Reinsurance News
cyber attack
MAPFRE and Cyberwrite partner to promote cyber protection for SMEs with AI
29th November 2023
MAPFRE and technology provider Cyberwrite have joined forces to help the insurer's clients reduce the risk of cyber-attacks with AI. The Spanish firm explained that Cyberwrite will provide it with a cyber insurance risk platform for SME companies, with the aim of having a more accurate knowledge of the risk at ... Read the full article
Cyber attack/data breach top business risk in Asia Pacific: Aon
22nd November 2023
Global professional services firm Aon has unveiled its 2023 Global Risk Management Survey results, highlighting cyber attack/data breach as the top concern for organisations in the Asia Pacific region. Aon CEO, Greg Case, emphasised the heightened awareness of interconnected risks and people challenges, citing the dynamic landscape of trade, technology, weather, ... Read the full article
Geneva Association emphasises need for partnerships to address cyber insurance gaps
16th November 2023
The Geneva Association has released a report warning that the increasing frequency of cyberattacks, coupled with geopolitical tensions, is exposing significant gaps in cyber insurance coverage. The report reveals a 38% surge in cyberattacks globally in 2022 compared to the previous year, underscoring the need for innovative solutions to address the ... Read the full article
Businesses lacking protection & recovery plans against cyber attacks: The Hanover
26th October 2023
Data from a recent cyber resiliency report from The Hanover highlights that 74% of small and mid-sized business decision-makers (defined as C-level executives at businesses with 3-249 employees) are confident in their ability to prevent cyberattacks effectively. Quite an alarming concern however, is that most businesses are said to not have ... Read the full article
Ransomware attacks in 2023 up more than 95% compared to 2022: Corvus Insurance
25th October 2023
Ransomware attacks in 2023 are up more than a substantial 95% compared to 2022, according to Corvus Insurance's Q3 23 Global Ransomware Report. Attacks continue to come in at a record setting pace, with Q3 23 global ransomware attack frequency up 11% over Q2. In their Q2 23 report, the leading cyber ... Read the full article
Resilience notes uptick in data exfiltration as cybercriminals change tactics
23rd October 2023
Cyber risk solution provider Resilience has noted that cybercriminals have begun shifting their tactics to bypass security controls by hitting critical vendors and seeking larger extortion targets. In its Midyear 2023 Claims Report, the firm says that cybercriminals are returning to "big-game hunting," particularly focusing on organizations with sensitive data with ... Read the full article
Businesses access to cyber insurance impacted by employee mistakes and poor security: QBE
20th October 2023
Employee mistakes and poor security are leaving businesses open to cyber-attacks; addressing these issues will allow companies to access full levels of cyber insurance, according to a recent QBE report. QBE’s survey revealed that almost a third of employees (31%) have made mistakes that could impact the cyber security of their ... Read the full article
Global economy exposed to $3.5trn loss from potential cyber attack: Lloyd’s
18th October 2023
London-based marketplace for insurance and reinsurance, Lloyd’s, has published a systemic risk scenario that shows the global economy is exposed to losses of $3.5 trillion over a five-year period from a cyber attack on a major financial services payments. The risk scenario models the global economic impact of a hypothetical but ... Read the full article
Hiscox research reveals escalation in cyber attacks on businesses for fourth consecutive year
16th October 2023
A recent study conducted by Hiscox has unveiled a concerning trend of increasing cyber attacks on businesses, marking the fourth consecutive year of growth in such incidents. The report, titled the "Hiscox Cyber Readiness Report," draws from insights provided by over 5,000 organisations worldwide, representing a variety of sizes and industries. The ... Read the full article
Cyber attacks & financial risks named as biggest worry for mid-sized companies: QBE
21st September 2023
Cyber attacks and financial risks have been ranked as the biggest worries for mid-sized businesses, according to QBE North America. In their 2023 Mid-Sized Company Risk Report, QBE NA sheds light on the dynamic landscape of mid-sized businesses across the United States. The report, presents an in depth analysis of 12 macro ... Read the full article
Major cyber incidents resulted in 9% decrease in shareholder value: Aon
4th August 2023
Major cyber incidents resulted in a 9% decrease in shareholder value, over and above the market - in the year following the event, according to data from Aon's 2023 Cyber Resilience Report. At the same time, ransomware events decreased by 16% from Q322 to Q422, however, data from the cyber and ... Read the full article
MOVEit attacks provide key lessons for cyber re/insurance industry: CyberCube
31st July 2023
Cl0p’s MOVEit attacks have shone light on the cyber re/insurance industry’s blind spots, a recent report by cyber analytics firm CyberCube revealed. The global MOVEit MFT (Managed File Transfer) attack is an ongoing cybersecurity incident, led by the Cl0p ransomware and extortion gang, that has affected companies and government agencies on ... Read the full article
Global economy resilient to cyber attacks, but major events pose significant risk: CyberCube
6th June 2023
A recent report by cyber risk analytics provider CyberCube reveals that while the global economy has shown resilience to cyber attacks with minimal financial losses experienced so far, the analysis of near-miss events suggests a significant risk of far larger losses in the future. In the comprehensive study, CyberCube examined over ... Read the full article
Aon warns BESS operators to boost resilience against emerging cyber threats
25th April 2023
Aon, a global professional services firm, has urged asset owners and operators in the battery energy storage system (BESS) market to enhance their cyber resilience against emerging cyber threats, identifying operational technologies used in BESS control systems as an 'invisible' point of vulnerability. As the energy grid digitalises, cyber attacks are ... Read the full article
Second-gen cyber modelling offers vital visibility for risk transfer market: DeNexus’ Seara
21st April 2023
Cyber risk modeller DeNexus' CEO José Seara said Lloyd's of London must balance protecting its business while recognising the importance of second-generation cyber modelling in providing necessary risk visibility for effective risk transfer. Lloyd’s of London, the 330-year-old institution, has responded to the growing cyber risk landscape by clamping down on ... Read the full article
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