Reinsurance News
cyber risk modelling
Coalition releases new method for modelling aggregate cyber risk
22nd March 2023
Cyber insurance provider Coalition has released its new Active Cyber Risk Model, a framework for understanding cyber risk aggregation that provides an ongoing view into organisations’ cyber risks and identifies preventive measures to protect against new threats. The Active Cyber Risk Model, which offers a more accurate picture of cyber risk ... Read the full article
Cowbell advises SMEs on cyber catastrophe preparation
13th January 2023
Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has released a whitepaper in which it lays out a path to model catastrophic cyber events in the SME market. According to the announcement, the firm’s goal is to to help SMEs prevent and recover from a cyber event of ... Read the full article
Cyber attacks set to become “uninsurable” suggests Zurich’s Greco
28th December 2022
In an interview with the Financial Times, Zurich CEO, Mario Greco, has warned that cyber attacks will become “uninsurable” as the disruption from hacks burgeon. “What will become uninsurable is going to be cyber,” Greco said, “What if someone takes control of vital parts of our infrastructure, the consequences of that? ... Read the full article
Cyber model evaluation needed as risk horizon evolves: Gallagher Re
11th November 2022
According to a report from re/insurance broker Gallagher Re, cyber models have done well to keep pace with the cyber insurance market in recent years, however, the ever-changing size and scope of the industry means that claims are often of a vector, frequency or magnitude that are still missing from ... 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
Strict underwriting will dominate cyber market – S&P
1st August 2022
Ransomware shouldn't be an existential threat to the cyber insurance sector, thanks to a combination of policyholder education, the provision of services to reduce claim values, and policy rate adjustments, S&P Global Ratings says. Yet making a steady profit from cyber will remain challenging for insurers, S&P believes, ... Read the full article
CFC expands into North America and Australia
27th July 2022
CFC, the specialist insurance provider, has expanded its cyber threat analysis capability into North America and Australia. The company’s cyber threat analysis focuses solely on identifying new cyber threats and working with cyber customers to prevent attacks before they happen. Roger Francis, Managing Director of CFC Response, said: ... Read the full article
Gallagher Re partners with BitSight to deliver cyber-modelling insights
28th February 2022
Global reinsurance broker Gallagher Re and BitSight have collaborated to integrate BitSight cybersecurity data with Gallagher Re’s reinsurance insights and analytics. The partnership will provide reinsurance clients with a holistic view of security performance and supply chain aggregation within their portfolios, giving them a comprehensive and differentiated understanding of cyber risk ... Read the full article
DeNexus updates cyber risk platform
15th February 2022
DeNexus has updated its DeRISK Platform, a tool that provides evidence-based authentic and transparent data in order for industrial companies to measure the financial impact of cyber risks on their business. The company launched the product as the latest in a series of ever-improving cyber models which are aimed at helping ... Read the full article
CyberCube designs scenarios for Lloyd’s RDS exercise
20th January 2022
Cyber analytics specialist CyberCube has designed three cyber-specific scenarios to be used as part of Lloyd’s of London’s annual Realistic Disaster Scenarios (RDS) exercise. The three scenarios include a cyber power outage, a widespread malware event and a cloud outage event. These will allow Lloyd’s managing agents and syndicates to stress test ... Read the full article
Aon turns to Guidewire for cyber software integration
7th December 2021
Re/insurance broker Aon has announced plans to implement the cyber data listening and modelling collection capabilities offered by specialist firm Guidewire. Aon views the high-profile events of 2021 as having further reinforced industry concerns over the systemic potential of cyber attacks, and the rapid rise of ransomware events. It's hoped Guidewire’s Cyence ... Read the full article
Howden declares a ‘digital pandemic’ as ransomware attacks rise 170%
5th July 2021
Insurance broker Howden has released a report examining today’s cyber insurance market, one it says is being driven by rampant ransomware attacks, higher rates and shifting regulation. Declaring a ‘digital pandemic’, Howden says ransomware is now the predominant cyber threat confronting businesses of all sizes, with 170% more attacks having taken ... Read the full article
SCOR integrates CyberCube model into cat platform
14th January 2021
Global reinsurer SCOR has integrated a CyberCube-developed cyber risk model into its own catastrophe modelling platform. By integrating CyberCube’s risk model alongside other natural catastrophe models within SCOR's CAT Platform, the reinsurer is aiming to further expand its modelling capabilities. The new architecture was made full operational for the Janurary 1 renewals. “In ... Read the full article
Kovrr adds Lorenzo Sargenti to advisory board
25th November 2020
Cyber risk modelling firm Kovrr has announced the addition of Lorenzo Sargenti to its advisory board. Sargent formerly served as Managing Director of Client Development at RMS. As part of the advisory board, he will play an instrumental role in guiding Kovrr through client and market development initiatives, providing cyber risk modelling ... Read the full article
CyberCube updates its risk modelling platform for underwriters
17th August 2020
Cyber analytics provider, CyberCube has released an updated version of Account Manager, its cyber risk modelling platform used by insurers and reinsurers. Account Manager enables underwriters to better assess the cyber risk profile of individual risks on which they are being asked to quote. Enhanced risk modelling and analytics are essential to ... Read the full article
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