Reinsurance News
cyber security
OneDegree Group reaches first operating profit in Q3 2024
3rd October 2024
OneDegree Group, a provider of cybersecurity and insurance solutions, has reached its first operating profit in the third quarter of 2024, marking a significant milestone for both the group and its insurance division. The company’s success can be attributed to the scale and profitability of its two flagship products: digital asset ... Read the full article
Munich Re’s HSB launches comprehensive cyber insurance solution for SMBs
2nd October 2024
HSB, a multi-line specialty insurer and part of the reinsurance giant Munich Re, has introduced HSB CyberPro™, a new cyber insurance option for commercial clients seeking comprehensive coverage against evolving cybersecurity risks. HSB CyberPro combines expert cyber claims service, active threat monitoring, and risk mitigation tools developed by HSB over nearly ... Read the full article
Insurers and asset managers continue to invest in longer term cybersecurity planning: Moody’s
10th September 2024
A vast majority of insurers and asset managers are continuing to invest in longer term cybersecurity planning and have put in place advanced cybersecurity protection, a new report from Moody's Ratings reveals. According to Moody's, these efforts reflect the growing frequency and sophistication of cyberattacks, as well as increased regulatory expectations ... Read the full article
US firms see spike in cybersecurity services as data breaches increase: ISG
30th August 2024
Recent analysis by Information Services Group (ISG), a global technology research and advisory firm, suggests that US enterprises are investing strategically in cybersecurity services as data breaches continue to rise. The firm's 2024 ISG Provider Lens Cybersecurity — Solutions and Services report discloses that the most affected industries are healthcare and ... Read the full article
Omdia urges closer collaboration with InsurSec for enhanced cybersecurity
22nd August 2024
To enhance cybersecurity, businesses should collaborate more closely with their insurance providers—particularly those that operate as hybrid InsurSec (insurance and cybersecurity) firms—to develop more effective risk reduction strategies, according to a study by global tech analyst firm Omdia. The study revealed that cyber insurance is now seen as a best practice ... Read the full article
KYND launches comprehensive cyber risk solutions in the US
2nd August 2024
KYND, a UK-based cyber risk management solutions provider, has announced its expansion into the US market. This expansion brings KYND's innovative and straightforward approach to cyber risk analysis to a new market, addressing the insurance industry’s need for easier and more proactive management of cyber risk as cybercrime intensifies. According to KYND, ... Read the full article
Proactive cyber insurance helps SMEs save thousands on security costs: CFC
25th July 2024
CFC, an insurance provider specialising in emerging risks and cyber coverage, has published an analysis on the costs SMEs incur when implementing cybersecurity services. The company's cyber team examined the expenses of various third-party cybersecurity solutions to determine the financial impact on SMEs when outsourcing these services. The analysis compared the same ... Read the full article
FERMA Policy Manifesto proposes enhancements for EU resilience and competitiveness
16th July 2024
FERMA, the Federation of European Risk Management Associations, has published its EU Policy Manifesto, outlining its priorities for policymakers in EU Institutions for the upcoming 2024-2029 mandate and explains how the Federation can support these initiatives. Typhaine Beaupérin, CEO, FERMA stated: “We will use our Manifesto to provide a robust basis ... Read the full article
76% of companies enhance cyber defences to secure insurance: Sophos
1st July 2024
Sophos, a provider of cybersecurity solutions, released findings from its recent survey, showing that 76% of companies enhanced their cyber defences to qualify for cyber insurance. The report found that 97% of companies with a cyber insurance policy invested in improving their defences to help with insurance. Among these, 67% secured ... 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
Gallagher Re launches Cyber Academy to attract and develop talent
24th June 2024
Global reinsurance broker, Gallagher Re, has launched its flagship Cyber Academy, designed to attract and nurture promising individuals in the cyber space, providing them with comprehensive and bespoke training in broking, analytics, and cyber security. The Gallagher Re Cyber Academy will offer delegates the opportunity to receive best-in-class training while gaining ... Read the full article
Cyber facility Incyde Risk launches, powered by Safe Security, led by Mosaic & other Lloyd’s Syndicates
28th May 2024
Mosaic 1609 and other participating Lloyd's syndicates have partnered with Safe Security to streamline cyber insurance solutions through newly launched facility Incyde Risk. According to the announcement, the new facility will provide up to $25mn in capacity on a primary and first-excess basis, with a lead-line by Mosaic 1609, and supported ... Read the full article
P&C sector reports improved conditions in early 2024: McGriff
28th May 2024
The Property & Casualty (P&C) industry began 2024 in a stronger position compared to 2023, driven by 25 consecutive quarters of premium increases, improved investment returns for insurers, and a relatively mild hurricane season, highlights broker McGriff in a recent report. The broker highlights Fitch Ratings' prediction for modest underwriting improvements ... Read the full article
Brokerslink adds McAfee to global network for cybersecurity expertise
16th April 2024
Brokerslink has announced that cyber security business McAfee has joined its broking network as a ‘B.Tech affiliate’. By integrating McAfee's industry-leading consumer cybersecurity expertise into its network, Brokerslink aims to support the way businesses approach cyber risk mitigation. McAfee offers a range of consumer cyber security services that include antivirus, mobile security, ... Read the full article
Ransomware attack on Change Healthcare pegged as “most significant” in sector history
15th March 2024
The American Hospital Association has named the suspected ransomware attack on Change Healthcare, a unit of insurance giant UnitedHealth Group's Optum division, as "the most significant and consequential incident of its kind against the U.S. healthcare system in history." Change Healthcare, which suffered the cyberattack on February 21st, reportedly handles 14 ... Read the full article
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