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Insurance industry predicts rise in cyber-related losses over next year

We hear a lot about 'Shadow IT' which is IT used by but not provided through an enterprise (think personal DropBox). In the insurance world they talk about 'silent cyber' which is a loss not insured under a specific cyber policy. Expect push-back from the insurers to avoid paying out...: That is according to a new report from Willis Towers Watson (WLTW), which reveals that 60% of insurers believe cyber events like the global WannaCry ransomware attack of 2017 will occur at l

Saga launches cybercrime insurance: do you need protection from hackers?

Interesting that the leading provider of services to the 50-plus market is now addressing cybercrime in insurance policies...: Saga has launched personal cyber crime cover to protect customers against cyber attacks, fraud and scams. But is this type of cover worth the cost? Cyber insurance is designed to protect your personal data and digital assets should your device be compromised by hackers or cyber attacks. Saga’s cyber insurance cover is included within the legal expens

Stop-gap cover for silent cyber

Silent cyber is one of the reasons your business should work with a specialist broker...: Aon is working with re/insurers to offer a product designed to cover so-called silent cyber risk as a stop-gap action while measures are implemented to fully understand the scope of the risk within a business and put in place methods to get a better handle on it in the future. Silent cyber refers to a cyber exposure that sits within traditional insurance policies, which may not impli

Personal Data Protection Draft Bill to have a major impact on Cyber insurance ecosystem

This is for the insurance market in India. I expect the same in other markets where GDPR-like regulation is introduced (just about everywhere in the OECD)...: Indian companies are increasingly seen opting for cyber insurance to get aspects like forensic costs, cyber extortion costs and other first-party expenses covered. There has been a growth in the number of policies by almost 25% cumulatively over the past four years. We expect this figure to go up by another 30% post th

Cyber: putting the ‘year in the middle’ to good use

A view from the insurance markets on cyber risk. Note that, if all direct losses had been insured in 2017, payouts of over $1bn would have been made and indirect losses of over $3bn, with over half of losses from one party (Maersk?)...: Cyber is developing steadily: the ILS market has the potential to solve many of its challenges and Bermuda could sit at the heart of that solution. Tom Johansmeyer of PCS, Verisk Insurance Solutions, takes a look at a neglected ...

Cyber Catastrophe Stress Test Gauges Potential Impact on Segment Leaders in a More …

It seems the cyber risk market is still worth getting into...: OLDWICK, N.J., August 20, 2018 - A modeled single-event cyber catastrophe would generate meaningful to significant gross losses for three of the top 20 cyber insurance providers, ranging from 15% to 119% of these companies' estimated 2022 policyholder surplus under a stress-test scenario. In the new Best's Special Report, "Cyber Insurance Market: Stress Testing the Future," A.M. Best worked with Guidewire's Cy

Seven startup insurance companies making waves in the sector

There are quite a few startups aiming at cyber risk (full disclosure - I run one of them). Interesting how the seven companies quoted are all focused on the insurance process rather than any totally new approach...: [...] ThreatInformer ThreatInformer provides cyber risk intelligence to the insurance sector and was founded in 2016. The aim is to renovate the way that cyber insurance proposals work – eliminating the factors of them being too basic or taking too long to comp

Zurich Expands Global Use of Guidewire InsurancePlatform with Selection of Guidewire Cyence …

As an example of the maturing insurance market, Zurich are moving on from the "answer 6 questions" approach to assessing cyber risk...: [...] Unprecedented technological advances of the 21st century have shifted the nature of risk across the P&C insurance industry. Ever-evolving cyber risks present unique challenges including limited availability of traditional actuarial data needed to model these risks. Cyence combines economic modeling, cybersecurity, machine learni

NotPetya malware attack: Chaos but not cyber warfare

It's an important distinction. Most insurance doesn't cover acts of war...: The impact of last year's NotPetya cyber attack was felt around the world, bringing several large organisations grinding to a halt and costing billions of dollars in damage and lost revenue - but the attack said to be the work of the Russian military still doesn't cross the threshold for being classed as cyber warfare, according to one new analysis. A new paper published by global cyber insurance

62% of UK firms lack full cyber security insurance – despite a rise in overall coverage

If you've got cyber risk cover, that's a good thing. But, is it based on an assessment of your actual risks?...: This was revealed in a survey based on numerous interviews with senior staff in the security and IT functions of companies with more than 500 employees in the UK and ten other countries. It found that only 38% of UK firms surveyed have cyber security insurance that covers all risks. While most respondents said that their cyber insurance is not based on an accurate

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