understanding, calculating & underwriting systemic risk is cyber’s biggest challenge today: Coalition
27th November 2024
As cyber continues to remain one of the biggest lines of business across the re/insurance industry, there are a number of challenges that the cyber market is currently facing, in light of the recent number of data breaches and major cyber events that the industry has seen throughout the past ... Read the full article
Reinsurers to remain a ‘pillar’ in development of effective cyber market: S&P
27th November 2024
As per a new report from S&P Global, the reinsurance market is set to remain extremely important in providing capital and capacity to support further revenue growth in the cyber insurance market. "In our view, reinsurers will remain an important pillar in the development of a sustainable and effective cyber insurance ... Read the full article
Cyber-attacks cost UK businesses £44bn in last five years: Howden
25th November 2024
Half (52%) of UK businesses, representing 1.3 million private sector companies, have endured at least one cyber-attack in the past five years, equating to £44 billion of lost revenue, according to Howden, the international insurance intermediary group. New research published by Howden reveals that businesses with an annual revenue of over ... Read the full article
Cyber threats, climate change, and BI lead insurance concerns: Munich Re & Triple-I
21st November 2024
Cyber threats, climate change, and business interruption (BI) are the top risk concerns among key marketplace segments in the insurance industry, according to a new survey by Munich Re America and Triple-I. The RiskScan 2024 survey highlights key risk concerns across five categories: insurance risks, market dynamics, natural disasters, emerging technologies, ... Read the full article
Embroker report reveals 93% of startups now use cyber insurance
20th November 2024
Embroker, a digital insurance platform simplifying the insurance process for businesses, has released its "2024 Cyber Risk Index: Startup Edition," revealing a steady rise in cyber insurance adoption with a focus on simplicity, resilience, and investor appeal in a shifting cyber risk landscape. Nearly all startups now carry cyber insurance, with ... Read the full article
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