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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.

Cyber, the innovative opportunity for the London market: Bousfield, Capsicum Re

30th May 2017

There's been notable concern across the global insurance and reinsurance industry of London's ability to maintain its position as an international re/insurance hub in an increasingly competitive and post-Brexit world, but could the cyber reinsurance market be the perfect opportunity for London to embrace? Discussing the growing threat of cyber in relation ... Read the full article

Re/insurance challenges and opportunities of the future: EY

26th May 2017

As the re/insurance industry enters an era marked by shifting inner dynamics and fast-paced changes to macroeconomic conditions, EY analysts have outlined the unique challenges and opportunities set to create the market of the future. EY said the key long-term determinants of this changing scape were down largely to demographic shifts, policy ... Read the full article

Critical infrastructure the next cyber battleground

25th May 2017

As cyber threats increase, alongside the exponential advancements being seen in technology which can heighten cyber risk there is also an increasing threat to legacy systems, particularly in areas such as critical infrastructure, according to experts. It is expected that cyber attacks against critical infrastructure, power grids and energy infrastructure, telecommunications, ... Read the full article

Re/insurance to take minimal share of $8 billion WannaCry economic loss: A.M. Best

23rd May 2017

Insurance industry focused cyber-security firm, Cyence, has pegged the WannaCry ransomware attack economic loss at an estimated $8 billion, although insurance and reinsurance protection is expected to cover just a fraction of this, warns A.M. Best. The recent, global ransomware attack that impacted 150 countries and that was felt across a number of ... Read the full article

Average cyber limit doubles & penetration levels increasing: CIAB

22nd May 2017

A number of factors continue to converge in the global cyber insurance space resulting in increased demand, while the average cyber policy limit has roughly doubled in the last six months, according to The Council of Insurance Agents & Brokers (CIAB). The CIAB's latest Cyber Insurance Market Watch Survey highlights some ... Read the full article

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

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