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Cyber insurance & reinsurance news

Cyber insurance and reinsurance news, covering the growth of cyber reinsurance underwriting, the risks faced, major loss events and cyber reinsurance product development trends.

Cyber risk is an emerging and fast-growing class of insurance and reinsurance business, so our cyber insurance news follows industry trends and reports on what is happening in the cyber underwriting market.

Mosiac adds cybersecurity specialist Lopez to US team

14th June 2021

Newly launched insurer Mosiac has appointed cybersecurity specialist Daisy Lopez to its US team of underwriters. Based in New York, Lopez will serve as VP, production specialist, cyber, reporting to Mosaic’s Head of Americas Cyber, Brian Dusek. “We are excited to welcome Daisy to our growing global team of cyber experts,” said ... Read the full article

Acrisure Re partners with Kovrr to launch cyber division

14th June 2021

Acrisure Re, the reinsurance division of global brokerage Acrisure, has announced the formation of a new London-based cyber reinsurance unit in partnership with cyber risk modeller Kovrr. The new division will be led by Cyber Practice Leader, Tom Quy, and will utilise data-driven risk analysis from Kovrr. Kovrr’s modelling technology is designed ... Read the full article

P&C insurers to increase cyber pricing in 2021: Fitch

11th June 2021

A new report by Fitch Ratings has shown that U.S. property and casualty (P&C) insurers that provide cyber insurance coverage are taking significant pricing and underwriting actions in 2021. This is in response to a spike in cyber claims with immediate improvement unlikely this year. The report showed that cyber insurance direct ... Read the full article

Canopius partners with Cyber Reliant on data protection warranty

11th June 2021

Specialty re/insurer Canopius Group has partnered with data privacy firm Cyber Reliant to offer data protection with coverage of up to $5 million. The warranty is designed to protect commercial and institutional purchasers of Cyber Reliant's data protection products. The Cyber Reliant platform is certified by US Federal Testing Labratories and promises ... Read the full article

Grim prospects for US cyber market: AM Best

9th June 2021

A new AM Best report has argued that prospects for the US cyber insurance market are "grim," due to the significantly worsening risk hazard environment and issues such as ransomware, business interruption and aggregation. Analysts noted that cyber insurance, which began as a diversifying secondary line, is now a primary component ... Read the full article

CNA paid $40mn ransom to resolve March cyber attack

21st May 2021

US insurer CNA is reported to have paid a $40 million ransom last March as the company attempted to regain control over its network and meet the demands of a highly organised cybercrime syndicate. The hackers had been successful in infecting CNA’s network with a type of malware known as ransomware, ... Read the full article

Cybersecurity control failures top exec concerns in Q1, finds poll

19th May 2021

Cybersecurity control failures was listed as the top emerging risk in the first quarter of 2021, according to the latest Gartner, Inc. Emerging Risks Monitor Report. The global poll of 165 senior executives found that 67% of respondents singled out cybersecurity risk as a major concern, with consistency across all geographic ... Read the full article

Pipeline attack a “timely reminder” of cyber cost: Bloomberg Intelligence

17th May 2021

Bloomberg Intelligence has said that the recent attack on Colonial Pipeline serves as a “timely reminder” of the vulnerability of energy infrastructure and the need for cyber insurance. BI cited a recent report by the Center for Strategic and International Studies in partnership with McAfee which estimates the annual monetary cost ... Read the full article

Pipeline cyber attack not surprising, says Swiss Re’s Mumenthaler

13th May 2021

Swiss Re CEO Christian Mumenthaler has said that he is “not too surprised at all” that cyber criminals were able to successfully target and disrupt the operations of Colonial Pipeline, and warned that key infrastructures remain open to similar hacks. Asked about the eventual cost and fallout of last week’s attack ... Read the full article

Colonial Pipeline cyber attack a wakeup call: McGill & Partners

11th May 2021

Analysts at specialist insurance broker McGill & Partners have said that the recent cyber attack on Colonial Pipeline should serve as a “wakeup call to organisations all over the world.” Last week’s ransomware attack on the largest fuel pipeline in the US took the service offline over the weekend, causing major ... Read the full article

Shift towards asset-light economy is transformative, says Flandro

22nd April 2021

The shift towards an asset-light global economy has been described as transformative by HX Analytics managing director David Flandro, in a Howden report that highlights the rise of intangibles and the subsequent challenges this brings to re/insurers. “Intangible - and largely uninsured - exposures are becoming more substantive. The rise of ... Read the full article

Will there ever be an oversupply of cyber capacity, asks Gallagher Re white paper

16th April 2021

Gallagher Re's global head of cyber Ian Newman has questioned whether the cyber risk market will ever be short of capital, in a white paper examining the broader implications for the industry. “The principal ingredient required for softening a market is an oversupply of capacity, but cyber has to date not ... Read the full article

Gallagher Re to launch dedicated cyber reinsurance team in Bermuda

12th April 2021

Specialist broker Gallagher Re has announced the formation of a new cyber reinsurance specialism in Bermuda, as the company looks to expand its global cyber practice. The new team will be led by specialist cyber broker Seb Plummer and is aimed at enhancing support for local clients while helping expand cyber ... Read the full article

MS Exchange attacks could drive thousands of claims: CyberCube

12th April 2021

Cyber analytics provider CyberCube has warned re/insurers of the potential for a large volume of claims resulting from recent cyber attacks by criminals on the servers running Microsoft’s email services. Tens of thousands of Microsoft Exchange servers in businesses and organisations around the world could have been infected during a series ... Read the full article

Mosaic announces cyber underwriting team

29th March 2021

Global specialty insurance company Mosaic will begin underwriting cyber insurance globally next month through teams based in Chicago and London. Mosaic’s Cybersecurity & Privacy coverage is designed to protect diverse industry types and focus on supporting insureds’ abilities to prevent an attack and to also respond and minimise damage in the ... Read the full article

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