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Cyber insurance & reinsurance

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

WannaCry was the first true cyber catastrophe event: RMS

19th May 2017

RMS cyber risk management expert, Tom Harvey, called the recent WannaCry ransomware attack that hit businesses across the globe the world's "first ever cyber-catastrophe," he told Reinsurance News it demonstrates the systemic nature of the risk with "a single vulnerability resulting in hundreds of thousands of infected machines across over ... Read the full article

WannaCry could be a catalyst for a new approach to cyber risks: Sciemus

17th May 2017

The global cyber attack caused by the virulent new strain of self-replicating ransomware known as Wanna Decryptor, WannaCry, or WCry, could be just the catalyst that the insurance and reinsurance market needs to stimulate a new approach to cyber risks, according to experts at Sciemus. The WannaCry ransomware has impacted more ... Read the full article

Ransomware attacks spur cyber demand, could be a $14bn market: Fitch

16th May 2017

As we wrote yesterday, the recent cyber attacks that struck more than 150 countries across the globe with ransomware will stimulate new demand for cyber insurance and reinsurance coverage, and Fitch Ratings agrees, saying today that re/insurers are in a unique position to respond to assist customers faced by ... Read the full article

Novae adds to cyber line-up

16th May 2017

Lloyd's re/insurer Novae has added a new hire to its cyber insurance team, hiring Stuart Quick who was previously with IBM’s UK&I Cyber Security consulting practice. Quick joins Novae's cyber team as Breach Response and Cyber Operations Manager, and will report directly to Dan Trueman, Head of Cyber and Chief Innovation ... Read the full article

Global ransomware attack highlights the growing need for cyber re/insurance

15th May 2017

Last weekend's devastating global ransomware attack has refocused attention on the need to mitigate against growing risks of cyber threat with greater protection and re/insurance cover, and prompted a cybersecurity stock purchase by European investors. The cyber attack locked up more than 200,000 computers in over 150 countries - disrupting hospitals, businesses, ... Read the full article

U.S. cyber insurance pays off despite high loss ratios in 2016: Aon Benfield

11th May 2017

Reinsurance broker Aon Benfield's cyber insurance update for 2016 showed U.S. cyber insurance as profitable despite it being a line of business with above average loss ratios. With cyber being the second top rated business risk throughout Europe and the U.S., the report shows insurers and reinsurers have made progress in leaps ... Read the full article

Nexus and Beazley Syndicate collaborate to offer cyber solutions

10th May 2017

Specialty Managing General Agent (MGA) Nexus Group has announced plans to use its broker network to collaborate with Beazley Syndicate to provide cyber insurance solutions, effective 1st of May, 2017. In the initiative to expand its solutions offer into one of the fastest growing risks and insurance markets, Nexus will act as ... Read the full article

Report finds disconnect between cyber & property risk management

4th May 2017

Global organisations are spending almost four times as much on property related risks than on cyber risks, despite a broad expectation of heightened cyber exposure over the next two years and the greater impact of business disruption to cyber assets than to property, plant and equipment (PP&E) assets, according to Aon ... Read the full article

New & enhanced RMS cyber model highlights challenge and opportunity for re/insurers

2nd May 2017

Global catastrophe risk modelling and analytics firm, RMS, has released its updated RMS Cyber Accumulation Management System version 2.0, which further highlights the need for improved cyber insurance and reinsurance solutions. The new and enhanced version 2.0 of the RMS Cyber Accumulation Management System includes a suite of cyber models and ... Read the full article

Cyber breach costs to skyrocket with new European data regulation: Study

25th April 2017

Severe cyber breaches cost PLCs 1.8% of company value or £120 million, according to a new CGI study, and these figures are set to skyrocket in the future as General Data Protection Regulation in Europe requiring firms to reveal cyber breaches is rolled out - a move which could see European ... Read the full article

AIR Worldwide launches new cyber risk application for re/insurance markets

24th April 2017

Catastrophe risk modeling firm AIR Worldwide today released ARC (Analytics of Risk from Cyber), a cyber risk modeling application that can evaluate any commercial policy, and measure aggregations of cyber risk within a company's portfolio, allowing for easy assessment of key firms' cyber risk from across the globe. The application uses ... Read the full article

Cyber risk as a standalone market will increase re/insurance industry resilience: JLT

24th April 2017

Cyber risk insurance and reinsurance continues to develop in what's now a crucial time for the marketplace and buyers of cyber protection. And while there's ample available, and essential reinsurance capacity to address and support the issue, JLT Re believes considering cyber as a standalone line of business could create a ... Read the full article

MGA Ascent Underwriting appoints claims director

10th April 2017

Niche product specialist managing general agency Ascent Underwriting, which offers cyber reinsurance solutions among its range of products, has appointed Mark Bowers, previously of Tokio Marine Kiln, as its claims director. Bowers joins Ascent Underwriting with immediate effect and will take on responsibility for maintenance and development of the companies claims ... Read the full article

Willis Towers Watson to offer airline cyber insurance solutions

7th April 2017

Willis has moved deeper into cyber risk solutions with the introduction of CyFly - an insurance product that expands business interruption cover to include a wider range of airline cyber exposure associated costs. Willis’ recent industry risk index identified failure of critical IT systems as the biggest risk facing the global aviation ... Read the full article

RMS releases cyber-physical risk model for property exposures

6th April 2017

Leading risk modeller RMS today announced the introduction of a new range of ‘cyber-physical’ models to help property re/insurers manage and understand the growing risk of  cyber attack scenarios that could lead to physical damage to property. The model’s focus is on attacks against I.T. (information technology systems) that are intended ... Read the full article

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