Cyber Security & Data Privacy
Articles
Library: Guidewire – Hiding in Plain Sight: Towards Now-Gen Cyber Risk
September 2021 featured report: This is a fascinating report into the quality and quantity of data that is required by cyber underwriting. The style is refreshingly informal, ...
Library: Fitch Ratings – Sharply Rising Cyber Insurance Claims Signal Further Risk Challenges
Executive summary : Property/Casualty (P/C) insurers that write cyber coverage face increasing profit pressure, as underwriters reported substantially higher segment claims losses ...
Marsh – Digital shift has broadened the cyber-attack surface
Executive summary : Whilst managing crisis it is essential to keep sight of the risks on the horizon in order to build resilience. With this in mind, the COVID-19 pandemic has ...
Library: Deloitte – Overcoming challenges to cyber insurance growth
September 2020 featured report: Cyber insurance has been held up as an area of innovation and major growth, but the reality hasn’t lived up to the hype, says Overcoming ...
Library: Hiscox – Cyber Readiness Report 2020
July 2020 featured report: Cyber risk is one of the biggest issues facing businesses these days. One finding of the 2020 Hiscox report into cyber risk readiness is that there has ...
McKinsey: Cybersecurity – Linchpin of the digital enterprise
Executive summary Two consistent and related themes in enterprise technology have emerged in recent years, both involving rapid and dramatic change. One is the rise of the ...
CISCO: The evolution of industrial cybersecurity and cyber risk
Article Synopsis : Businesses face increasing cybersecurity threats and breaches, but organisations have begun to realise that security must be part of the broader cyber risk ...
FMA: Strategic risk outlook 2019
Article Synopsis : New Zealand’s regulator, the Financial Markets Authority, has issued its strategic risk outlook for 2019. The report says that general insurance penetration ...
Capgemini: Reinventing cybersecurity with artificial intelligence
Article Synopsis : Artificial intelligence (AI) is being applied to all kinds of services and processes in order to improve productivity, sales or customer experience. An area of...
ORF: Towards a Cyber-Security Roadmap for Digital Payments- Best Practices and Recommendations
Article Synopsis : The Indian government’s desire to create a US $1-trillion digital economy by 2025 is going to take some doing. To be fair, India processed some 20.7 billion ...
Capgemini & Efma: World Insurance Report 2019
Article Synopsis : Policyholders are ever more concerned that their insurance cover isn’t enough to protect against emerging risks, such as those posed by cyber attack or ...
Cyber insurance for enterprises: Deloitte
Article Synopsis : The growing number of cyber attacks experienced against organisations has rendered cyber insurance an imperative, according to this Deloitte paper. Benefits ...
The state of insurance fraud technology: SAS
Article Synopsis : Tech budgets at insurers are on the rise, but suspected fraud has also increased for the third consecutive time in six years, says The State of Insurance Fraud...
Data privacy: Growing expectations – and risk – for financial institutions
Article Synopsis : Governments are talking tough on consumers’ data privacy and financial institutions (FIs) should not wait for the final regs to know how to behave but should...
Cyber Predictions in 2019
Article Synopsis : One of the biggest growth areas in the tech sector in 2018 was cyber. Not only security, but the number of attacks, including many high profile ones. 2018 was ...
Cybersecurity and Data Privacy 2019 OUTLOOK
Article Synopsis : Some of the biggest and most complex legal questions and business risks faced by multinationals in 2018 concerned cybersecurity and data privacy. That is not a...
Cyber security – Implications for the insurance industry
Hybrid Cyber Insurance ticks all the InsurTech boxes
Cyber crime is changing insurers’ approach to risk management The thing about cyber insurance is that it’s a new and totally unpredictable risk. And it’s a risk that cant...
Cyber insurance: An opportunity to lead in a growing market
Cyber attacks are on the rise. Hackers are increasingly looking to take advantage of security vulnerabilities to steal valuable customer data, including financial details and ...
Cyber Risks That Hide In Plain Sight
Article Synopsis : Predictions for the aggregate global cost of cybercrime vary, but the numbers are huge. Correspondingly, the amounts companies are expected to spend to protect...
Cyber Risk Management – Response and Recovery
Article Synopsis : ‘Cyber Risk Management, Response and Recovery’ from Marsh & McLennan, in partnership with WomenCorporateDirectors (WCD), presents the most up-to-date ...
When the going gets tough, the tough get going.
Article Synopsis : Boards of Directors are increasingly requesting from senior management a coherent articulation of the institution’s cyber risk appetite linked to business ...
Large-Scale Cyber-Attacks on the Financial System
Article Synopsis : The complexity of the financial services industry, interconnectedness of individual players, and introduction of new and innovative technologies heighten the ...
