Cyber - Insurance Industry Brief

Cyber Resilience Overestimation Leads to Business Continuity Issues, Ransom Payments

Insurance Journal

AUGUST 22, 2024

New research commissioned by Cohesity, an AI-powered data security firm, reveals organizations overestimate their cyber resilience capabilities and maturity, leading to significant business continuity disruptions and ransom payments. The Cohesity Global Cyber Resilience Report 2024, which polled over 3,100 IT …

Cyber

Cyber Insurance Insurer Insured

Cyber, Business Interruption, Natural Disasters Listed as Top 3 Business Risks: Allianz

Insurance Journal

JANUARY 15, 2025

Cyber, business interruption and natural catastrophes are the top three risks that concern global businesses, according to the Allianz Risk Barometer 2025. Cyber incidents, such as ransomware attacks, data breaches and IT outages, is the top global risk for 2025, …

Business Interruption

Business Interruption Cyber Risk Commercial

Cyber Security and Risk Mitigation

Insurance Journal

AUGUST 18, 2024

Security leaders should be exercising every available option to upgrade their security posture, and cyber insurance policies could make or break the resiliency for many organizations across nearly all industries — K-12 education, retail, healthcare, manufacturing and more. Just last …

Cyber

Cyber Risk Insurance Policy Policy

Vienna Insurance Group Launches Specialist Cyber Security Company

Insurance Journal

NOVEMBER 4, 2024

Vienna Insurance Group has launched a specialist cyber security company focused cyber risk management for small and medium-sized companies. Called Cyber Risk Solutions GmbH (CyRiSo), the company provides comprehensive support to help companies reduce cyber risks and to prevent and …

Cyber

Cyber Risk Insurance Insured

Cyber Hits All-Time High Concern for Business Leaders, Says Travelers Risk Index

Insurance Journal

SEPTEMBER 25, 2024

For the fourth time in six years, cyber risk ranked highest as a concern for business leaders. In fact, this year cyber as a top concern reached an all time high, according to the 2024 Travelers Risk Index. Cyber was …

Cyber

Cyber Risk

UK Cyber Spies Plan AI ‘Lab’ to Counter Hostile State Threats

Insurance Journal

AUGUST 12, 2024

UK spies are stepping up efforts to tackle cyber and artificial intelligence threats from hostile foreign states, including the sort of online manipulation that helped foment rioting across the country in the past 10 days. GCHQ, the UK’s national security …

Cyber

Verisk’s PCS Classifies CrowdStrike Incident as a Cyber Catastrophe

Insurance Journal

JULY 31, 2024

Verisk’s Property Claim Services unit confirmed reports it has designated the recent global information technology outage as a cyber catastrophe event. With the designation, PCS Global Cyber believes what has come to be known as the CrowdStrike event will cause …

Cyber

Cyber Claim Insurance Insurer

Cyber Insurance Market to Expand as Risks Evolve: Gallagher

Insurance Journal

JANUARY 16, 2025

While 2024 brought record-breaking data-breach costs and evolving cyber risk, all signs point to stable rates and ample capacity in 2025. Intense competition among cyber insurance carriers has resulted in higher limits, enhanced cyber risk management services, flexibility in insurance …

Cyber

Cyber Risk Insurance Carrier Insurance

Markets/Coverages: Coalition Introduces Active Cyber Insurance in Germany

Insurance Journal

AUGUST 1, 2024

Coalition, the San Francisco-based cyber managing general agent and cyber-security firm, announced the launch of its Active Cyber Insurance in Germany through its subsidiary, Coalition Insurance Solutions GmbH. Coalition’s offerings became available on Aug. Cyberattacks and IT system …

Cyber

Cyber Insurance Insured Insurer

Delta Air Lines to Seek Compensation Over Cyber Outage: Report

Insurance Journal

JULY 30, 2024

Delta Air Lines has hired a law firm and will seek compensation from Microsoft and CrowdStrike over a global cyber outage earlier this month that disrupted flights around the world, CNBC reported on Monday. The Atlanta-based airline has been the …

Cyber

Cyber Compensation Business Interruption Commercial

Markets/Coverages: Beazley Launches Cyber Consortium for Large Corporates

Insurance Journal

OCTOBER 8, 2024

Specialty insurer Beazley announced the launch of a cyber consortium that provides comprehensive cover for large corporates with a turnover in excess of $1 billion, infusing $100 million of new capacity into the cyber market. Called Beazley Quantum, the consortium …

