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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.

Beazley launches cyber, financial lines offering in Colombia

21st July 2020

Specialist insurer Beazley has launched a suite of cyber and financial lines insurance products aimed at protecting businesses and senior executives in Colombia. The information security and privacy (InfoSec) policy protects against a range of cyber and data security risks impacting Colombia-based businesses. The core policy provides first and third party protection ... Read the full article

Kovrr adds Visesh Gosrani to Advisory Board

21st July 2020

Cyber risk modelling company Kovrr has expanded its Advisory Board with the addition of Visesh Gosrani, Chair of the Institute and Faculty of the Actuaries Cyber Risk Working Party. Gosrani has over 20 years of experience as an actuary and Chief Risk Officer in the insurance industry. He currently runs a consulting ... Read the full article

Renewable energy firms increasingly looking at non-damage cyber cover: GCube

20th July 2020

GCube Insurance, a provider of insurance services for renewable energy projects, is seeing heightened demand for its non-damage cyber risk insurance product amid a spate of recent cyber-attacks on global renewable energy companies. The company has emphasised that, during the current period of COVID-19-induced lockdowns and beyond, renewable energy asset owners ... Read the full article

Twitter hack exposes business risk to high-profile accounts: CyberCube

20th July 2020

The recent cyber attacks that targeted Twitter accounts of high profile celebrities has highlighted the potential for these kinds of incidents to move company share prices, says cyber analytics provider CyberCube. Darren Thomson, Head of Cyber Security Strategy for CyberCube, said that a sophisticated social engineering attack had been used by ... Read the full article

AXIS Insurance bolsters US Cyber team with three senior underwriters

14th July 2020

AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings, has added three underwriters to its US Cyber and Technology team. Peter Smith will join AXIS as Underwriting Manager, US Cyber and Technology, while Emma Werth and Jessica Currier join as Senior Underwriters. “AXIS Insurance’s Global Cyber and Technology business continues ... Read the full article

Kovrr releases open framework to measure catastrophic cyber risk exposure

10th July 2020

Cyber risk modelling company Kovrr has developed an open framework designed to measure and understand catastrophic cyber risk exposure. The CRA-Zones framework defines the minimal elements needed to provide a view of cyber risk aggregations, allows for analysis across multiple portfolios of risks and allows for monitoring of exposure trends. CRA-Zones group ... Read the full article

Clyde & Co adds Ian Birdsey to cyber team

9th July 2020

Global law firm Clyde & Co has expanded its global cyber risk offering with the appointment of Ian Birdsey as a partner in London. Birdsey joins from Pinsent Masons, where he was Global Head of Cyber and led the development of the firm's practice over eight years. He has more than a ... Read the full article

QOMPLX to launch US insurance subsidiary RubiQon

8th July 2020

Analytics and insurance software provider QOMPLX is set to launch a US-based subsidiary that will offer cyber insurance, along with multi-line treaty and facultative re/insurance. Due to open in the fall, RubiQon Risk & Insurance Services/RubiQon Re will be a Managing General Agency led by former Validus Re CEO Conan Ward ... Read the full article

Canopius launches property product to address ‘silent cyber’ gap

6th July 2020

Global specialty re/insurer Canopius has announced the launch of a set of cyber property products for medium to large corporations across all sectors. The Canopius Cyber Property Damage Product Range (PDPR) will be sold on a consultative basis and in close collaboration with brokers. As well as replacing cyber cover excluded from property ... Read the full article

DXC business targeted in ransomware attack

6th July 2020

IT services provider DXC Technology has confirmed that its subsidiary, Xchanging, has been targeted in a recent ransomware attack. Xchanging is an insurance managed services business based in London that operates on a standalone basis. DXC said it was confident that the incident is isolated to the Xchanging environment, and does not ... Read the full article

Ransomware attacks up 25% in Q1, says Beazley

25th June 2020

Specialist insurer Beazley has reported a 25% spike in ransomware attacks in the first quarter of 2020 versus the fourth quarter of 2019. This figure is based on incidents reported to in-house breach response team Beazley Breach Response (BBR) Services. While nearly all industries reported incidents, the manufacturing sector was the hardest ... Read the full article

Brokers hold key to cyber growth: CyberCube

23rd June 2020

Brokers have a critical role to play in addressing adequate coverage and a range of other factors holding back growth in the cyber insurance market, according to a new report from cyber analytics provider CyberCube. The report highlighted several challenges the market faces in growing adoption of cyber insurance, including the ... Read the full article

Climate change & cyber growing priorities for re/insurers: LCP

22nd June 2020

A new report by pension, insurance and investment consultancy firm Lane Clark & Peacock LLP (LCP) has found that climate change and cyber risk are seen as the main rising priority areas for re/insurance firms. An analysis of early Solvency II disclosures by 50 re/insurers across the UK and Ireland found ... Read the full article

US cyber insurance market’s loss ratio up 10% on claims frequency: Aon

17th June 2020

The loss ratio for the U.S. cyber insurance market increased by 10 percentage points year-on-year in 2019 to approximately 45%, as insurers both small and large felt the effects of an increase in ransomware attacks, reports insurance and reinsurance broker Aon. The fifth edition of Aon's annual U.S. Cyber Insurance Profits ... Read the full article

AGCS launches new UK cyber product

17th June 2020

Allianz Global Corporate & Specialty, Allianz’s entity for large-scale corporate and specialty risks, has announced the launch of a new cyber product in the UK. The new Allianz Cyber Protect policy provides a full suite of third party and first party covers to ensure a company is protected in the event ... Read the full article

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