Those insurance companies that have already dipped their toes in the water are building a risk database that might give them an advantage. However, unlike hurricanes and other natural events, cyber risks continue to change so it's questionable whether what happened in the 00's is relevant to the risk landscape in the '20s and beyond...: While there are “huge opportunities” on the horizon for the cyber insurance industry, cyber insurance underwriters still face the challenge

If you assume (probably wrongly) that your current insurance covers you for cyber-related risks, the wording of the policy is going to get updated so you should be under no illusions anymore...: Two new London Market model clauses to help underwriters manage cyber losses have been published by the International Underwriting Association (IUA). The wordings have been developed in order to address issues of non-affirmative or “silent” cover, where traditional insurance polic

Cyber risk insurance, especially the ability to call out emergency support, is looking like a very good idea for Baltimore. Pity they are too late for this attack...: [...] To top it off, unlike the City of Atlanta—which suffered from a Samsam ransomware attack in March of 2018—Baltimore has no insurance to cover the cost of a cyber attack. So the cost of cleaning up the RobbinHood ransomware, which will far exceed the approximately $70,000 the ransomware operators demanded,

This is from Australia, but the same crossover in terms of how cyber risk drives insurance can be seen across the planet...: Cyber: The risk of cyber attacks is increasingly tied to liability risk for top executives, because companies may face reputational and brand damage from data breaches. This is causing a growing tie-in between cyber insurance and directors’ and officers’ insurance (D&O), and clients are increasingly worried about the connection. Exposure of n

Let's see how the insurance industry deals with this one. The claims process is underway...: The LockerGoga ransomware attack was a wake-up call for the insurance and reinsurance industry and underlines the complex, emerging, and fast-moving nature of cyber risk, according to Property Claim Services (PCS) Co-Head, Tom Johansmeyer. LockerGoga is the strain of ransomware behind the recent Norsk Hydro cyber attack, as well as multiple attacks on other industrial and manufact

I seems like the insurance market finally understands how to sell cyber risk cover...: [...] Beazley, which focuses on specialist commercial insurance, did even better. Its premiums rose 16 per cent thanks to strong sales of cyber insurance ...

A view from risk management professionals...: [...] Covering the risk of bodily injury was not [previously] a concern for the cyber insurer or insured. But thanks the Internet of Things, bodily injury is a very real risk from certain cyber crimes. Concerns about criminal mischief prompted California lawmakers to require security on every device connected to the internet, he said. Cyber criminals can threaten the very existence of companies. Gold said a medical practice in

Good to see the insurance market thinking ahead about the use of robotics. Worth downloading and reading the reports whether you're in the insurance business or have a potential risk that needs covering...: [...] Artificial intelligence (AI) and robotics are changing the world, and the insurance industry had better change with it. Two new reports from Lloyd’s spell out the risks – and opportunities – as technological change continues to accelerate. One report focuses o