Cyber

Cyber Insurance Insured Insurer

US Firms Warn Against ‘Unprecedented’ Hong Kong Cyber Rules

Insurance Journal

AUGUST 20, 2024

US firms have warned that parts of a proposed cyber law could grant the Hong Kong government unusual access to their computer systems, highlighting the latest challenge to Western tech giants in the city. The Asia Internet Coalition, which includes …

Cyber

Trigger Warning: Cyber Policy Wordings to Impact Coverage for Tech Outage

Insurance Journal

JULY 22, 2024

Industry stakeholders continue to try to get a grasp of the implications from last week’s massive technology outage affecting motley industries around the world, but the theme of policy language is reoccurring for a cyber insurance industry not known for …

Cyber

Cyber Policy Insurance Industry Insurance

Microsoft, Cyber Firms to Meet on Fixes After CrowdStrike Crash

Insurance Journal

AUGUST 25, 2024

Cyber companies — including … Microsoft Corp. is planning a meeting next month with cybersecurity companies that operate at the core of its Windows systems to discuss ways in which they can keep last month’s worldwide computer crash from happening again.

Cyber

Experts Say More Collaboration Needed for Critical Infrastructure Cyber Risk

Insurance Journal

AUGUST 4, 2024

Insurers continue to grapple with elusive and ever changing cyber risks in the critical infrastructure sector, and Matthew McCabe, managing director for Guy Carpenter’s Cyber Center of Excellence, said he sees a three-party system emerging between insurers, policyholders, and the …

Cyber

Cyber Risk Policyholder Insurance

Markets/Coverages: Hartford and Coalition Announce Cyber Capacity Partnership in UK

Insurance Journal

OCTOBER 29, 2024

The Hartford and cyber-MGA Coalition announced a strategic, long-term capacity partnership in response to growing customer and broker demand for Coalition’s active cyber insurance approach in the UK market. The new capacity agreement combines the established strength of The Hartford …

Cyber

Cyber Broker Insurance Insured

Markets/Coverages: Coalition Launches UK Clawback Service to Recover Money Stolen in Cyber Attacks

Insurance Journal

OCTOBER 18, 2024

Coalition, the San Francisco-based cyber managing general agent and cybersecurity firm, has become the first cyber insurance provider in the UK to launch a service dedicated to recovering funds stolen by cyber attackers. The cyber insurer’s new UK “clawback” service …

Cyber

Cyber Agents Insurance Insured

Zurich, Marsh McLennan Call for Public Partnerships Close Cyber Gaps

Insurance Journal

SEPTEMBER 8, 2024

A new report from Marsh McLennan and Zurich titled “Closing the cyber risk protection gap” is calling for a closer collaboration between the insurance industry and the public sector as cyber insurance coverage gaps remain. “Both the insurance industry and …

Cyber

Cyber Insurance Industry Protection Risk

Moody’s, Amwins Expect Continued Cyber Market Growth

Insurance Journal

SEPTEMBER 11, 2024

Two organizations recently expressed optimism that the softening cyber market that emerged in 2023 will remain favorable into the future. In separate reports, Moody’s Ratings and Amwins Brokerage offered insights on the sector’s landscape. Moody’s shared that the market is …

Cyber

Markets/Coverages: DUAL Europe Launches Cyber Active Protect Solution

Insurance Journal

JANUARY 28, 2025

DUAL Europe announced the launch of DUAL Cyber Active Protect, a new product that combines comprehensive cyber insurance with proactive cyber prevention services. It also has launched a new entity DUAL Cyber Prevention and Response (DUAL CPR) which …

Cyber

Cyber Protection Insurance Insured

Symbol Will Indicate When Connected Devices Are Cyber Secure

Insurance Journal

JANUARY 8, 2025

Consumers may soon be able to buy electronic products with a label indicating they are “cyber secure,” according to US officials. The White House on Tuesday announced the launch of a new US Cyber Trust Mark, indicating designated items follow …

Cyber

Markets/Coverages: Howden Launches Cyber Solution With Chubb, LSM and Mosaic

Insurance Journal

OCTOBER 31, 2024

Howden, the London-based insurance intermediary group, announced the launch of Howden Safe+, a cyber insurance solution aimed at clients with revenues between $250 million and $2 billion. Safe+ simplifies the procurement process by reducing the number of questions required at …

