Cyber - Insurance Industry Brief

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 Insured Insurance

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 Insured Insurance Insurer

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 Underwriting Underwriter Risk

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 Insured Insurer Insurance

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

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

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

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

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

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 Insurer Insured

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

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 Insured Insurer

ECB’s Cyber Security Test Shows ‘Room for Improvement’ for Banks

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

Cyber Risk

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 Insured

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

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

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

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

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

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

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 Insured

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

Transforming Cyber and Tech E&O Insurance with Our RQB Platform

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

Cyber Insurance Insurer Insured

Don’t Let Your Clients Ignore These Cyber Threat Headlines

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

Cyber Liability Insurance Risk Liability

Severity of Ransomware Attacks Rose 68% in First Half of 2024, Report Shows

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

Cyber Claim Insured Insurance

Cyber Insurance Market ‘Stable’ With Potential for Growth, Says AM Best

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

Cyber Premium Insurance Insurer

Intersys Expands in UK Insurance Market With Launch of London Office

Insurance Journal

OCTOBER 8, 2024

Intersys, the UK-based provider of cyber risk management solutions, announced its expansion in the UK insurance market with the opening of an office in Leadenhall Market in London. Intersys’ London office will serve as a hub for delivering cutting-edge cyber …

Cyber

Cyber Risk Insurance Insurer

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 Underwriting Underwriter Agents

Marlink sees rise in cyber threat activity

Insurance Marine News

OCTOBER 15, 2024

France-based network solutions provider Marlink has said that cyber threat activity was on the rise. The post Marlink sees rise in cyber threat activity appeared first on Insurance Marine News. It was also evolving rapidly, the company warned. Marlink operates a cybersecurity centre that covers the operations of 1,800 vessels.

Cyber

Cyber Marine Insured Insurance

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 Insured

Microsoft, Cyber Firms Pursue Changes After CrowdStrike Outage

Insurance Journal

SEPTEMBER 13, 2024

Microsoft Corp. said it’s building an alternative for cybersecurity companies that now utilize the deepest layer of its operating system after a flawed update from CrowdStrike Holdings Inc. triggered a global IT meltdown. The Redmond, Washington-based technology giant announced Thursday …

Cyber

Cyber Building

Moody’s: Insurers and Asset Managers Bolstering Cyber Defenses

Insurance Journal

SEPTEMBER 10, 2024

Insurers and asset managers worldwide continue to focus on cybersecurity amid growing risks, according to findings from a Moody’s Ratings survey that polled 110 companies operating across both sectors. Respondents’ total investment in cybersecurity rose by 53% between 2019 and …

Cyber

Cyber Insurance Insurer Insured

What does market-leading cyber claims management look like?

Accenture: Cyber Insurance

AUGUST 26, 2024

Recently, many leading insurers have applied transformative solutions to enhance their cyber products. With the cyber insurance market projected to double to $29B by 2027, we explore what constitutes market-leading cyber claims management.

Cyber

Cyber Claim Insured Insurance

Marlink sees rise in cyber threat activity

Insurance Marine News

OCTOBER 15, 2024

The post Marlink sees rise in cyber threat activity appeared first on Insurance Marine News. The attacks appear to signal a change in strategy for Russia. A period of relative calm had seen global wheat prices stabilize. Since Ukraine started its unilateral coast-hugging Black Sea corridor.

Cyber

Cyber Marine Insured 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

What Are the Key Things to Look Out For in a Cyber Policy as a Risk Manager?

Top Insurance Blogs

OCTOBER 9, 2024

What do you look for in a cyber policy as a risk manager? What are some of the key factors to consider in a cyber risk assessment? appeared first on My Top Insurance Blogs.

Cyber

Cyber Policy Risk Insured

Cyber Distribution in a Digital World

Zywave

AUGUST 6, 2024

According to the Insurance Information Institute, global cyber premiums are expected to rise as high as $23 billion by 2025. Whether you’re already offering cyber insurance or thinking about expanding your lines of coverage, now is the time to start taking advantage of this rapidly growing market.

Cyber

Cyber Premium Broker Marine

Delta Rejects CrowdStrike Criticism, Sees $500 Million Hit From Cyber Outage

Insurance Journal

AUGUST 9, 2024

Delta Air Lines said on Thursday it is pursuing legal claims against CrowdStrike and Microsoft after a global outage last month caused mass flight cancellations, disrupting travel plans of 1.3 million customers and costing it at least $500 million. A …

Cyber

Cyber Claim Insured Insurer

Fortune 500’s Insured Losses for CrowdStrike Could Reach $1 Billion: Parametrix

Insurance Journal

JULY 24, 2024

The portion of the loss covered under cyber insurance policies … The total direct financial loss facing the US Fortune 500 companies, excluding Microsoft, from the CrowdStrike outage on July 19 is $5.4 billion, modeling and insurance services firm Parametrix estimates.