Leveraging GDPR to Become a Trusted Data Steward
Article Synopsis : Data-driven transformation is hitting a previously hidden obstacle: a growing fear of data misuse. The EUs response to these concerns is embodied in the new ...
Taming Cyber
Article Synopsis : Identifying and quantifying Cyber risk is different from quantifying other “financial” risks. This report from Oliver Wyman shares new methods for ...
Fortifying Insurers Defences in Era of Cyberrisk – BCG Whitepaper
Article Synopsis : Managing cyberrisk is crucial for all large corporations worldwide, particularly so for insurers. Insurers must treat cyberrisk in much the same way that ...
Staying on the right side of consumer privacy line – KPMG Report
Article Synopsis : Companies know more about their customers than ever before. As digital technologies proliferate, the line dividing ‘my’ from ‘our’ data...
Cybersecurity in the Insurance Call Center: They Can’t Hack What You Don’t Hold
We all know that the U.S. has a number of different data privacy regulations, like HIPPA and the Social Security Number Protection Act. But, did you know that there is no ...
Cyber Insurance Recent Advances, Good Practices & Challenges-ENISA
Article Synopsis : Cyber insurance was created to address risks not reasonably mitigated by security measures. In comparison with other insurance sectors, cyber insurance appears...
Cyber Crime, Liability Insurance & Cyber Security-SnoopWall & Zon Re
Article Synopsis : According to the World Bank cyber crime will outpace drug crime reaching $600B in damages this year. Accordingly the Cyber Liability Insurance market is ...
Risk & opportunity in increasingly digital world – Tapestry Networks
Article Synopsis : While digital transformation is happening slower in the insurance sector than in others, the changes, as they come, are no less profound. Where boards used to ...
Arceo.ai Launches to provide Insurance Carriers Cyber Resilience Solutions
Arceo.ai enables insurance carriers to automate and enhance their cyber insurance solutions, while simultaneously increasing the security of their enterprise clients through ...
Chubb Boosts Cyber Risk Underwriting with CyberCube Analytics Software
Chubb is partnering with a San-Francisco based cyber risk analytics vendor called CyberCube to boost its Cyber Risk Underwriting.
Cisco, Apple, Aon, Allianz introduce a first in cyber risk management
Allianz, Cisco, Apple and Aon have together launched a cyber risk management solution for organizations to better manage and protect themselves from cyber risk associated wit...
Digi.me – Enabling users to share their own data with businesses
With the increasing proliferation of data generated from connected devices, several startups are scrambling to develop platforms that allow consumers to access, manage, and s...
XL Catlin and RedSeal Launch Cyber Insurance Industry’s First Dynamic Measure of Resilience to Gauge Risk, Improve Cybersecurity and Insu...
XL Catlin and RedSeal (network modeling and risk scoring platform) launched cyber insurance industry’s first dynamic measure of resilience which will help measure risk,...
Zuroovi – Cyber Insurance for small businesses
Zuroovi is one of the first platforms to focus on a relatively new niche within insurtech – cyber insurance. Specifically, Zuroovi enables small businesses to obtain cy...
As cyber attacks increase, insurers in the space face ris...
Amid rising losses and increasing claims on cyber insurance, companies that provide insurance against online hackers are facing growing risks, says Fitch Ratings. In a new repor...
Biz Interruption, Recovery Costs Drive Financial Losses F...
During the COVID-19 crisis, global cyber attacks skyrocketed in a digital pandemic driven by ransomware, according to a report published by Allianz Global
Property Insurers Exposed to $12.5B in ‘Silent Cybe...
US property insurers are exposed to $12.5 billion in non-physical cyber losses that are not expected and not priced by underwriters, according to a report
What Corporations Can Do to Avoid Ransomware Attacks
Allianz Global Corporate & Specialty (AGCS) has published a checklist of cyber risk management recommendations to help prevent ransomware attacks. "In
Double extortion: The new cyber threat
Your cyber clients may now be exposed to two risks in one, as the sophistication of ransomware attack patterns continue to increase. “There’s double extortion tactics which are ...
D&I is the Cyber Security Risk
It might seem ironic that as we seek inclusion of the other than normal, we’ve created some normalcy in how we seek it.
Microsoft teams up with At-Bay on cyber insurance
Microsoft 365 customers are eligible for discounts on At-Bay cyber insurance if certain security controls are implemented like multifactor authentication and Microsoft Defender.
Silent cyber in US property insurance has $12.5bn loss po...
Silent cyber exposures in the United States property insurance market are accumulating to such a degree that a new report suggests a $12.5 billion
U.S. Property Insurers Could be Facing $12.5B in Hidden C...
