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 263

Cyber Risk Insured Insurer 263

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 298

Risk Cyber Premium Insured 298

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 270

Cyber Risk 270

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 258

Cyber Insurance Industry Protection Risk 258

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 269

Cyber Claim Risk Insured 269

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 264

Cyber Underwriting Underwriter Risk 264

Insurance Journal

NOVEMBER 12, 2024

Envelop Risk, the reinsurance managing general agent and analytics specialist, announced the launch of Envelop Underwriting, which will encompass all existing cyber underwriting activities: Envelop Risk Bermuda and Envelop at Lloyd’s, including the Envelop Risk SPA 1925. Dom Peters has …

Underwriting 243

Underwriting Underwriter Risk Cyber 243

Insurance Journal

JULY 24, 2024

A key US regulator has privately found half of the major banks it oversees have an inadequate grasp of a broad swath of potential risks from cyber attacks to employee blunders, according to people familiar with the matter. In the …

Risk 263

Risk Cyber 263

Insurance Journal

AUGUST 22, 2024

The West Virginia insurance commissioner’s office has adopted a new policy: It will soon begin destroying workers’ compensation claim files that are 10 years old or older. “Given increasing cybersecurity concerns and the type of information contained in the closed …

Workers Comp 279

Workers Comp Cyber Compensation Risk 279

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 276

Cyber Risk Insured Insurer 276

Insurance Journal

NOVEMBER 22, 2024

Cyber attacks against Nordic banks, likely perpetrated by Russia-linked hackers, pose the biggest threat to financial stability in the region, a top Danish central bank official said. Financial institutions should be prepared for an “arms race” with cybercriminals, Ulrik Nodgaard, …

Cyber 236

Cyber Risk 236

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 262

Cyber Insured Insurer Insurance 262

Insurance Journal

DECEMBER 3, 2024

A new report on emerging risks affecting wealthy households — those with assets of $500,000 to $5 million — highlights climate change, theft of collectibles and cybersecurity as top concerns. Chubb’s new “2024 Wealth Report: Cultivating Resilience in a Changing …

Cyber 289

Cyber Theft Risk Insured 289

Insurance Journal

JULY 26, 2024

The first phase was implemented in March 2024 with EmergIn Risk rebranding into RFL Cyber. Ryan Specialty announced the unification of Ryan Financial Lines and the expansion of its product offerings. Ryan Financial Lines’ formation was announced in December 2023.

Cyber 278

Cyber Risk 278

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 299

Cyber Risk 299

Insurance Journal

NOVEMBER 27, 2024

Coalition Taps Munich Re’s Foster as Head of London Markets Coalition, the San Francisco-based cyber managing general … This edition of International People Moves details appointments at the MGA Coalition and Hamilton Re. A summary of these new hires follows here.

Cyber 246

Cyber Risk 246

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 321

Financial Loss Cyber Insurance Policy Insured 321

Insurance Journal

NOVEMBER 20, 2024

New research reveals serious privacy flaws in the data practices of new internet connected cars in Australia. It’s yet another reason why we need urgent reform of privacy laws. Modern cars are increasingly equipped with internet-enabled features. Your “connected car” …

Risk 346

Risk Cyber 346

Insurance Journal

NOVEMBER 25, 2024

InsureTrust, a cyber insurance and risk management broker within CRC Group and based in Norcross, Georgia, has named Brad Davis executive vice president. Davis will work in Nashville and will report to CRC/InsureTrust’s cyber practice leader Christian Durdaller, the company …

Cyber 203

Cyber Broker Risk Insured 203

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 Underwriting Underwriter Insured 130

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 298

Cyber Risk 298

Insurance Journal

OCTOBER 3, 2024

While the Lloyd’s market reported its best first-half profit in 17 years, it isn’t resting on its laurels. It is carefully monitoring areas where potential vulnerabilities have been identified. During a recent market briefing, Rachel Turk, Lloyd’s chief underwriting officer, …

Underwriting 311

Underwriting Underwriter Risk Agents 311

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 94

Cyber Policyholder Insured Insurer 94

Insurance Journal

JULY 17, 2024

Labour introduced the Cyber Security and Resilience Bill on Wednesday as part of its maiden … The new UK government plans to strengthen the nation’s defenses against cyberattacks, a month after a ransomware hack crippled London hospitals and health care providers.

Cyber 258

Cyber Risk 258

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 97

Cyber Liability Insurance Risk Liability 97

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

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 86

Insurance Broker Cyber Broker Protection 86

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 86

Cyber Insured Insurer Insurance 86

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 82

Cyber Insured Insurer Insurance 82

Prof. Allan Manning

MARCH 5, 2024

The reality is that Lithium batteries are in many items today and we need to personally manage the risk. Earlier this year, I went to the LMI College and LMI RiskCoach teams and asked if they could put together a short course on the risks associated with the batteries.

Risk 130

Risk Business Interruption Casualty Insurance Property Insurance 130

Neilson Marketing Services

OCTOBER 2, 2024

Securing Your Website: Proactive Steps You Can Take No security measure is foolproof, but there are several proactive steps you can take to minimize your risk and fortify your website against attacks. A security breach could not only harm your clients but also expose you to legal risks, compliance issues, and significant reputational damage.

Cyber 105

Cyber Damage Protection Financial Loss 105

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 75

Cyber Liability Insurance Protection Liability 75

Insurance Journal

OCTOBER 2, 2024

The share of UK financial services firms worried about geopolitical risks is at its highest level since the 2008 crash, the Bank of England said. The BOE’s biannual systemic risk survey, which began during the financial crisis, said on Wednesday …

Risk 264

Risk Cyber 264

Elmore

SEPTEMBER 4, 2024

Industry believes state backstops would boost market and encourage good practice The post Insurance groups urge state support for ‘uninsurable’ cyber risks appeared first on Elmore Insurance Brokers.

Cyber 52

Cyber Risk Insurance Broker Broker 52

Insurance Journal

NOVEMBER 26, 2024

While the insurance industry is quickly adopting AI technologies to improve the speed and accuracy of routine functions, analyze data and assess risk, malicious actors use the same tech to disrupt business and profit from cyberattacks. Recognizing the potential exposure …

Insurance Industry 289

Insurance Industry Risk Insured Insurer 289

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 52

Cyber Policy Risk Insured 52

Insurance Journal

JULY 14, 2024

companies is likely underestimated and misunderstood—and it shows that multifactor authentication and cybersecurity awareness programs may be the top two risk management controls to prevent BEC attacks. A new report asserts the impact of business email compromise incidents on U.S.

Risk 298

Risk Cyber 298