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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.

Cyber analytics insurtech launches with new platform

22nd February 2019, a risk analytics provider for the cyber re/insurance market, has launched with the debut of a new platform that allows carriers to automate their cyber insurance solutions, while increasing the security of policyholders. The Arceo platform seeks to bridge the gap between insurance and cybersecurity by providing clients with a ... Read the full article

Aspen bolsters London cyber team with addition of Liberty’s Watson

19th February 2019

Aspen Insurance’s cyber team in London is to add Amie Watson as an Underwriter in May. Watson will join from Liberty Specialty Market where she currently serves as a Cyber & Tech Underwriter. Aspen’s London cyber team is headed by  Mauro Signorelli, Senior Underwriter, Technology Liability & Cyber Risk Insurance. “Cyber insurance is ... Read the full article

Cyber risks spare no market, sector, or company: Munich Re’s Martin Kreuzer

14th February 2019

The growing cyber threat is proving to be a challenge for all industries, markets and companies, no matter the shape or size, according to reinsurance giant Munich Re. Commenting on the Ryuk ransomware (an updated version of the HERMES ransomware family by North Korea APT Lazarus Group), Martin Kreuzer, a cyber ... Read the full article

Aon highlights greatest cyber security challenges for businesses

14th February 2019

Global insurance and reinsurance broker Aon has published a new report that details the greatest cyber security threats and challenges to organisations in 2019, highlighting both the significant opportunities and risks that new technologies bring. The 2019 Cyber Security Risk Report identified eight key areas where business are likely to face ... Read the full article

AAIC launches cyber product for SMEs, farmers

6th February 2019

American Agricultural Insurance Company (AAIC), a provider of agriculture re/insurance solutions, has announced the launch of Cyber Coverage, a turnkey cyber insurance product available exclusively for Farm Bureau insurance companies. The new product is designed for small business owners and farmers/ranchers and helps policyholders mitigate the risk of common types of ... Read the full article

Beazley combines Cyber & Executive Risk divisions

5th February 2019

Beazley has announced the launch of a new division that is to be led by Mike Donovan, called Cyber & Executive Risk, launched to focus on some of the most challenging risks that businesses face around the world. The new unit combines the specialist insurer's cyber insurance capabilities and its experience ... Read the full article

Swiss Re Corporate Solutions launches cyber offering for SMEs

5th February 2019

Swiss Re Corporate Solutions, a division of global reinsurer Swiss Re, has launched a new risk management solution for small and medium-sized enterprises (SMEs) to help them manage their cyber and digital risks. CyberSolution 360° was developed in collaboration with OZON, a French cyber security insurtech company, and combines insurance with ... Read the full article

Global cyber attack could cost businesses almost $200bn, finds study

4th February 2019

The global re/insurance industry is underprepared for the impact of a single large-scale ransomware cyber attack, which could cost businesses as much as $193 billion, according to a new study by the Cyber Risk Management (CyRiM) project. The report modelled an attack that infects 30 million devices worldwide and forces companies ... Read the full article

Cyber and business interruption top global risk rankings: Allianz

1st February 2019

Cyber incidents and business interruption (BI) are tied as the most concerning risks for global businesses in 2019 and beyond, according to the results of the latest Allianz Risk Barometer report. The annual survey by Allianz, which questioned 2,415 experts from 86 countries, found that 37% of respondents identified cyber as ... Read the full article

PRA calls for silent cyber action from Lloyd’s, UK insurers

31st January 2019

The Prudential Regulation Authority (PRA) believes Lloyd's and the wider UK insurance industry can do more to ensure the effective management of affirmative and non-affirmative (silent) cyber risk exposures, ordering firms to develop an action plan in the first half of 2019, with clear milestones and dates by which action ... Read the full article

Cyber risk could cost businesses $5.2tr within five years: Accenture

22nd January 2019

Professional services firm Accenture says that, over the next five years, companies worldwide risk losing an estimated $5.2 trillion in value creation opportunities from the digital economy—almost the size of the economies of France, Italy and Spain combined—to cyber attacks. Today, many of the base Internet protocols—the set of rules embedded ... Read the full article

Hiscox Re and MS&AD invest in AkinovA’s electronic marketplace

16th January 2019

Hiscox Re and MS&AD have made investments in digital insurtech firm AkinovA to support the development of its electronic marketplace for the transfer and trading of re/insurance risk. AkinovA claimed that the investments would further accelerate its progress ahead of the marketplace’s launch. The company is currently building its marketplace in collaboration ... Read the full article

International discord hindering ability to tackle global risks: WEF

16th January 2019

Deteriorating international relations are hindering the world’s ability to foster collective action and tackle the most serious global risks, according to the World Economic Forum (WEF). The Forum’s Global Risks Report 2019 said that international cooperation looks set to worsen further over the coming year, with experts identifying rising geopolitical and ... Read the full article

CFC expands cyber policy to include business interruption

9th January 2019

London-headquartered specialist insurer CFC has expanded its cyber insurance offering to include business interruption triggered by an IT system failure as well as a malicious event. Also included in the updated policy is full supply chain business interruption cover, extending to events that impact the insured’s systems, the systems of technology ... Read the full article

Reinsurers speculate over nature of Marriott cyber loss: Johansmeyer, PCS

24th December 2018

Following the major cyber attack and resulting data breach of one of the Marriott hotel chain’s reservation systems, Reinsurance News spoke with the Co-Head of Property Claim Services (PCS), Tom Johansmeyer, about the nature of the event and expected industry loss. The breach, announced on November 30th, led the insurance ... Read the full article

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