Reinsurance News
cyber security
Cybersecurity startup BreachBits secures seed funding led by Blu Ventures
11th March 2024
Cybersecurity startup BreachBits has secured seed funding, in a round led by Blu Ventures, to accelerate its efforts to help businesses predict and avoid data breaches at scale. According to BreachBits, the funds will be used to capitalise on its strong customer growth and accelerate the adoption of its BreachRisk™ solutions. The ... Read the full article
Munich Re CEO Wenning calls for government support amid rising cyber risks
27th February 2024
In a recent earnings call, Munich Re CEO Joachim Wenning highlighted the imperative need for governmental intervention in the face of escalating cybersecurity threats, shedding light on the limitations of private insurance in covering these risks. Wenning underscored the critical nature of cybersecurity, stating, "Cyber is not just important for us. ... Read the full article
AI to play a significant role in both cybersecurity and insurance: Cowbell’s Gupta
27th December 2023
As more organisations continue to apply and use artificial intelligence (AI) within their systems, the technology is expected to play "a crucial role in enhancing both efficacy and efficiency in addressing new challenges," says Rajeev Gupta, Co-founder and Chief Product Officer, Cowbell. Gupta explains that Cowbell anticipates witnessing more automation in ... Read the full article
Many SMEs are being left with a gap in coverage for cyber insurance: Cowbell’s Cooksley
3rd November 2023
With the insurability gap within the small and medium-sized enterprise (SME) market continuing to grow as cyber attacks and the digitisation of work processes increase, one key issue that surrounds this, is that the cyber insurance products offered do not always match up with the financial losses that businesses may ... Read the full article
Trust in insurers is growing in a world in polycrisis: AXA
1st November 2023
Risks associated with artificial intelligence (AI), cybersecurity and global warming are among the main concerns for the general population; however, trust in various players, like insurers and scientists, to limit the consequences of new global crises is growing, according to a recent AXA report. The tenth edition of its Future Risks ... Read the full article
At-Bay launches new MDR cybersecurity solution for SMBs
26th October 2023
At-Bay, the cyber insurance provider, has launched a new Managed Detection and Response (MDR) solution, At-Bay Stance MDR, designed to help emerging and mid-sized businesses advance their security defenses and threat preparedness, in view of the rapid rise of cyber crime rates. By analyzing its claims data from the past two ... 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
Moody’s cyber survey reveals growing budgets and improved governance
5th October 2023
In a recent comprehensive survey conducted by Moody’s Investors Service, involving over 1,700 global respondents, key insights into cybersecurity practices among global debt issuers have come to light. The findings not only shed light on the evolving landscape of cybersecurity but also underscore the potential impact of emerging risks on the ... Read the full article
Coalition & MS&AD partner up to provide cybersecurity insurance solutions in Japan
4th October 2023
Coalition, a pioneering Active Insurance provider, has entered into a strategic partnership with MS&AD Insurance Group, the largest non-life insurer in Japan and across the ASEAN region, to provide cybersecurity monitoring solutions to small and medium-sized businesses (SMBs). Recently, MS&AD Insurance Group launched the MS&AD Cyber Risk Finder, the company's very ... Read the full article
Cyberattacks on MGM and Caesars send ripples through industries: Guy Carpenter
21st September 2023
The recent cyberattacks on gaming and hospitality giants MGM Resorts International and Caesars Entertainment have sent shockwaves through the cybersecurity and insurance industries. Guy Carpenter's Cyber Center of Excellence has issued a Cyber Event Analysis briefing shedding light on these incidents and their implications. One of the key takeaways from the analysis ... Read the full article
AI becomes one of the top five emerging risks in Q2 2023: Gartner
11th August 2023
Generative artificial intelligence (AI), such as OpenAI’s ChatGPT and Google Bard, has become a top concern for enterprise risk executives in the second quarter of 2023, according to a recent report by Gartner, Inc. In May 2023, Gartner surveyed 249 senior enterprise risk executives to provide leaders with a benchmarked view ... Read the full article
U.S. cyber insurance growth continued in 2022 with direct premium up 50%
13th June 2023
According to AM Best, the U.S. cyber insurance market's strong growth continued in 2022, with direct premium increasing by 50% to $7.2 billion. In its Market Segment Report titled, US Cyber: First Hard Market Cycle Brings a Return to Profitability, AM Best states that direct premiums written (DPW) have tripled in ... Read the full article
Intangic MGA calls for a new approach to managing nation-state cyber attacks
26th May 2023
Intangic MGA has called for a new approach to managing nation-state cyber attacks that moves away from the focus on catastrophic 'Cyber Armageddon' toward the higher frequency events happening every day. According to Intangic, outside of the individuals and entities on the frontline of cyber warfare today, the general perception of ... Read the full article
Beazley report urges layered cybersecurity strategies to combat surging software vulnerability exploitation
17th May 2023
Specialist re/insurer Beazley has released its latest Cyber Services Snapshot report, emphasising the critical importance of implementing a layered "Defence in Depth" cybersecurity strategy to safeguard organisations against the escalating exploitation of software vulnerabilities. The report presents a comprehensive analysis of global incidents handled by Beazley's Cyber Services, shedding light on ... Read the full article
DeNexus to partner with NAES Corporation
21st April 2023
NAES Corporation, a provider of operations, maintenance for power generation services companies, has partnered with cyber risk modeller DeNexus, to understand, quantify, plan and mitigate risk of cyber events to critical infrastructure. Through this collaboration, NAES - a company dedicated to optimising the performance of energy facilities across the power generation, ... Read the full article
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