Cyber

Cyber Insurance Insured Insurer

Old Republic Starts New Company for Cyber, Tech E&O

Insurance Journal

JANUARY 7, 2025

said it is forming a new subsidiary for cyber and technology errors and omissions insurance products. Old Republic Cyber Inc. Old Republic International Corp. will be led by CJ Pruzinsky, formerly of Resilience. He will serve as president of the …

Cyber

Cyber Insurance Insured Insurer

Chinese Hackers Preparing for Conflict, Says US Cyber Official

Insurance Journal

NOVEMBER 25, 2024

Cyber Command, said ongoing Chinese-linked cyber … Chinese hackers are positioning themselves in U.S. critical infrastructure in the event of a clash with the United States, a top American cybersecurity official said on Friday. Morgan Adamski, the executive director of U.S.

Cyber

Markets/Coverages MGA Pen Underwriting Relaunches Large Corporate Cyber Offering

Insurance Journal

OCTOBER 21, 2024

Pen Underwriting has relaunched its cyber proposition for large corporate clients with a comprehensive rebuild that sees it re-enter primary cover for this end of the market, double its excess of loss (XOL) limit and introduce a significantly broader risk …

Cyber

Cyber Underwriter Underwriting Risk

Union Reports Cyber Incident May Have Exposed Members’ Private Information

Insurance Journal

SEPTEMBER 11, 2024

A Ridgefield Park, New Jersey-based labor union for longshoremen, healthcare, maintenance and other workers has reported a cyber incident that may have exposed some members’ private information. The office for Local 1964, International Longshoremen’s Association, Local 1964 ILA Health & …

Cyber

New Gallagher Re-Bitsight Report Identifies Cyber Footprint as Claims Driver

Insurance Journal

OCTOBER 28, 2024

A new report from Gallagher Re has found that cyber insurers could reduce loss ratios up to 16% by removing most-at-risk entities. Using independent analysis of cybersecurity performance data provided by Bitsight in combination with claims data, the study uses …

Cyber

Cyber Claim Risk Insurance

Economic Challenges, Cyber, and People Risks Top UK Businesses’ Concerns: Marsh

Insurance Journal

OCTOBER 11, 2024

Economic and financial challenges (43%), cyber threats (39%) and people-related risks (38%) are the top three concerns facing UK businesses over the next 12 months, according to new research by Marsh McLennan. The findings come from Marsh’s UK Business Risk …

Cyber

Cyber Risk

Mastercard Agrees to Buy Cyber-Defense Firm for $2.65 Billion

Insurance Journal

SEPTEMBER 12, 2024

agreed to buy cyber-defense firm Recorded Future for $2.65 Mastercard Inc. billion to boost its ability to protect the card company’s massive global-payments system. The purchase from private equity firm Insight Partners will expand Mastercard’s ability to use artificial intelligence …

Cyber

Cyber Protection

Cyber Specialty MGA Envelop Risk Extends Capacity Backing From MS Reinsurance

Insurance Journal

DECEMBER 11, 2024

Envelop Risk, the data-driven cyber reinsurance and analytics specialist, announced it has just completed a capacity agreement with MS Reinsurance for a further three years. Further to that, MS Reinsurance recently became a client of Envelop’s new Solutions Business with …

Cyber

Cyber Risk Insurance Insurer

American Water Reports Cyber Incident; Shuts Down Customer Portal

Insurance Journal

OCTOBER 8, 2024

New Jersey-based American Water, which runs water treatment, transmission, wells and other water facilities for 14 states, has reported a cyber incident. The company has deactivated its customer portal, MyWater, as a precaution, but does not believe any of its …

Cyber

Cyber Attack Shuts Down Rhode Island’s Social Services Portal

Insurance Journal

DECEMBER 16, 2024

The state of Rhode Island is dealing with a cyber attack that has shut down a portal citizens use to access health insurance and other social services. Governor Dan McKee said that on December13, the state was informed by its …

Cyber

Cyber Insurance Insured Insurer

US Accuses China of Vast Cyber-Espionage Against Telecoms

Insurance Journal

NOVEMBER 14, 2024

Chinese state-sponsored hackers perpetrated a “broad and significant cyber-espionage campaign” in which they breached multiple telecommunications companies, US officials said in a statement on Wednesday, confirming additional details about cyberattacks with major national security implications.

