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.
Courtney Mocio named Vice President of Brit USA Cyber & Technology
27th October 2017
Brit has named Courtney Mocio as Vice President of Cyber & Technology at Brit Global Specialty USA (“BGSU”) with effect from 17 October 2017. She joins BGSU from Nationwide Insurance (Freedom Specialty) where she spent the last five years writing a book of cyber, technology and professional business. In her BSCU New ... Read the full article
Marsh appoints Jamie Saunders to cyber risk strategic advisor
27th October 2017
Marsh has named former Director of the National Cyber Crime Unit at the National Crime Agency (NCA), Jamie Saunders, as new strategic adviser on cyber risk management for UK specialist cyber security within the Client Advisory Services division. In his newly-created London based role, Dr Saunders will provide strategic cyber security ... Read the full article
Firms’ intangible assets still vastly unprotected: Aon & Ponemon Institute
26th October 2017
Many enterprises lag behind the protocols for doing business in the tech-era; firms recognise the growing value of intangible assets but continue to disproportionately spend four times more budget on insurance for Property, Plant and Equipment (PP&E) risks, according to a report by Aon and the Ponemon Institute. As historical tangible ... Read the full article
GDPR pushes cyber risk to business leaders’ top concern
26th October 2017
With the European Union’s General Data Protection Regulation (GDPR) due to take effect in May 2018, cyber risk has been pushed to the top of the corporate risk agenda for businesses throughout Europe, according to a survey of over 1,300 senior executives by Marsh. The GDPR is a new legal framework with ... Read the full article
Re/insurers could be key to firms’ cyber risk management: Chubb
25th October 2017
Widespread concern exists among risk and IT professionals about the scale of cyber threat but there is little agreement about how organisations should assess, manage and mitigate the threats, according to a Chubb study that surveyed over 250 risk managers and IT professionals. The study interviewed industry experts from major firms ... Read the full article
Emerging ransomware attack ‘Bad Rabbit’ hits Europe
25th October 2017
An emerging ransomware attack, Bad Rabbit, has infected systems across Russia and Ukraine and is spreading across the globe - even as firms are still recovering from recent widespread disruption caused by the devastating WannaCry and Petya cyber attacks. Bad Rabbit encrypts computers' contents and asks for a payment of 0.05 ... Read the full article
WEF & re/insurers work to close emerging risks protection gap
19th October 2017
In a new World Economic Forum-led initiative, re/insurers, tech firms, and government representatives will collaborate to develop strategies for the management of emerging risks from fourth industrial revolution innovations. Innovations such as drones and driverless cars have the potential to unleash a new set of uninsured risk on societies in the ... Read the full article
Demand for BI & supply chain cyber coverage up, says Munich Re & Beazley
17th October 2017
Demand for holistic cyber cover for business interruption (BI) and supply chain risks has surged, report Beazley and Munich Re after having joined forces to offer complex cyber risk cover through their Vector partnership. "Since we established Vector, we’ve seen a significant shift in the pattern of demand for cyber cover," ... Read the full article
Risk Cooperative gains Lloyd’s coverholder status
16th October 2017
Risk Cooperative, a specialized insurer with a proprietary cyber insurance facility with up to $10 million in stand-alone cyber insurance cover, has gained Lloyd's of London coverholder status. Risk Cooperative brings middle market customers and channel partners fast access to customizable cyber insurance solutions, working with a wide range of insurance ... Read the full article
Brokerslink & Safeonline launch facility for cyber risk management and insurance
12th October 2017
Brokerslink, an international network of brokers, has launched a new cyber risk management and insurance facility, called PoCydon, in collaboration with Safeonline, and which MS Amlin will provide the insurance wording. MS Amlin's cyber insurance wording is considered industry leading, and is backed up with active risk monitoring and threat detection ... Read the full article
Global losses from cyber attacks could reach $6 trillion, warns FBI’s former cyber head
11th October 2017
Annual, global losses from cyber attacks could reach as much as $6 trillion as the world continues to become more interconnected via advanced technology, such as the Internet of Things, according to cyber risk expert and former head of the FBI's cyber unit, James Trainor. Addressing an audience at the 2017 ... Read the full article
Tech firm Fractal Industries adds reinsurance expertise
6th October 2017
Technology firm Fractal Industries, which specialises in cyber security, artificial intelligence, machine learning, and data analytics, has added a team of reinsurance sector experts as it targets the vertical. Fractal provides clients an AI-driven decision-making platform, helping them to solve complex, real-world problems at scale. Thew firm has expanded beyond the ... Read the full article
Capsicum Re says industry threatened by unclarified cyber risk policies
5th October 2017
Specialist reinsurance broker, Capsicum Re, said in a report on cyber risk perils, that the re/insurance industry is facing a growing problem of cyber perils being neither explicitly excluded or implicitly included in insurance policies - a problem that leaves both insurers and insureds in a vulnerable position. The fast-developing cyber ... Read the full article
Allianz partners with Zeguro to offer clients cyber risk guidance
4th October 2017
Allianz Group's specialist corporate insurer, Allianz Global Corporate & Specialty (AGCS), has formed a partnership with software firm Zeguro, in which Zeguro will act as Chief Information Security Officer (CISO), using its platform to provide Allianz clients with guidance on cyber risk. These cyber exposure management and mitigation strategies will initially be ... Read the full article
Capsicum Re bolsters cyber risk team with new appointment
2nd October 2017
Specialist reinsurance brokerage, Capsicum Re, has named Conrad Williams as the newest addition to its cyber risk team, effective immediately. Williams will report to Ian Newman and Samantha Thompson, partners at the firm's London property and specialty unit, and brings extensive cyber risk knowledge to the role. Williams has completed a four-year ... Read the full article