Reinsurance News
cyber security
Fenix24 appoints Marko Polunic EU managing director
13th April 2023
Cyber disaster recovery firm Fenix24, and sister company of Conversant Group, has announced the appointment of Marko Polunic as managing director for EU operations. Based in Munich, Polunic will spearhead efforts to expand Fenix24's offering into the EU and globally by fostering relationships with ecosystem partners - such as law firms, ... Read the full article
CloudCover partners with Hylant Global Captive Solutions
17th February 2023
CloudCover Re, a subsidiary of AI-generative cybersecurity threat prevention platform CloudCover, has announced the launch of a new cyber security captive insurance offering in partnership with Hylant Global Captive Solutions. Described as the world's first cybersecurity "rent-a-captive" insurance program, CloudCover CyberCell is a formal structure to affordably finance self-insured cyber risks. CloudCover ... Read the full article
New EU cyber legislation directionally positive, neutral to credit ratings: Fitch
2nd February 2023
As new cybersecurity rules have recently come into force in the European Union, Fitch Ratings stated that, while they are directionally positive, enhancing cybersecurity postures from compliance with regulations is neutral to credit ratings. These rules include the NIS2 Directive, which replaces its 2016 predecessor NIS; the Resilience of Critical Entities ... Read the full article
Munich Re and CloudCover announce partnership
31st January 2023
CloudCover, an AI-generative cybersecurity threat prevention platform, has announced the inclusion of the $1m Ransomware Warranty backed and insured by reinsurance giant, Munich Re. With ransomware attacks on the rise, including high-profile breaches in energy infrastructure, finance, and healthcare, offerings like the Ransomware Warranty have never been more necessary, CloudCover highlighted. CEO ... Read the full article
Quod Orbis & Liberty Specialty collaborate to study future of cyber insurance
11th October 2022
Quod Orbis and Liberty Specialty Markets (LSM) have released a white paper report exploring the prospective future of cyber insurance, alongside the role data can play to enhance the understanding of risk. According to the report, global cyber insurance premiums totalled $8bn in 2021, and are growing rapidly, with one estimate ... Read the full article
Insurers back call for more to be done against cyber attacks: ICA
29th September 2022
As cyberattacks increase in frequency and severity, the Insurance Council of Australia (ICA) has welcomed analysis from the Actuaries Institute on cyber risk and the role of re/insurance in protecting against the impacts of cybercrime. In a recent report, the ICA announced its support for the finding in the Actuaries Institute ... Read the full article
Russian sovereign internet creates cyber risks for re/insurers: CyberCube
12th September 2022
A sovereign Russian internet could lead to cybercriminal safe havens, giving greater confidence that large-scale attacks can be carried out without consequences, says a new report by cyber risk analytics expert CyberCube. The report examines the rise in the use of wiper malware by Russian threat actors, which, unlike ransomware, has ... Read the full article
Cyber supply chain risk reveals re/insurance market challenges: SCOR
2nd September 2022
In a recent report, French reinsurance firm SCOR has addressed the potential challenges for the market amidst the growing concern of cyber-attacks on digital supply chains. SCOR states that cyber-attacks have been a growing anxiety over the last 18 months as traditional and IT supply chains are becoming increasingly entangled to ... Read the full article
Cyber insurance study suggests businesses lack ransomware insurance
22nd August 2022
A recent BlackBerry Cyber Insurance Coverage study shows that businesses are growing increasingly concerned about how they will meet ransomware demands. Only 19% of those surveyed have ransomware coverage limits above $600,000, while 59% hoped the government would cover damages when future attacks are linked to other nation-states. Shishir Singh, Executive Vice ... Read the full article
Cowbell launches its product on Amwins’ Professional Lines portal
3rd August 2022
Cowbell Cyber, a cyber insurance provider for small and medium enterprises (SMEs) has been selected by Amwins, an independent wholesale distributor of specialty insurance and services, as trusted digital partner for cyber insurance. According to the announcement, the partnership delivers on the promise of leveraging technology to automate cyber insurance applications ... Read the full article
BOXX appoints COO and CTO
25th July 2022
Toronto-based cyber insurance specialist BOXX has announced the appointment of Eric Newman as its Chief Operating Officer, and Steve Penney as Chief Technology Officer. Newman will support the development of BOXX's strategic growth agenda leading strategic planning, governance, legal and compliance functions. Newman said: "I am delighted to be ... Read the full article
Probitas commences underwriting cyber
4th July 2022
Probitas 1492, a Lloyd's underwriting syndicate specialising in property, construction and casualty, will now underwrite cyber. Richard Taylor, its Head of Cyber & Technology, is tasked with focusing the business on cyber risks. He said: “We have spent the past couple of months establishing Cyber as a new line ... Read the full article
Kovrr collaborates with Microsoft on internal cyber security data
8th June 2022
Cyber risk modeller Kovrr has announced its selection by Microsoft for Startups – a global program dedicated to accelerating the trajectory of high-potential start-ups to enable growth at scale. By being a program member, this will give Kovrr exclusive access to Microsoft’s technology, as well as its mentorship and business support. In ... Read the full article
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