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Reinsurance News

Cyber insurance & reinsurance

Preservation Capital acquires stake in cyber MGA Ascent

9th November 2017

Cyber and specialty lines Managing General Agent, Ascent Underwriting, has agreed that Preservation Capital Partners will take a substantial stake in the business subject to regulatory approval, providing significant capital to support Ascent’s growth ambitions. The Ascent managing team will retain a significant shareholding in Ascent and will continue to manage the ... Read the full article

Social engineering attacks on the rise but hacking & malware still dominate: Beazley

2nd November 2017

Social engineering attacks are on the rise across numerous industries as cyber attackers increasingly look to deceive in order to scam, according to London re/insurer Beazley's Q3 2017 Breach Insights report. The most prevalent cause of data breach during the first nine months of 2017 remains hacking and malware, which amounted ... Read the full article

Restoration costs of ransomware attacks triples since 2016

31st October 2017

Ransomware has become the new plague to run rampant through the cyber world, rising to the fifth most common malware type and causing the costs of restoring computer systems from such attacks to triple since 2016. Consequently, Head of BDO International Cybersecurity, Gregory Garrett, warned re/insurers to urgently assess their cyber ... Read the full article

Courtney Mocio named Vice President of Brit USA Cyber & Technology

27th October 2017

Brit has named Courtney Mocio as Vice President of Cyber & Technology at Brit Global Specialty USA (“BGSU”) with effect from 17 October 2017. She joins BGSU from Nationwide Insurance (Freedom Specialty) where she spent the last five years writing a book of cyber, technology and professional business. In her BSCU New ... Read the full article

Marsh appoints Jamie Saunders to cyber risk strategic advisor

27th October 2017

Marsh has named former Director of the National Cyber Crime Unit at the National Crime Agency (NCA), Jamie Saunders, as new strategic adviser on cyber risk management for UK specialist cyber security within the Client Advisory Services division. In his newly-created London based role, Dr Saunders will provide strategic cyber security ... Read the full article

Firms’ intangible assets still vastly unprotected: Aon & Ponemon Institute

26th October 2017

Many enterprises lag behind the protocols for doing business in the tech-era; firms recognise the growing value of intangible assets but continue to disproportionately spend four times more budget on insurance for Property, Plant and Equipment (PP&E) risks, according to a report by Aon and the Ponemon Institute. As historical tangible ... Read the full article

GDPR pushes cyber risk to business leaders’ top concern

26th October 2017

With the European Union’s General Data Protection Regulation (GDPR) due to take effect in May 2018, cyber risk has been pushed to the top of the corporate risk agenda for businesses throughout Europe, according to a survey of over 1,300 senior executives by Marsh. The GDPR is a new legal framework with ... Read the full article

Re/insurers could be key to firms’ cyber risk management: Chubb

25th October 2017

Widespread concern exists among risk and IT professionals about the scale of cyber threat but there is little agreement about how organisations should assess, manage and mitigate the threats, according to a Chubb study that surveyed over 250 risk managers and IT professionals. The study interviewed industry experts from major firms ... Read the full article

Emerging ransomware attack ‘Bad Rabbit’ hits Europe

25th October 2017

An emerging ransomware attack, Bad Rabbit, has infected systems across Russia and Ukraine and is spreading across the globe - even as firms are still recovering from recent widespread disruption caused by the devastating WannaCry and Petya cyber attacks. Bad Rabbit encrypts computers' contents and asks for a payment of 0.05 ... Read the full article

WEF & re/insurers work to close emerging risks protection gap

19th October 2017

In a new World Economic Forum-led initiative, re/insurers, tech firms, and government representatives will collaborate to develop strategies for the management of emerging risks from fourth industrial revolution innovations. Innovations such as drones and driverless cars have the potential to unleash a new set of uninsured risk on societies in the ... Read the full article

Demand for BI & supply chain cyber coverage up, says Munich Re & Beazley

17th October 2017

Demand for holistic cyber cover for business interruption (BI) and supply chain risks has surged, report Beazley and Munich Re after having joined forces to offer complex cyber risk cover through their Vector partnership. "Since we established Vector, we’ve seen a significant shift in the pattern of demand for cyber cover," ... Read the full article

Risk Cooperative gains Lloyd’s coverholder status

16th October 2017

Risk Cooperative, a specialized insurer with a proprietary cyber insurance facility with up to $10 million in stand-alone cyber insurance cover, has gained Lloyd's of London coverholder status. Risk Cooperative brings middle market customers and channel partners fast access to customizable cyber insurance solutions, working with a wide range of insurance ... Read the full article

Brokerslink & Safeonline launch facility for cyber risk management and insurance

12th October 2017

Brokerslink, an international network of brokers, has launched a new cyber risk management and insurance facility, called PoCydon, in collaboration with Safeonline, and which MS Amlin will provide the insurance wording. MS Amlin's cyber insurance wording is considered industry leading, and is backed up with active risk monitoring and threat detection ... Read the full article

Global losses from cyber attacks could reach $6 trillion, warns FBI’s former cyber head

11th October 2017

Annual, global losses from cyber attacks could reach as much as $6 trillion as the world continues to become more interconnected via advanced technology, such as the Internet of Things, according to cyber risk expert and former head of the FBI's cyber unit, James Trainor. Addressing an audience at the 2017 ... Read the full article

Tech firm Fractal Industries adds reinsurance expertise

6th October 2017

Technology firm Fractal Industries, which specialises in cyber security, artificial intelligence, machine learning, and data analytics, has added a team of reinsurance sector experts as it targets the vertical. Fractal provides clients an AI-driven decision-making platform, helping them to solve complex, real-world problems at scale. Thew firm has expanded beyond the ... Read the full article

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