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Beazley launches ‘Beazley Quantum’ to enhance cyber offering

8th October 2024

Specialty insurer Beazley has expanded its cyber capabilities with the addition of ‘Beazley Quantum’, a new cyber consortium that provides comprehensive cover for large corporates with up to $100 million limit. According to the announcement, the consortium will offer protection to substantial corporate entities with a turnover in excess of $1 ... Read the full article

Cyber insurance demand to rise as new threats emerge, says Bloomberg Intelligence

7th October 2024

Bloomberg Intelligence reveals that demand for cyber insurance is set to grow amid a series of high-profile cyber attacks. Analysts noted that Beazley, the specialist cyber insurance provider, sees 18% compound annual growth for that cover in 2024-2030, while other major firms, such as Munich Re, Hiscox, Axis Capital, and Chubb, ... Read the full article

Organisations are taking action towards cyber resilience: PwC

7th October 2024

Despite cyber security concerns being top-of-mind and the average data breach exceeding over US$3 million, only 2% of businesses have implemented cyber resilience across their organisation, although cyber budgets are poised to increase, a recent PwC survey has revealed. At the same time, the survey - which surveyed 4,042 business and ... Read the full article

FERMA urges EU to streamline cyber reporting processes

4th October 2024

The Federation of European Risk Management Associations (FERMA) has urged European Institutions to streamline cyber reporting requirements and consider the insurance implications of cyber-related legislation. The news follows the release of the Cyber Reporting Stack report - produced in partnership with WTW -, which provides risk managers with comprehensive advice on ... Read the full article

Beazley forecasts cyber insurance market to grow to $40bn by 2030

2nd October 2024

Specialty insurer Beazley predicts that the cyber insurance market will grow from $15 billion in 2024 to $40 billion by 2030, driven by increasing demand due to rising cyber threats and costs, as the firm continues to manage its exposure amid premium growth. In its latest Cyber Risk Update, Beazley highlights ... Read the full article

Munich Re’s HSB launches comprehensive cyber insurance solution for SMBs

2nd October 2024

HSB, a multi-line specialty insurer and part of the reinsurance giant Munich Re, has introduced HSB CyberPro™, a new cyber insurance option for commercial clients seeking comprehensive coverage against evolving cybersecurity risks. HSB CyberPro combines expert cyber claims service, active threat monitoring, and risk mitigation tools developed by HSB over nearly ... Read the full article

Global cyber attacks will more than double this year to 211, says QBE

1st October 2024

The number of disruptive and destructive global cyber-attacks taking place each year is set to increase by 105% to the end of 2024, according to a new report from QBE. In fact, the trend shows that these significant, disruptive and destructive global cyber-attacks are likely to more than double this year ... Read the full article

Cyber threats top the 2024 Travelers Risk Index, fourth time in six years

24th September 2024

The 2024 Travelers Risk Index released by property and casualty insurer, The Travelers Companies, Inc. has disclosed cyber threats as the top concern amongst businesses, for the fourth time in six years. Established in 2014, the annual survey asks business insurance decision-makers of US-domiciled companies of various sizes and industries about ... Read the full article

Organisation data on dark web increases cyber attack risk: Marsh McLennan

23rd September 2024

The presence of any data related to an organisation on the dark web increases its risk of cyberattacks, according to a study by Searchlight Cyber and the Marsh McLennan Cyber Risk Intelligence Center. The Center examined Searchlight’s dark web dataset alongside a sample of 9,410 organisations, which had an overall breach ... Read the full article

PERILS & CyberAcuView expand US Cyber Loss Index to report unintentional events

23rd September 2024

Zurich-based catastrophe insurance data provider PERILS AG and CyberAcuView have announced the expansion of the US Cyber Industry Loss Index with unintentional (‘accidental’) loss events commencing 1 October 2024. Since launching in September 2023, the index has reported on affirmative US primary cyber market losses resulting from intentional (malicious) systemic cyber ... Read the full article

AXA XL bolsters UK cyber team with key hires from LSM & BHSI

20th September 2024

AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has expanded its cyber capabilities across the UK with a series of key hires in its underwriting and claims divisions. Vanessa Leemans, who has led the firm's cyber operations in the UK since joining in ... Read the full article

CrowdStrike event reveals opportunity for non-malicious cyber coverage: Broadstone

17th September 2024

Broadstone's latest Insurance Risk Monitor suggests that the CrowdStrike event challenges the cyber insurance market's conventional focus on malicious actors, highlighting an opportunity to offer more comprehensive coverage for non-malicious losses. Broadstone notes that until recently, the market primarily addressed malicious events, which has kept claims from the CrowdStrike incident—caused by ... Read the full article

BMA report reveals $7.75bn surge in cyber insurance premiums and a $120bn market forecast

13th September 2024

The Bermuda Monetary Authority (BMA), the island's regulatory body for financial services, has released its annual Bermuda Cyber Underwriting Report, showcasing a significant 63.7% increase in cyber insurance gross written premiums, which reached $7.75 billion in 2022. According to the report, this increase reflects Bermuda’s growing significance as a reinsurance hub ... Read the full article

WTW appoints Adrian Ruiz as Head of FINEX GB Cyber & TMT

12th September 2024

Global insurance broker WTW has appointed Adrian Ruiz as Head of FINEX GB Cyber & TMT, succeeding Glyn Thoms, who will assume the newly created role of Global Cyber Strategic Development Leader. In his new position, Ruiz will report to Marcus Porter-Wright, Head of FINEX GB, and Peter Foster, Chairman of ... Read the full article

Munich Re’s HSB expands cyber offering as potential losses from the sector rise

11th September 2024

HSB, a multi-line specialty insurer and part of reinsurance giant Munich Re, has expanded its cyber insurance coverage with new protections for connected vehicles, cybercrime victims, digital wallets, and other emerging risks. HSB Home Cyber Protection offers a mix of innovative cyber coverages and services for online fraud, cyber extortion, home ... Read the full article