Reinsurance News
cyber attack
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
Businesses’ preparedness against cyber threats beginning to shrink: Beazley
10th September 2024
Beazley, a specialist insurer, has released its Risk & Resilience report, Spotlight on Cyber & Technology Risk 2024, which explores global business views on cybercrime, tech obsolescence, disruptions, and intellectual property risks amid rapid technological change. Over the past year, the cyber threat landscape has grown more challenging due to the ... Read the full article
Cyber insurance market poised for growth as cyberattacks continue to increase: Moody’s
6th September 2024
The cyber insurance market is poised for significant growth over the next several years as cyberattacks continue to grow in number and sophistication, with the potential to cause major financial and reputational damage and disrupt business operations, according to a new report from Moody's Ratings. However, as profitability has improved and cyber ... Read the full article
Tokio Marine HCC launches malicious cyber event coverage for event cancellation
4th September 2024
Tokio Marine HCC (TMHCC) – Specialty Group, part of the Tokio Marine HCC companies based in Houston, Texas, has announced the addition of a malicious cyber event extension to its cancellation product. This enhancement is available through both its Lloyd’s syndicate and HCC International Insurance Company PLC. TMHCC – Specialty Group's event ... Read the full article
Q2’24 marks second highest quarter for ransomware attacks, says Corvus
22nd August 2024
The frequency of global ransomware attacks is rising sharply, with Q2 2024 marking the second-highest number of reported attacks in a single quarter, according to Corvus Insurance’s Q2 2024 Cyber Threat Report. Based on data from ransomware leak sites, the report identified 1,248 victims in Q2 alone. Ransom demands are also increasing, ... Read the full article
Cyber attacks against UK utility companies up 586% in 2023: Chaucer
29th July 2024
According to data collected by global specialty re/insurer Chaucer, successful cyber attacks against UK utility companies increased to 48 in 2023, representing a 586% increase over the seven cases seen in 2022. The attacks have caused sensitive data belonging to 140,000 individuals to be compromised in the UK, which is a ... Read the full article
Surge in cyber insurance market fuelled by regulatory shifts and global tensions: Morningstar DBRS
27th June 2024
Morningstar DBRS, a global credit rating agency, emphasises that cyber insurance is rapidly growing and essential in the digital age, projected to soar to $40 billion by decade's end amidst rising cyber threats and stringent data regulations. Morningstar DBRS highlights that Cyber insurance is a relatively new type of insurance designed ... Read the full article
Trium Cyber partners with AttackIQ for enhanced cybersecurity
20th June 2024
Trium Cyber, the Lloyd's of London cyber insurance specialist, has partnered with AttackIQ to provide its policyholders with AttackIQ Flex, aiming to enhance cybersecurity and reduce risk. AttackIQ Flex is an on-demand testing service that allows organisations to quickly simulate cyberattacks through a user-friendly interface. It utilises AttackIQ’s advanced emulation software ... Read the full article
UK cyber insurance market becomes increasingly “buyer-friendly”, Marsh
14th June 2024
The UK cyber insurance market has become increasingly “buyer-friendly”, with an abundance of capacity and intense competition among insurers driving rate decreases, according to Marsh's Q1 2024 cyber insurance report. At the same time, generative AI (GenAI) continues to be a rapidly evolving risk, with its impact on cybersecurity under scrutiny ... Read the full article
Catastrophe losses may raise rates, reduce homeowner protection: S&P
10th June 2024
As insured catastrophe losses surge, potentially leading to higher rates and diminished homeowner protection, S&P Global Ratings, a provider of credit ratings and research, examines the challenges facing property/casualty insurers. In their recent report, S&P highlight how recent data shows that insured catastrophe losses in the US have soared to over ... Read the full article
Aon reveals cyber attack/data breach as top risk for financial institutions
17th May 2024
Aon, a global insurance and reinsurance broker, has revealed that cyber attack/data breach ranks first among the top business risks confronting the financial institutions industry. This insight is derived from Aon’s 2023 Global Risk Management Survey. The survey also identifies regulatory/legislative changes and economic slowdown/slow recovery as the next most critical ... Read the full article
Frequency of ransomware claims jumps 64% YoY, At-Bay
15th May 2024
The frequency of ransomware claims in the United States between 2022-2023 jumped by a staggering 64% year over year, which was was primarily driven by an explosion in “indirect” ransomware incidents which increased by more than 415% in 2023 than in 2022, according to a new report from At-Bay. The firm ... Read the full article
Health & safety takes over cyber as highest D&O risk for 2024: WTW
21st March 2024
Health & safety has emerged as the most important risk facing directors and officers (D&O) in 2024, with risk associated to cyber attacks falling to second place, according to broking and solutions company WTW and global law firm, Clyde & Co. Both firms recently released their latest Global Directors’ & Officers’ ... Read the full article
New research shows UK SMEs are leaving themselves open to cyber threats: Cowbell
19th March 2024
A recent survey commissioned by Cowbell has revealed that the UK's small and medium-sized enterprises (SMEs) lack implementation of best practice cybercrime protocols and are severely unprepared to react to an incident, with only 19% having a recommended cyber incident response plan (IRP) in place. This comes as advancements within AI ... Read the full article
Cyber attack/data breaches hailed as top business risk for firms in India: Aon
14th March 2024
Cyber attack/data breaches have been identified as the top business risk for organisations across India, according to data from re/insurance broker Aon. The broker recently announced the results of its 2023 Global Risk Management Survey, which gathered data from almost 3,000 risk managers, c-suite leaders, treasurers, talent professionals and other executives ... Read the full article
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