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.
Howden partners with Cytegic on automated cyber risk assessment
11th June 2019
Howden, the retail broking unit of Hyperion Insurance Group, has partnered with Cytegic, a cyber risk quantification solutions provider, on automated cyber risk assessments and financial impact analysis across global markets. “After researching numerous solutions and putting the Cytegic platform through a variety of challenging tests, we were able to confirm ... Read the full article
BMS bolsters cyber offering with BitSight partnership
11th June 2019
Independent specialist re/insurance broker BMS Group has partnered with BitSight, a cyber security ratings firm, to provide cyber risk analysis services to clients across all lines of business as part of its consultancy offering. BitSight’s security ratings platform provides comprehensive security performance information available in the marketplace and marks the first ... Read the full article
DAC Beachcroft adds virtual crisis room to cyber breach response services
10th June 2019
International law firm DAC Beachcroft has enhanced its breach response services with the launch of a secure, virtual crisis room that enables businesses to communicate and share information confidentially in the aftermath of a cyber attack or data breach. Developed in partnership with British technology firm Pushfor, the DACB Situation Room ... Read the full article
IUA adds exclusion clauses for silent cyber risks
6th June 2019
The International Underwriting Association (IUA) has published two new London Market model clauses to help underwriters manage cyber losses and address issues related to non-affirmative cover. The Cyber Loss Absolute Exclusion Clause provides re/insurers with an option to exclude any loss arising from the use of a computer system, network or ... Read the full article
Norsk Hydro expecting $69m hit from cyber attack
6th June 2019
The cyber attack that hit aluminium manufacturing giant Norsk Hydro in March could cost the company as much as $69 million over the first two quarters of 2019. Norsk Hydro had previously disclosed that it expected to lose between NOK400 million and NOK450 million (US$46 million and $52 million). According to ... Read the full article
Aon partners with CyberCube to improve risk aggregation management
5th June 2019
Global re/insurance broker Aon has selected CyberCube’s analytics platform to help improve its cyber aggregation risk modelling capabilities and deliver better solutions to its insurance carrier clients. CyberCube’s cyber risk-modeling platform will enable Aon to support its clients on accumulation risk management and exposure management at a time when carriers are ... Read the full article
Risk modeller Kovrr adds Lloyd’s of London’s David Clouston to Advisory Board
4th June 2019
Israel-headquartered cyber risk modeller Kovrr has added David Clouston to its Advisory Board. Clouston previously served as interim Head of Catastrophe Risk at Lloyd’s of London and currently advises multiple global firms on exposure management processes and cyber strategy. His previous roles have included underwriter, broker, reinsurance buyer, IT systems, and run-off ... Read the full article
The Hartford partners with Mimecast on cyber awareness training course
31st May 2019
Property and casualty (P&C) insurer The Hartford has partnered with email and data security firm Mimecast in order to bolster knowledge and foresight around the inherent risks of cyber. The service, named Mimecast Awareness Training, is designed to help its customers reduce the risk of a cyber incident before it occurs. The ... Read the full article
20% increase in cyber security spending, finds Hiscox report
31st May 2019
Results from Hiscox’s 2019 Cyber Readiness report show cyber security spending across 5,400 organisations increased significantly from the previous year, with total expenditure reaching $7.9 billion. After adjusting for the increased size of the study group in this year’s report, the total spend represents a rise of just under 20% on ... Read the full article
Munich Re views cyber as an opportunity for “sustainable new business”: Jurgen Reinhart
30th May 2019
Munich Re wants to help the re/insurance industry approach the cyber challenge as an opportunity for “sustainable new business,” rather than as an insurmountable obstacle to be overcome. This is according to Jurgen Reinhart, Munich Re’s Chief Underwriter for Cyber, who told Reinsurance News that the company was “ready to accept ... Read the full article
Hiscox launches London market cyber product
30th May 2019
Global re/insurer Hiscox has announced the launch of CyberClear365, a new London Market cyber product. CyberClear365’s cover includes first-party incident costs such as regulatory response, bricking for disabled electronic devices and a reward fund. In the event of a claim, CyberClear365 offers assured mitigation coverage and a percentage excess discount if Hiscox ... Read the full article
Beazley adds cyber cover to media, tech industry insurance policy
29th May 2019
Specialist insurer Beazley has incorporated cyber coverage into its MediaTech insurance policy as it looks to protect businesses against new and evolving forms of risk. The Beazley MediaTech policy has been streamlined to provide clear and concise wording and seamless protection, says Beazley, combining errors and omissions (E&O) and media liability ... Read the full article
CFC launches cyber insurance platform
28th May 2019
Specialist insurer CFC Underwriting has announced the launch of a new cyber insurance platform that enables brokers to access and “self-serve” the company’s cyber insurance products for SME clients. The platform will be available on 1 June 2019. Developed by CFC’s in-house technology and innovation team, the platform reportedly boasts an ... Read the full article
Reports of ransomware attacks surged 105% in Q1: Beazley
28th May 2019
Ransomware attacks surged 105% in the first three months of 2019 when compared against the same period in 2018, with attackers shifting their focus to larger organisations able to pay high ransom amounts, according to a report by Beazley. While ransomware-as-a-service (RaaS) attacks remain commonplace and tend to hit unsuspecting small ... Read the full article
CNA Hardy bolsters cyber offering with new pre-breach partnership
20th May 2019
Specialist commercial insurer CNA Hardy has announced a partnership with GamaSec, a cyber-security firm, in a move designed to strengthen policyholders’ resilience and preparedness to cyber threats. The addition of GamaSec, which offers a pre-breach tool designed to prevent cyber attacks, joins a suite of partner services already available including penetration ... Read the full article