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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.

Number of compromised business emails rise 133%: Beazley cyber report

15th April 2019

Business email compromises (BEC) made up 24% of the total number of cyber related incidents reported to Beazley Breach Response (BBR) Services in 2018, up from 13% in 2017, according to a report by the specialist re/insurer. BEC are social engineering attacks in which a cybercriminal uses compromised email credentials or ... Read the full article

Cyber criminals increasingly targeting SMEs: Chubb report

9th April 2019

Small and medium sized enterprises are increasingly falling victim to cyber attacks orchestrated by hackers able to take advantage of their sub-par security systems and processes, according to a report by global insurer Chubb. Ransomware attacks, which typically utilise malicious software to block a business' network until a ransom is paid, ... Read the full article

Partnerships essential for cyber insurance success, says GlobalData

4th April 2019

While cyber insurance penetration increased by 14% among UK small and medium sized businesses (SMEs) in 2018, the market is far from saturated and considerable growth should be expected over the coming years, according to a report published by data and analytics firm GlobalData. GlobalData believes that the complexity and continuous ... Read the full article

LockerGoga ransomware threatens industrial firms with “chaos,” say experts

3rd April 2019

LockerGoga, the strain of ransomware that is suspected to be behind the recent Norsk Hydro cyber attack, utilises an unusually disruptive hacking approach that can cause “chaos” for the industrial firms that it targets, according to cyber experts. Norsk Hydro, a Norway-based aluminium manufacturing, was forced to disable part of ... Read the full article

Tokio Marine HCC acquires cyber specialist NAS Insurance Services

2nd April 2019

Specialty insurance group Tokio Marine HCC has announced it has acquired NAS Insurance Services, LLC, a U.S specialist in cyber and professional liability solutions. NAS is a Lloyd’s coverholder with a background in specialty product innovation, flexible policy development, open market and reinsurance solutions, and online broker portals providing 24/7 quoting ... Read the full article

Munich Re, Allianz & AXIS join Marsh for new cyber service

27th March 2019

Global re/insurance broker Marsh has announced the launch of Cyber Catalyst, a service that brings together a number of the market’s leading insurers to provide analysis and assessment of cybersecurity products. The objective of Cyber Catalyst is to identify and evaluate effective solutions for an organisation to deploy against cyber risk, ... Read the full article

Norsk Hydro says cyber attack could cost $41mn, names AIG as lead insurer

26th March 2019

Aluminium manufacturer Norsk Hydro has said that it is anticipating a financial impact of between 300-350 Norwegian crowns (USD $35-41 million) for the first week following a cyber attack on March 19 that caused major disruption to its operations. The Norwegian firm also stated that it had a “solid cyber risk ... Read the full article

AXA-backed insurtech Sayata Labs launches with $6.5mn in funding

26th March 2019

Sayata Labs, a new insurtech start-up focused on cyber risk assessment for insurers and SMBs, has announced today that it has launched with $6.5 million in seed funding. The Tel Aviv-based company is already partnering with re/insurance broker AXA to enhance its cyber risk capabilities, while Israeli venture capital firm Elron ... Read the full article

PCS looks into Norsk Hydro cyber attack losses

26th March 2019

Property Claims Services (PCS), a Verisk business, has begun investigating the loss potential of the recent cyber attack on aluminium manufacturing giant Norsk Hydro. Co-Head of PCS Tom Johansmeyer told our sister publication, Artemis, that the firm was watching the event to determine whether it qualifies for designation under PCS Global ... Read the full article

QIC Global partners with Verisk’s Sequel on cyber exposure

25th March 2019

QIC Global, the umbrella organisation for Qatar Insurance Company's (QIC) international trading brands, has signed a contract to use software from Sequel, a Verisk business, to model cyber risk. By utilising Sequel’s Impact system, QIC Global hopes to be able to better capture and aggregate complex cyber exposure. The company is already ... Read the full article

Norsk Hydro gives ransomware update, confirms BI cover in cyber policy

20th March 2019

Following yesterday’s news of an extensive malware attack on aluminium manufacturing giant Norsk Hydro, the firm’s Chief Financial Officer Eivind Kallevik has stated that its cyber insurance policy includes Business Interruption (BI), but was unable to provide further information. “I’ll be careful going into details of the insurance coverage,” said ... Read the full article

Norsk Hydro disrupted by major cyber attack

19th March 2019

A potential ransomware attack on Norsk Hydro, one of the world’s largest manufacturers of aluminium, has forced the company to switch to manual operations in a bid to contain the breach. Emerging reports indicate the Norway-based company’s operations are being disrupted after unusual activity was spotted on its server by IT ... Read the full article

GFIA highlights challenges to cyber market’s responsible growth

12th March 2019

The General Federation of Insurance Associations (GFIA) has said that while the cyber insurance market continues to grow responsibly, there are challenges to growth that must be addressed. Commenting on the OECD Insurance and Private Pensions Committee's documentation on the cyber market and related issues, the GFIA highlights some challenges to ... Read the full article

Businesses need clarity to justify cyber investment: Brisson, Swiss Re

8th March 2019

Whilst the introduction of regulatory frameworks surrounding personal data continually heightens the legal and financial repercussions for a company seen to have mishandled it, obtaining sufficient cyber cover is becoming an increasingly higher-stakes game. In a recent discussion with Reinsurance News, Swiss Re Corporate Solutions’ Head Cyber Technology EMEA APAC LATAM, François ... Read the full article

Everest adds Ayesha West from Navigators as Cyber VP

8th March 2019

Everest Insurance, a division of global insurer and reinsurer Everest Re Group, has appointed Ayesha West as Vice President of its cyber insurance group. West will be tasked with the management and development of the company’s national cyber insurance underwriting team and will be based in New York, reporting to Head ... Read the full article

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