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Businesses may be overconfident about resilience to cyber threats: Beazley

18th October 2022

According to a recent Risk & Resilience research report from Beazley, there is a "worrying" degree of complacency around active cyber risk management and maintaining resilience to cyber threats, with over 41% of UK and US business leaders feeling "very prepared" to meet the cyber threat, which although down marginally ... Read the full article

Lockton Re appoints Oliver Brew as Cyber Practice Leader, London

18th October 2022

Global insurance broker Lockton’s dedicated reinsurance division, Lockton Re, has appointed Oliver Brew in a new role as Cyber Practice Leader in London. Brew brings more than 20 years of industry experience towards the role. He joins from CyberCube where he most recently served as Head of Client Success as part ... Read the full article

Bank of England survey warns of cyber threat to UK financial system

13th October 2022

The risk most cited as a threat to the UK’s financial system is a cyberattack, according to the Bank of England’s Systemic Risk Survey. According to the bank, nearly three-quarters (74%) cited a cyberattack when asked to list the five risks most likely to have the greatest impact. The survey also found ... Read the full article

Cyber cover to become ubiquitous as demand grows: GILC

12th October 2022

In a new report, Global Insurance Law Connect (GILC) predicts that cyber cover will become as ubiquitous as public liability or professional indemnity insurance as the level of threat continues to amplify globally. It adds that while the increased demand has led to the growth of capacity in the market, the ... 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

Probitas 1491 hires Ezeugo Aguta as new head of cyber strategy and innovation

11th October 2022

Probitas 1492 has hired Ezeugo Aguta to be its new head of cyber strategy and innovation. The firm said in a statement that Aguta will spearhead the development of the firm’s technical capabilities. This will, said the company, be accomplished through the establishment of Probitas Labs. Probitas Labs focus on three main ... Read the full article

DeNexus launches new version of cyber risk platform

10th October 2022

DeNexus, a provider of second-generation cyber risk modelling for industrial organisations, reinsurers and investors in insurance-linked securities (ILS), has announced the launch of the new version of its data-driven cyber risk platform aimed to better quantify and manage risks associated with cyber breaches. According to the announcement, DeRISK 5.0 offers a ... Read the full article

Relay announces partnership with CyberCube

7th October 2022

Relay Platform, a technology solutions provider enabling the digital transformation of commercial insurance placements, has partnered with CyberCube, a cyber risks analytics provider, on the cyber quoting experience. This new partnership aims to enable brokers and agents who use Relay to gain access to the CyberCube cyber insurance report directly within ... Read the full article

Top 20 U.S. cyber insurers all saw premium growth in 2021

6th October 2022

Of the approximately $4.8 billion of U.S. cyber insurance premiums underwritten in 2021 by the property & casualty (P&C) industry, more than 81% came from the top 20 cyber insurers in the U.S. marketplace, led by global insurer Chubb. Based on research data from rating agency AM Best, ... Read the full article

Mosaic adds excess tech E&C coverage to cyber product offering

4th October 2022

Mosaic Insurance’s cyber division has launched excess capacity and coverage for a new product aimed at protecting technology sector companies from rapidly emerging liability risks. The insurer now offers excess technology errors and omissions (E&O) as companion cover to cyber for businesses ranging from AI, virtual reality, edtech, and IT consulting ... Read the full article

Aon adds industry expert Katherine Kuehn as MD, Cyber Solutions

4th October 2022

Insurance and reinsurance broker Aon has hired Katherine Kuehn from vArmour as Managing Director (MD) within its Cyber Solutions division, where she will build upon her network to develop and provide innovative solutions in the cyber risk space. In her new role, Kuehn will leverage her network of key cyber, government ... Read the full article

Security budget cuts may escalate cyber risk, warns Fitch

30th September 2022

Fitch Ratings has warned of a potential increase in cyber risk as corporate and infrastructure cybersecurity budgets across the US come under increasing pressure due to poor revenue outlooks. Analysts note that cybersecurity spending is often viewed as an added cost rather than an essential business expense, with ROI metrics difficult ... Read the full article

Cyber continues to top Travelers Risk Index

29th September 2022

For the third time in four years, cyber threats have been found to be the top overall concern for business decision makers, according to the 2022 Travelers Risk Index results. Of the 1,200 survey participants, more felt that today’s business environment is riskier compared to a year ago, and more than ... Read the full article

Insurers back call for more to be done against cyber attacks: ICA

29th September 2022

As cyberattacks increase in frequency and severity, the Insurance Council of Australia (ICA) has welcomed analysis from the Actuaries Institute on cyber risk and the role of re/insurance in protecting against the impacts of cybercrime. In a recent report, the ICA announced its support for the finding in the Actuaries Institute ... Read the full article

Aon appoints Adam Peckman as head of Cyber Solutions, Asia Pacific

27th September 2022

Aon plc has appointed Adam Peckman as head of Cyber Solutions, Asia Pacific. Under Peckman's leadership, Aon’s Cyber Solutions in Asia Pacific will bring together cyber broking, security advisory, incident response and risk consulting capabilities across Singapore, Hong Kong, Japan, Australia and New Zealand. At the same time, Peckman will also retain ... Read the full article