Cyber

Cyber Attack on Italy’s Foreign Ministry, Airports Claimed by Pro-Russian Hackers

Insurance Journal

DECEMBER 29, 2024

Hackers targeted around ten official websites in Italy on Saturday, including the websites of the Foreign Ministry and Milan’s two airports, putting them out of action temporarily, the country’s cyber security agency said. The pro-Russian hacker group Noname057(16) claimed the …

Cyber

Cyber Claim

City of Columbus, Ohio Says Foreign Cyber Threat Attempted to Disrupt IT System

Insurance Journal

AUGUST 6, 2024

The City of Columbus said an investigation into a July 18 cybersecurity incident has found that a foreign cyber threat actor attempted to disrupt the city’s IT infrastructure, in a possible effort to deploy ransomware and solicit a ransom payment …

Cyber

Viewpoint: Cyber Risk and AI – The Changing Landscape

Insurance Journal

FEBRUARY 5, 2025

Newswise In today’s world of interconnected computer-based information systems, cyber risk has become one of the critical risk factors impacting organizations. Indeed, several studies have shown that cyber risk (i.e., the probability of being the victim of a successful …

Cyber

Cyber Risk

Deloitte Faces Class Action Lawsuits Over Rhode Island Cyber Breach

Insurance Journal

DECEMBER 17, 2024

Deloitte Consulting has been hit with class action lawsuits over the cyber breach of Rhode Island’s portal for state-administered benefits known as RIBridges. The suits have been brought in Rhode Island and New York federal courts on behalf of individuals …

Cyber

People Moves: O’Connell to Lead Aon’s Reinsurance Global Cyber Strategy; Flude New CEO of Lancashire Insurance US; Hippo Names Collins CMO

Insurance Journal

DECEMBER 4, 2024

Aon Names O’Connell as Global Cyber Strategy and Growth Leader Aon plc named Robert O’Connell as global cyber strategy and growth leader, executive managing director, within its Reinsurance Solutions business. O’Connell will be based in New York. Previously, O’Connell served …

Cyber

Cyber Insurance Insured Insurer

People Moves: Canopius Names CAC’s Burke US Head of Cyber and Technology; Gerber Hired as AXA XL’s Head of Energy Transition, Americas

Insurance Journal

JANUARY 8, 2025

head of cyber and technology. Burke assumes the role after serving as the company’s executive vice president, cyber and technology, since joining Canopius in 2020. Canopius, headquartered in Chicago, appointed Laura Burke as U.S. Burke brings more than a decade …

Cyber

People Moves: Arch Insurance Taps Symenouh From Tokio Marine as Senior Cyber Underwriter; Chubb Promotes Latter to Lead Claims for Overseas General Insurance

Insurance Journal

DECEMBER 17, 2024

Arch Insurance Taps Symenouh From Tokio Marine as Senior Cyber Underwriter Arch Insurance has appointed Ezechiel Symenouh … This edition of International People Moves details appointments at Arch Insurance and Chubb Overseas General. A summary of these new hires follows here.

Cyber

Cyber Underwriter Underwriting Marine

People Moves: Generali Global Corporate & Commercial Taps Allianz’s Moro as Head of Cyber Insurance; Miller Bolsters Asia Power Team, Appointing Howden’s McGonagle

Insurance Journal

DECEMBER 19, 2024

Generali Global Corporate & Commercial Taps Allianz’s Moro as Head of Cyber Insurance … This edition of International People Moves details appointments at Generali Global Corporate & Commercial (GC&C) and the broker Miller. A summary of these new hires follows here.

Commercial

Commercial Cyber Broker Insurance

Global Cyber Outage Grounds Flights, Hits Banks, Telecoms, Media

Insurance Journal

JULY 19, 2024

A software update wreaked havoc on computer systems globally on Friday, grounding flights, forcing some broadcasters off air and hitting services from banking to healthcare. An update to a product offered by global cyberscurity firm CrowdStrike appeared to be the …

Cyber

Cyber Risk

Viewpoint: CrowdStrike Failure Highlights Potential Aggregation Risks for Reinsurers

Insurance Journal

SEPTEMBER 9, 2024

The unique, evolving and often volatile nature of cyber risks has always lurked beneath the surface as the cyber insurance premium climbed in recent years. The recent CrowdStrike software failure underscored the dormant threats posed by aggregation risk, and the …

