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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.

Guy Carpenter partners with insurtech RiskGenius on silent cyber

25th March 2020

Guy Carpenter, the reinsurance broking arm of Marsh & McLennan Companies, Inc., has entered into a strategic partnership with RiskGenius on the detection and qualitative analysis of silent cyber exposure. RiskGenius is an insurtech firm that utilises artificial intelligence to evaluate emerging risks across insurance portfolios. By working with RiskGenius, Guy Carpenter ... Read the full article

Zurich warns of heightened cyber risk during pandemic

20th March 2020

Zurich Insurance has warned that a surge in remote work during the coronavirus (COVID-19) pandemic will result in heightened cyber security risks. With businesses around the world increasingly urging employees to work from home to help slow the spread of the virus, analysts believe that the security standards of some organisations ... Read the full article

Coronavirus attacks show UK cyber vulnerabilities: GlobalData

12th March 2020

Data and analytics company GlobalData has reported that small to medium enterprises (SMEs) in the UK remain underinsured and vulnerable to cyber attacks. The comments come amid a surge of coronavirus-related cyber attacks, which UK police estimate to have caused £800,000 of total losses from 21 separate cases in February alone. The ... Read the full article

Beazley opens cyber product to brokers of SMEs via online platform

9th March 2020

Specialist insurer Beazley has announced that its cyber product, Beazley Breach Response (BBR), will be available to brokers of small and medium-sized business through the myBeazley platform in the US. Beazley says this will reduce the time required to obtain a bindable BBR quote by allowing brokers to access accounts, update ... Read the full article

Larger firms more exposed to machine identity related cyber losses: Report

6th March 2020

As much as 25% of cyber losses for the largest companies are machine identity related and, in the U.S., as much as 13% of total economic losses due to cyber events are related to unprotected machine identities, according to a new report by AIR Worldwide, sponsored by Venafi. The new report ... Read the full article

Marsh opens Cyber Catalyst 2020 evaluation program

4th March 2020

Re/insurance broker Marsh has announced the 2020 opening of its Cyber Catalyst program, which aims to evaluate and designate products and services that can be effective against major cyber threats. In the inaugural 2019 program, more than 150 products and services were submitted for evaluation, with 17 ultimately receiving a Cyber ... Read the full article

New Lloyd’s policy to cover cryptocurrency wallets

2nd March 2020

Insurance and reinsurance marketplace Lloyd’s of London has launched a new insurance policy designed to protect cryptocurrency held in online wallets against theft or other malicious hacks. The policy was created by Lloyd’s syndicate Atrium in conjunction with Coincover to protect against losses arising from the theft of cryptocurrency held in ... Read the full article

Zurich launches new cyber security offering

26th February 2020

Global insurer Zurich has partnered with cybersecurity firm CYE on a new offering aimed at helping businesses define and deploy effective cyber risk management programs. Available to companies globally, Zurich Cyber Security Services is designed to close unknown security blind spots, reduce the risk and impact of security incidents, and protect ... Read the full article

TMK cyber policy includes physical damage cover

24th February 2020

Tokio Marine Kiln, part of global insurance group Tokio Marine, has launched an enhanced policy designed to protect against physical damage from cyber attacks. Cyber Ctrl PD+ offers affirmative cover for property damage and ensuing business interruption arising from a cyber attack. “As most cyber insurance policies exclude cover for property damage, ... Read the full article

Munich Re-backed At-Bay raises $34mn in Series B round

24th February 2020

At-Bay, a cyber insurance start-up writing policies through Munich Re’s HSB Specialty Insurance Company, has announced a $34 million Series B funding round. Led by Munich Re Ventures and Acrew Capital, the new investment brings At-Bay’s total funding to $51 million. At-Bay offers continuous vulnerability monitoring across the perimeter of each portfolio ... Read the full article

Accenture to provide cyber response service for AXA XL clients

11th February 2020

As part of its existing partnership, professional services firm Accenture is to provide its Cyber Incident Response Service to help AXA XL clients respond to and recover from cyberattacks. Accenture will provide post-breach security services for AXA XL clients outside the US, including incident management and information technology (IT) forensics. The ... Read the full article

Norsk Hydro claims a further $20.2mn from its cyber insurance in Q4

7th February 2020

Aluminium manufacturing giant Norsk Hydro has announced that during the fourth-quarter of 2019, it recognised NOK 187 million (USD 20.2 million) of insurance compensation in relation to the cyber-attack on its operations in March, 2019. The firm detected unusual activity on its servers that disabled part of its smelting operations, leading ... Read the full article

Munich Re’s HSB warns crypto adoption can raise SME cyber risk

6th February 2020

HSB, part of reinsurance giant Munich Re, has underlined the risks of cryptocurrency after a survey found at least one-third of US small and medium-sized businesses accept it as a payment method. The survey, conducted in conjunction with Zogby Analytics, found that 36% of SMEs accepted cryptocurrency, while 59% of those ... Read the full article

AXA XL adds Chief Underwriting Officer, Cyber

5th February 2020

AXA XL, the property and casualty and specialty risk unit of AXA, has named Elizabeth W. Benet to Global Chief Underwriting Officer (CUO), Cyber, a newly created position. The appointment is expected to assist with the management of the firm's international cyber risk portolfio. In her new role, Benet will report ... Read the full article

AkinovA facilitates parametric cyber purchase for Asian tech firm

5th February 2020

AkinovA, the electronic marketplace for the transfer and trading of re/insurance risk, has announced that it recently facilitated the purchase of a parametric Cloud Outage product for an Asia-based technology company. Completed on January 30, 2020, this transaction will provide protection in the event that a named Cloud Service Provider (CSP) ... Read the full article

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