Reinsurance News
Cyber insurance & reinsurance news
Cyber insurance and reinsurance news, covering the growth of cyber reinsurance underwriting, the risks faced by cyber risk insurer’s, major cyber loss events, cyber reinsurance product development and cyber risk innovation trends.
Cyber risk is an emerging and fast-growing class of insurance and reinsurance business, so our cyber reinsurance news follows industry trends and reports on innovations, industry cyber risk capacity issues, as well as what is happening in the cyber underwriting market.
New research shows UK SMEs are leaving themselves open to cyber threats: Cowbell
19th March 2024
A recent survey commissioned by Cowbell has revealed that the UK's small and medium-sized enterprises (SMEs) lack implementation of best practice cybercrime protocols and are severely unprepared to react to an incident, with only 19% having a recommended cyber incident response plan (IRP) in place. This comes as advancements within AI ... Read the full article
Howden collabs with Cyberwrite to increase cyber resiliency for clients worldwide
18th March 2024
Howden has partnered with cyber insurance technology firm Cyberwrite to increase cyber resiliency for its clients across 50 countries. Founded in 2017, Cyberwrite specialises in providing cyber risk reports, offering brokers the tools to assess the probability of a breach and gauge its potential economic repercussions, as well as tailored recommendations ... Read the full article
Ransomware attack on Change Healthcare pegged as “most significant” in sector history
15th March 2024
The American Hospital Association has named the suspected ransomware attack on Change Healthcare, a unit of insurance giant UnitedHealth Group's Optum division, as "the most significant and consequential incident of its kind against the U.S. healthcare system in history." Change Healthcare, which suffered the cyberattack on February 21st, reportedly handles 14 ... Read the full article
Cyber attack/data breaches hailed as top business risk for firms in India: Aon
14th March 2024
Cyber attack/data breaches have been identified as the top business risk for organisations across India, according to data from re/insurance broker Aon. The broker recently announced the results of its 2023 Global Risk Management Survey, which gathered data from almost 3,000 risk managers, c-suite leaders, treasurers, talent professionals and other executives ... Read the full article
Insurance industry must be proactive as GenAI reshapes cyber landscape: Lloyd’s
12th March 2024
The impact of Generative Artificial Intelligence (GenAI) technology on the cyber landscape is expected to increase the frequency, severity, and diversity of attacks, and as the threats evolve, it's imperative that the insurance industry takes proactive steps, according to Lloyd's. A new report from Lloyd's, the world's oldest insurance and reinsurance ... Read the full article
Cybersecurity startup BreachBits secures seed funding led by Blu Ventures
11th March 2024
Cybersecurity startup BreachBits has secured seed funding, in a round led by Blu Ventures, to accelerate its efforts to help businesses predict and avoid data breaches at scale. According to BreachBits, the funds will be used to capitalise on its strong customer growth and accelerate the adoption of its BreachRisk™ solutions. The ... Read the full article
DeNexus new Executive Cyber Risk Report to streamline compliance to SEC regulation
8th March 2024
DeNexus US users are to benefit from the firm's newly launched DeRISK Executive Report, a solution that will automatically map cyber risk metrics to SEC requirements for annual reporting of cyber risk management and governance. The Executive Report and the cyber risk analyses detail an estimation of Annual Expected Losses and ... Read the full article
Blink Parametric and Buckler México partner for rollout of cyber solution to Ethics Data Analytics
1st March 2024
Insurtech Blink Parametric has partnered with cyber risk specialist Buckler México to support the rollout of its Blink Cyber solution to Ethics Data Analytics - a leader in risk management solutions in the region - to combat identity theft. Now available within the Ethics Cyber Security portfolio, Blink’s cyber solution is ... Read the full article
Diversification within cyber ILS is possible, says CyberCube
29th February 2024
CyberCube’s analysis of all the 144A cyber catastrophe bonds issued to date shows that diversification within cyber as an asset class is possible. In a recent white paper titled "Digital Ties and Natural Divides: Correlation and Diversification in Cyber Catastrophe Bonds" - the firm addresses the concern amongst investors regarding the ... Read the full article
CSC partners with cyber risk solutions NetDiligence
15th February 2024
Security and threat intelligence provider CSC has partnered with NetDiligence, a specialist in cyber risk solutions, to help mitigate cyber risks and support the cyber insurance ecosystem. With this agreement, CSC is now an available vendor to cyber insurance carriers, brokers, and clients on NetDiligence’s eRiskHub under the newly developed “pre-breach” ... Read the full article
WTW unveils primary cyber, tech E&O facility for international clients
12th February 2024
Global broking firm WTW, has announced that it has launched an International CyCore Facility (ICF) aimed at international clients headquartered outside of Great Britain and the United States, with revenues up to US$1 billion (or the equivalent currency). According to WTW, the ICF is a tailored solution which covers malicious acts, ... Read the full article
Cyber exposures pose risk to re/insurers’ financial strength, require careful management: AM Best
7th February 2024
AM Best has warned in a new report that a growing cyber book could present a "material risk to a re/insurer’s financial strength" if it is not carefully managed and appropriately monitored. According to the rating agency, cyber is a line with high levels of product risk requiring expertise and knowledge, ... Read the full article
Guy Carpenter launches new cyber reinsurance product, CatStop+
31st January 2024
Guy Carpenter, a global risk and reinsurance specialist and business of Marsh McLennan, has launched its new cyber reinsurance product, CatStop+, a "first-of-its-kind" market-tested structure designed to address the volatility of cyber risk. According to Guy Carpenter, CatStop+ helps solve a range of issues that cyber (re)insurers face, "striking a ... Read the full article
Arrival of cyber catastrophe bonds a ‘pivotal step’: Moody’s RMS video interview
30th January 2024
The introduction of the first 144A cyber catastrophe bond transactions in the final quarter of last year was an important step in the development and advancement of the broader cyber risk transfer market, according to Damini Mago and Alice Woolley of Moody's RMS. The latest video interview in ... Read the full article
Resilience expands Cyber Risk Solution to companies with revenues of up to $10bn
30th January 2024
Cyber risk management provider Resilience has expanded its underwriting authority to serve large global companies with up to $10 billion in annual revenues. Resilience explained that the expanded authorities come after a strong year of growth while achieving an "industry-leading loss ratio reflecting the success in defending clients from costly cyber ... Read the full article
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