Financial Loss

Financial Loss Cyber Insurance Policy Insurance

Hospital to Pay $65M to End Suit Over Cyber Attack That Exposed Patients’ Nude Photos

Insurance Journal

SEPTEMBER 12, 2024

Lehigh Valley Health Network has agreed to a $65 million settlement of a class action with patients and employees affected by a 2023 ransomware attack that exposed personal and medical information including nude photos of patients. Every settlement class member …

Cyber

Cyber Risk

Alphabet in Talks to Buy Wiz in $23 Billion Cyber Deal

Insurance Journal

JULY 15, 2024

Google parent Alphabet Inc. is in talks to acquire cybersecurity startup Wiz Inc., according to a person familiar with the matter. A deal may be worth as much as $23 billion, said the person, who asked not to be identified …

Cyber

Coalition Starts Reinsurance Intermediary Coalition Re Led by Aspen Capacity

Insurance Journal

SEPTEMBER 9, 2024

Coalition today announced the creation of its reinsurance intermediary, Coalition Re, to provide capacity for cyber reinsurance treaties and expand on its mission to protect more unprotected businesses. Coalition Re provides capacity for non-proportional cyber reinsurance treaties, as well as …

Cyber

Cyber Protection

Governments shouldn’t be the cyber insurers of last resort

Elmore

SEPTEMBER 14, 2024

As things stand, there is limited evidence that a broadly-based backstop is needed The post Governments shouldn’t be the cyber insurers of last resort appeared first on Elmore Insurance Brokers.

Cyber

Cyber Insurance Broker Broker Insurance

How a Small South Dakota College Became a Hub for Cyber Job Creation

Insurance Journal

JULY 31, 2024

MADISON, S.D. (AP) AP) — A seed planted by South Dakota legislative and higher education leaders four decades ago has blossomed into one of the nation’s top high-tech universities located in a small city in the rural midsection of the state.

Cyber

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

Markets/Coverages: Beazley Launches Cyber Consortium for Large Corporates

Trending Sources

Markets/Coverages MGA Pen Underwriting Relaunches Large Corporate Cyber Offering

Cyber Resilience Overestimation Leads to Business Continuity Issues, Ransom Payments

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

American Water Reports Cyber Incident; Shuts Down Customer Portal

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

Cyber Security and Risk Mitigation

Zurich, Marsh McLennan Call for Public Partnerships Close Cyber Gaps

Markets/Coverages: Coalition Introduces Active Cyber Insurance in Germany

Moody’s, Amwins Expect Continued Cyber Market Growth

Verisk’s PCS Classifies CrowdStrike Incident as a Cyber Catastrophe

ECB’s Cyber Security Test Shows ‘Room for Improvement’ for Banks

Experts Say More Collaboration Needed for Critical Infrastructure Cyber Risk

US Firms Warn Against ‘Unprecedented’ Hong Kong Cyber Rules

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

Microsoft, Cyber Firms to Meet on Fixes After CrowdStrike Crash

Union Reports Cyber Incident May Have Exposed Members’ Private Information

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

Delta Air Lines to Seek Compensation Over Cyber Outage: Report

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

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

Transforming Cyber and Tech E&O Insurance with Our RQB Platform

Don’t Let Your Clients Ignore These Cyber Threat Headlines

Severity of Ransomware Attacks Rose 68% in First Half of 2024, Report Shows

Cyber Insurance Market ‘Stable’ With Potential for Growth, Says AM Best

Intersys Expands in UK Insurance Market With Launch of London Office

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

Marlink sees rise in cyber threat activity

Viewpoint: CrowdStrike Failure Highlights Potential Aggregation Risks for Reinsurers

Microsoft, Cyber Firms Pursue Changes After CrowdStrike Outage

Moody’s: Insurers and Asset Managers Bolstering Cyber Defenses

What does market-leading cyber claims management look like?

Marlink sees rise in cyber threat activity

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

What Are the Key Things to Look Out For in a Cyber Policy as a Risk Manager?

Cyber Distribution in a Digital World

Delta Rejects CrowdStrike Criticism, Sees $500 Million Hit From Cyber Outage

Fortune 500’s Insured Losses for CrowdStrike Could Reach $1 Billion: Parametrix

Hospital to Pay $65M to End Suit Over Cyber Attack That Exposed Patients’ Nude Photos

Alphabet in Talks to Buy Wiz in $23 Billion Cyber Deal

Coalition Starts Reinsurance Intermediary Coalition Re Led by Aspen Capacity

Governments shouldn’t be the cyber insurers of last resort

How a Small South Dakota College Became a Hub for Cyber Job Creation

Stay Connected