Risk

Risk Cyber Premium Insurance

People Moves: Coalition Appoints AIG’s Simonsen as European Head of Insurance

Insurance Journal

OCTOBER 7, 2024

Coalition, the San Francisco-based cyber managing general agent and cyber-security firm, has appointed Tine Simonsen as the company’s head of Insurance for Continental Europe. As an experienced cyber underwriter and broking leader, Simonsen will anchor Coalition’s presence and expansion in …

Cyber

Cyber Underwriter Underwriting Agents

Cyber Resilience Overestimation Leads to Business Continuity Issues, Ransom Payments

Cyber, Business Interruption, Natural Disasters Listed as Top 3 Business Risks: Allianz

Trending Sources

Cyber Security and Risk Mitigation

Vienna Insurance Group Launches Specialist Cyber Security Company

Cyber Hits All-Time High Concern for Business Leaders, Says Travelers Risk Index

UK Cyber Spies Plan AI ‘Lab’ to Counter Hostile State Threats

Verisk’s PCS Classifies CrowdStrike Incident as a Cyber Catastrophe

Cyber Insurance Market to Expand as Risks Evolve: Gallagher

Markets/Coverages: Coalition Introduces Active Cyber Insurance in Germany

Delta Air Lines to Seek Compensation Over Cyber Outage: Report

Markets/Coverages: Beazley Launches Cyber Consortium for Large Corporates

US Firms Warn Against ‘Unprecedented’ Hong Kong Cyber Rules

Trigger Warning: Cyber Policy Wordings to Impact Coverage for Tech Outage

Microsoft, Cyber Firms to Meet on Fixes After CrowdStrike Crash

Experts Say More Collaboration Needed for Critical Infrastructure Cyber Risk

Markets/Coverages: Hartford and Coalition Announce Cyber Capacity Partnership in UK

Markets/Coverages: Coalition Launches UK Clawback Service to Recover Money Stolen in Cyber Attacks

Zurich, Marsh McLennan Call for Public Partnerships Close Cyber Gaps

Moody’s, Amwins Expect Continued Cyber Market Growth

Markets/Coverages: DUAL Europe Launches Cyber Active Protect Solution

Symbol Will Indicate When Connected Devices Are Cyber Secure

Markets/Coverages: Howden Launches Cyber Solution With Chubb, LSM and Mosaic

Old Republic Starts New Company for Cyber, Tech E&O

Chinese Hackers Preparing for Conflict, Says US Cyber Official

Markets/Coverages MGA Pen Underwriting Relaunches Large Corporate Cyber Offering

Union Reports Cyber Incident May Have Exposed Members’ Private Information

New Gallagher Re-Bitsight Report Identifies Cyber Footprint as Claims Driver

Economic Challenges, Cyber, and People Risks Top UK Businesses’ Concerns: Marsh

Mastercard Agrees to Buy Cyber-Defense Firm for $2.65 Billion

Cyber Specialty MGA Envelop Risk Extends Capacity Backing From MS Reinsurance

American Water Reports Cyber Incident; Shuts Down Customer Portal

Cyber Attack Shuts Down Rhode Island’s Social Services Portal

US Accuses China of Vast Cyber-Espionage Against Telecoms

Cyber Attack on Italy’s Foreign Ministry, Airports Claimed by Pro-Russian Hackers

City of Columbus, Ohio Says Foreign Cyber Threat Attempted to Disrupt IT System

Viewpoint: Cyber Risk and AI – The Changing Landscape

Deloitte Faces Class Action Lawsuits Over Rhode Island Cyber Breach

People Moves: O’Connell to Lead Aon’s Reinsurance Global Cyber Strategy; Flude New CEO of Lancashire Insurance US; Hippo Names Collins CMO

People Moves: Canopius Names CAC’s Burke US Head of Cyber and Technology; Gerber Hired as AXA XL’s Head of Energy Transition, Americas

People Moves: Arch Insurance Taps Symenouh From Tokio Marine as Senior Cyber Underwriter; Chubb Promotes Latter to Lead Claims for Overseas General Insurance

People Moves: Generali Global Corporate & Commercial Taps Allianz’s Moro as Head of Cyber Insurance; Miller Bolsters Asia Power Team, Appointing Howden’s McGonagle

Global Cyber Outage Grounds Flights, Hits Banks, Telecoms, Media

Viewpoint: CrowdStrike Failure Highlights Potential Aggregation Risks for Reinsurers

People Moves: Coalition Appoints AIG’s Simonsen as European Head of Insurance

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