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.

Accenture to provide cyber response service for AXA XL clients

11th February 2020

As part of its existing partnership, professional services firm Accenture is to provide its Cyber Incident Response Service to help AXA XL clients respond to and recover from cyberattacks. Accenture will provide post-breach security services for AXA XL clients outside the US, including incident management and information technology (IT) forensics. The ... Read the full article

Norsk Hydro claims a further $20.2mn from its cyber insurance in Q4

7th February 2020

Aluminium manufacturing giant Norsk Hydro has announced that during the fourth-quarter of 2019, it recognised NOK 187 million (USD 20.2 million) of insurance compensation in relation to the cyber-attack on its operations in March, 2019. The firm detected unusual activity on its servers that disabled part of its smelting operations, leading ... Read the full article

Munich Re’s HSB warns crypto adoption can raise SME cyber risk

6th February 2020

HSB, part of reinsurance giant Munich Re, has underlined the risks of cryptocurrency after a survey found at least one-third of US small and medium-sized businesses accept it as a payment method. The survey, conducted in conjunction with Zogby Analytics, found that 36% of SMEs accepted cryptocurrency, while 59% of those ... Read the full article

AXA XL adds Chief Underwriting Officer, Cyber

5th February 2020

AXA XL, the property and casualty and specialty risk unit of AXA, has named Elizabeth W. Benet to Global Chief Underwriting Officer (CUO), Cyber, a newly created position. The appointment is expected to assist with the management of the firm's international cyber risk portolfio. In her new role, Benet will report ... Read the full article

AkinovA facilitates parametric cyber purchase for Asian tech firm

5th February 2020

AkinovA, the electronic marketplace for the transfer and trading of re/insurance risk, has announced that it recently facilitated the purchase of a parametric Cloud Outage product for an Asia-based technology company. Completed on January 30, 2020, this transaction will provide protection in the event that a named Cloud Service Provider (CSP) ... Read the full article

Aon enhances cyber services with Cytelligence acquisition

4th February 2020

Re/insurance broker Aon has expanded its cyber offering with the acquisition of Cytelligence Inc, a Canadian-based cyber security firm that provides incident response advisory, digital forensic expertise, and security consulting and training services. The acquisition will help Aon expand its current coverages within the cyber market at a time when cyber ... Read the full article

US insurers hiking cyber premiums as ransomware costs rise

3rd February 2020

US insurers are hiking cyber premiums by as much as 25% in some cases following a surge of costly ransomware claims, according to reports from Reuters. The rate increases come as many insurers look to reduce their exposure to these forms of cyber attacks, which are becoming increasingly sophisticated and dangerous. Ransomware ... Read the full article

Lloyd’s details phased implementation of silent cyber mandate

30th January 2020

Lloyd's of London has revealed updated arrangements for the phased implementation of classes of business that require underwriters to ensure that all policies either affirm or exclude cyber cover. The Lloyd's insurance and reinsurance marketplace announced last year that is to mandate that all policies clearly state whether they will provide ... Read the full article

WTW bolsters cyber modelling suite with security ratings platform

29th January 2020

Re/insurance broker Willis Towers Watson has integrated SecurityScorecard security ratings into its cyber risk quantification modelling platform. SecurityScorecard reviews a company’s technical security and in order to forecast potential data breach frequencies and related impacts. Ratings are provided to companies which can be used to improve their cyber security as well as ... Read the full article

CyberCube CEO calls for public-private collaboration on cyber standards

27th January 2020

Pascal Millaire, Chief Executive Officer (CEO) of cyber risk analytics firm CyberCube, has argued that re/insurers must work closely with governments to help enforce minimum security standards as the world continues to grow its cyber vulnerabilities. Speaking alongside the World Economic Forum annual meeting in Davos, Millaire said that the re/insurance ... Read the full article

Markel & RenRe back new policy from AI start-up Cowbell Cyber

23rd January 2020

Reinsurers Markel Global Reinsurance Company and Renaissance Re Holdings are among a group of companies that have provided backing for a new policy from Cowbell Cyber, a start-up focused on AI-powered cyber insurance for SMEs. The policy, called Cowbell Prime 100, is designed to enable insurance agents to issue personalised cyber ... Read the full article

Beazley partners with HewardMills, expands cyber risk services

22nd January 2020

Specialist insurer Beazley is partnering with Data Protection Officer (DPO) HewardMills, as it expands the cyber risk management services provided to policyholders. Beazley’s new suite of services includes pre-breach and risk management services selected and managed by a dedicated in-house Beazley Breach Response (BBR) Services team. “Working closely with the Beazley team ... Read the full article

Hiscox comments on new cyber parametric transaction

21st January 2020

Specialist re/insurer Hiscox has released a statement commenting on its recent cyber parametric risk transfer deal, which was completed with help from Guy Carpenter and PCS. Announced earlier this month, the trade was transacted electronically on the AkinovA marketplace, with full regulatory oversight from the Bermuda Monetary Authority (BMA). The product ... Read the full article

Cyber tops Allianz’ 2020 risk survey

17th January 2020

For the first time ever, Cyber incidents ranked as the most important business risk globally in the ninth Allianz Risk Barometer 2020. Cyber risk was selected by 39% of respondents, overtaking Business interruption, which was chosen by 37%. Awareness of the cyber threat has grown rapidly in recent years, driven by companies ... Read the full article

Hiscox targets systemic cyber risk with CyberCube agreement

13th January 2020

Hiscox has entered into an agreement with cyber risk analytics firm, CyberCube, to leverage CyberCube’s Portfolio Management solution in order to produce better insight into potential systemic cyber risk. The agreement provides Hiscox with access to CyberCube’s technology, which will stress test the specialist re/insurer’s book of global commercial insurance business ... Read the full article