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 305

Cyber Risk 305

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 223

Cyber Claim Risk Insurer 223

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 252

Cyber Risk Insurance Policy Policy 252

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 257

Cyber Insurance Insurer Insured 257

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 256

Cyber Underwriter Underwriting Risk 256

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 226

Cyber Insurance Industry Protection Risk 226

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 273

Cyber Claim Insurance Insured 273

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 242

Cyber 242

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 211

Cyber 211

Insurance Journal

JULY 29, 2024

Euro zone banks have “room for improvement” in their cyber security, starting with how they would keep their business running after a hack, the European Central Bank said on Friday. The ECB’s first ever cyber risk stress test was launched …

Cyber 236

Cyber Risk 236

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 253

Cyber Risk Policyholder Insurer 253

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 254

Cyber Risk 254

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 267

Cyber 267

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 292

Cyber 292

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 286

Cyber 286

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 261

Cyber 261

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 297

Cyber Compensation Business Interruption Commercial 297

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 236

Cyber Protection 236

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 298

Cyber Policy Insurance Industry Insurer 298

Cowbell

NOVEMBER 18, 2024

Black Friday and Cyber Monday are synonymous with big sales, increased online shopping, and higher retail volumes—both in stores and online. So, why do Black Friday and Cyber Monday pose an increased risk for cyber threats? Ransomware : Attackers lock your company’s critical data and demand a ransom for its release.

Cyber 98

Cyber Protection Damage Theft 98

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 263

Cyber 263

Insurance Journal

OCTOBER 29, 2024

As Cyber and Technology Errors & Omissions (Tech E&O) risks grow, insurers face increasing pressure to provide accurate, fast, and competitive coverage. This post is part of a series sponsored by Selectsys. Underwriters need tools that reduce complexity, integrate easily …

Cyber 130

Cyber Underwriter Underwriting Insurance 130

Insurance Journal

OCTOBER 10, 2024

The demand for Cyber and Technology Errors & Omissions (Tech E&O) insurance is rapidly growing as businesses face an increasing array of digital threats and regulatory challenges. This post is part of a series sponsored by Selectsys. To stay ahead …

Cyber 130

Cyber Insurance Insurer Insured 130

ProWriters

OCTOBER 2, 2024

As an insurance broker, you likely recognize that while these technologies drive business operations, they also increase vulnerability to cyber crime, making Cyber Insurance a necessity for your clients. Helping your clients understand cyber risks and Cyber Insurance policy jargon can be challenging.

Insurance Broker 93

Insurance Broker Cyber Broker Protection 93

Zywave

NOVEMBER 13, 2024

Within the next decade the cyber insurance market is projected to grow to over $120 billion according to a report by Fortune Business Insights. That means there’s a lot of opportunity for insurers who are looking to either grow their cyber business or expand into the cyber market. But with growth opportunities comes risk.

Cyber 52

Cyber Policyholder Insurance Insurer 52

Zywave

NOVEMBER 5, 2024

Increase your agency’s revenue and improve client satisfaction by delivering impactful cyber policies and premiums to your clients. Decreasing the time it takes to quote cyber insurance will allow your team to focus on scaling up your business revenue by writing more business.

Cyber 52

Cyber Premium Policy Insurer 52

ProWriters

SEPTEMBER 1, 2024

Cyber threats continue to challenge individuals, countries, and companies in today’s digitally interconnected world. Have your business clients assessed their cyber risk recently and obtained adequate Cyber Liability Insurance? And some of these conflicts pose cyber security threats.

Cyber 98

Cyber Liability Insurance Risk Liability 98

ProWriters

NOVEMBER 17, 2024

As a Cyber Insurance broker, you need to help your business clients understand the dangers ransomware poses, how to defend against them, and why Cyber Insurance is an indispensable part of any sound security strategy. UnitedHealth, which owns Change Healthcare, paid a $22 million ransom in Bitcoin to the cyber criminals.

Cyber 52

Cyber Insurance Insurer Insured 52

Insurance Journal

NOVEMBER 11, 2024

The Biden administration plans to support a controversial cybercrime treaty at the United Nations this week despite concerns that it could be misused by authoritarian regimes, according to senior government officials. The agreement would be the first legally binding UN …

Cyber 223

Cyber 223

ProWriters

NOVEMBER 13, 2024

The CrowdStrike outage is also a stark reminder: No organization is invulnerable to disruptive, costly, and potentially disastrous cyber incidents. This incident caused the data access challenges, service interruptions, and damage to revenue and reputation an actual supply chain cyber attack can cause. What Is the CrowdStrike Attack?

Cyber 52

Cyber Insurance Insurer Insured 52

Zywave

NOVEMBER 5, 2024

It's time to strengthen your cyber skillset. Discover how Zywave's suite of cyber solutions can help brokers and insurers educate policyholders, reduce risk and maximize profitability.

Cyber 52

Cyber Policyholder Broker Risk 52

Insurance Journal

JULY 14, 2024

By Chad Hemenway According to industry rating agency AM Best, there are enough positive factors to give the cyber insurance market a “stable” outlook despite a stall in premium growth. Analysts at AM Best issued a segment outlook and report …

Cyber 130

Cyber Premium Insurance Insurer 130

Zywave

NOVEMBER 6, 2024

Data embedded into quoting workflow provides exclusive insights into coverage levels using industry data and loss profiles Leading insurtech provider Zywave today announced a first-of-its-kind enhancement to its Cyber Quoting solution with the addition of embedded benchmarking. Comprised of over 400,000 insurance programs incepted by U.S.

Cyber 52

Cyber Broker-Agent Broker Commercial 52

Insurance Journal

NOVEMBER 13, 2024

The Dutch company that owns Stop & Shop and Hannaford grocery stores across New England is dealing with a cyberattack that has disrupted online shopping, product deliveries and pharmacy services at some locations. Ahold Delhaize USA confirmed the attack in …

Cyber 241

Cyber 241

Insurance Journal

NOVEMBER 3, 2024

Ransomware claims severity spiked by 68% to an average loss of $353,000, according to a new report by a cyber insurance provider. Coalition published its†2024 Cyber Claims Report: Mid-Year Update, which details emerging cyber trends and their impact on policyholders …

Cyber 248

Cyber Policyholder Claim Insurer 248

Insurance Journal

OCTOBER 10, 2024

Ransomware claims severity spiked by 68% to an average loss of $353,000, according to a new report by a cyber insurance provider. Coalition published its 2024 Cyber Claims Report: Mid-Year Update, which details emerging cyber trends and their impact on …

Cyber 238

Cyber Claim Insurer Insured 238

ProWriters

NOVEMBER 12, 2024

Healthcare cyber attacks and data breaches have risen in recent years, according to The HIPAA Journal. Both the Ascension ransomware attack and Change Healthcare data breach illustrate the consequences healthcare cyber attacks can have for patients and the organizations responsible for protecting their data.

Cyber 52

Cyber Liability Insurance Protection Liability 52