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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 insurance to drive innovation, take industry by storm: Appleby’s Tim Faries

14th June 2019

The structures and products developed to tackle cyber risk over the next five years will take the global re/insurance market by storm and drive forward innovation, according to Tim Faries, Bermuda Managing Partner at global law firm Appleby. In a conversation with Faries at Appleby’s Bermuda offices, he explained how the ... Read the full article

Aspen Insurance launches cyber risk management platform

14th June 2019

Aspen Insurance, the insurance arm of Bermudian re/insurer Aspen Insurance Holdings Limited, has announced the launch of its cyber risk management platform SSIMPLE. The SSIMPLE platform includes existing components of Aspen’s Apex insurance policy and incident response capabilities, and is designed to help clients prevent, detect and respond to privacy and ... Read the full article

Reinsurance backstops are key to addressing systemic cyber risk: EastWest Institute

13th June 2019

A new report from the EastWest Institute has argued that the creation of government backstops in the form of private reinsurance pools will be one of the key pillars in enabling the insurance industry to guard against systemic cyber risk and avoid catastrophic losses. The non-profit thinktank suggested that such an ... Read the full article

Cyber insurer Coalition adds Aon’s Brian Specht as Head of Affinity

12th June 2019

Swiss Re and Argo-backed cyber insurer Coalition has announced the addition of Brian Specht as Head of Affinity. Specht - who will be based in New York City and Austin, Texas - joins with 30 years’ experience and has served with companies such as Aon, Ryan Specialty Group, AIG and Chubb. Prior ... Read the full article

Howden partners with Cytegic on automated cyber risk assessment

11th June 2019

Howden, the retail broking unit of Hyperion Insurance Group, has partnered with Cytegic, a cyber risk quantification solutions provider, on automated cyber risk assessments and financial impact analysis across global markets. “After researching numerous solutions and putting the Cytegic platform through a variety of challenging tests, we were able to confirm ... Read the full article

BMS bolsters cyber offering with BitSight partnership

11th June 2019

Independent specialist re/insurance broker BMS Group has partnered with BitSight, a cyber security ratings firm, to provide cyber risk analysis services to clients across all lines of business as part of its consultancy offering. BitSight’s security ratings platform provides comprehensive security performance information available in the marketplace and marks the first ... Read the full article

DAC Beachcroft adds virtual crisis room to cyber breach response services

10th June 2019

International law firm DAC Beachcroft has enhanced its breach response services with the launch of a secure, virtual crisis room that enables businesses to communicate and share information confidentially in the aftermath of a cyber attack or data breach. Developed in partnership with British technology firm Pushfor, the DACB Situation Room ... Read the full article

IUA adds exclusion clauses for silent cyber risks

6th June 2019

The International Underwriting Association (IUA) has published two new London Market model clauses to help underwriters manage cyber losses and address issues related to non-affirmative cover. The Cyber Loss Absolute Exclusion Clause provides re/insurers with an option to exclude any loss arising from the use of a computer system, network or ... Read the full article

Norsk Hydro expecting $69m hit from cyber attack

6th June 2019

The cyber attack that hit aluminium manufacturing giant Norsk Hydro in March could cost the company as much as $69 million over the first two quarters of 2019. Norsk Hydro had previously disclosed that it expected to lose between NOK400 million and NOK450 million (US$46 million and $52 million). According to ... Read the full article

Aon partners with CyberCube to improve risk aggregation management

5th June 2019

Global re/insurance broker Aon has selected CyberCube’s analytics platform to help improve its cyber aggregation risk modelling capabilities and deliver better solutions to its insurance carrier clients. CyberCube’s cyber risk-modeling platform will enable Aon to support its clients on accumulation risk management and exposure management at a time when carriers are ... Read the full article

Risk modeller Kovrr adds Lloyd’s of London’s David Clouston to Advisory Board

4th June 2019

Israel-headquartered cyber risk modeller Kovrr has added David Clouston to its Advisory Board. Clouston previously served as interim Head of Catastrophe Risk at Lloyd’s of London and currently advises multiple global firms on exposure management processes and cyber strategy. His previous roles have included underwriter, broker, reinsurance buyer, IT systems, and run-off ... Read the full article

The Hartford partners with Mimecast on cyber awareness training course

31st May 2019

Property and casualty (P&C) insurer The Hartford has partnered with email and data security firm Mimecast in order to bolster knowledge and foresight around the inherent risks of cyber. The service, named Mimecast Awareness Training, is designed to help its customers reduce the risk of a cyber incident before it occurs. The ... Read the full article

20% increase in cyber security spending, finds Hiscox report

31st May 2019

Results from Hiscox’s 2019 Cyber Readiness report show cyber security spending across 5,400 organisations increased significantly from the previous year, with total expenditure reaching $7.9 billion. After adjusting for the increased size of the study group in this year’s report, the total spend represents a rise of just under 20% on ... Read the full article

Munich Re views cyber as an opportunity for “sustainable new business”: Jurgen Reinhart

30th May 2019

Munich Re wants to help the re/insurance industry approach the cyber challenge as an opportunity for “sustainable new business,” rather than as an insurmountable obstacle to be overcome. This is according to Jurgen Reinhart, Munich Re’s Chief Underwriter for Cyber, who told Reinsurance News that the company was “ready to accept ... Read the full article

Hiscox launches London market cyber product

30th May 2019

Global re/insurer Hiscox has announced the launch of CyberClear365, a new London Market cyber product. CyberClear365’s cover includes first-party incident costs such as regulatory response, bricking for disabled electronic devices and a reward fund. In the event of a claim, CyberClear365 offers assured mitigation coverage and a percentage excess discount if Hiscox ... Read the full article

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