The U.S. property insurance market is accumulating cyber exposures that could result in $12.5 billion in non-physical damage losses and cause capital
Ascot Group Implements Guidewire Cyence for Cyber Insuran...
Ascot’s U.S. insurance company will use Cyence risk selection and accumulation management products to leverage internet-scale cyber data listening and modeling.
Will cyber insurance become mandatory?
Cyber insurance is set to become as essential as workers’ compensation insurance in the near future, a cyber insurance provider CEO has predicted. Vishal Kundi, CEO and co-found...
Aon Launches ‘Ransomware Defence’ to Address ...
Insurer Aon plc announced the launch of a new offering aimed at increasing the resilience of businesses in the UK and the Europe, Middle East, and Africa
Risk Scores for Underwriters, Brokers Reveal Companies...
Last week, Praedicat, a liability risk analytics company, announced that it launched a new Company Risk Score designed to simplify the underwriting of
Beazley Selects CyberCube’s Portfolio Manager
Beazley will also use CyberCube’s Single Point of Failure (SPoF) model, its Attritional Loss model and consultancy service, Concierge.
Canadian cyber MGA looking for carrier partners for inter...
Canadian managing general agent BOXX Insurance Inc. is about to set up an office in Miami and is looking for carriers to underwrite its cyber coverages outside of Canada. Toront...
Pen buys Manchester Underwriting
Deal brings 50 staff and £60m in GWP to the Gallagher-owned MGA.
Canadian cyber MGA expands to United States
BOXX Insurance Inc. is expanding to the United States and has hired a former CEO Latin America for RSA to lead that move from Miami, the Toronto-based managing general agent and...
Chubb’s Digital Platform Blink Partners With USAA o...
Insurer Chubb's new digital platform Blink is partnering with its first insurance carrier to offer cyber insurance to military families. The arrangement
Re/Insurance Cyber Rates Could Double Before 2023, as Att...
The pandemic caused economic and insured losses from cyber attacks to skyrocket, which has heightened awareness of the risk and increased demand for cyber
Less than half of SMEs are ‘very confident’ in their cybe...
The vast majority of Canadian companies have cyber security protocols in place, yet many still fall behind when it comes to testing their systems, according to new research from...
Microsoft partners with At-Bay
Beginning Oct. 1, businesses in the United States that use Microsoft 365 are eligible for savings on their At-Bay cyber insurance policy premiums if they implement specific secu...
Simply Business partners with USG Insurance
Simply Business announced the launch of cyber liability insurance.
Middle Market Firms Miss Out on Agents as Risk Management...
Many middle market companies are failing to use a key risk management resource: their insurance agents and brokers. According to a survey sponsored by
Cyber insurance at the crossroads: Finding a path to prof...
Cyber insurance gives insurers huge scale and margin opportunities – but to achieve profitable growth means overcoming various structural challenges.
Beazley hires CUO from Axis Capital
Bob Quane will take on the role in October after previous chief underwriting officer Adrian Cox moved to become CEO of the provider earlier this year.
Which cyber risks lurk on the horizon?
As brokers grapple with an evolving cyber insurance market, one managing general agent is looking ahead to help the industry keep pace. George Bozanin, managing partner and head...
Cyber Insurance – ISSA International
4 hours ago ... Many cyber insurance firms are using cybersecurity tools to run an ... Ray Austad – Director of Information Security and Risk Management, Farmers Insurance.
Cyber Insurance and What You Need to Know – Portsmo...
18 hours ago ... Dave Hodgdon from PCG talks about cyber insurance, the coverage it provides, ... a managed services and security provider in Portsmouth, New Hampshire.
FCA signals litigation threat as it highlights priorities
CEO Nikhil Rathi pledged to use the watchdog’s criminal powers to deal with misconduct and financial crime.
The many shapes of recovery
Will the post-COVID recovery follow the shape of a V, U, W, or square-root symbol? It all depends on the insurance.
Cyber Insurtech BOXX Raises US$10M From Zurich Insurance ...
BOXX, the Toronto-based cyber insurer for small businesses, individuals and families, announced it has closed its oversubscribed US$10 million (C$12.7
Das UK team raises £45,000 for dementia research
The ten person team of insurance professionals took on the Ride Across Britain challenge earlier this month.
Understanding cyberattack techniques can improve your game
Knowing the most common cybersecurity attacks can help brokers better advise their clients on risk mitigation strategies, a Canadian cyber insurance provider has said. Selling c...
Allianz launches transitioning at work policy
Provider says the move is part of an ongoing commitment to creating a diverse and inclusive culture and that the policy offers practical guidance, clarification
Pandemic leading to ‘ticking time bomb’ for cybersecurity
Most IT teams believe that working from home has become a “ticking time bomb” that might lead to a corporate network breach, according to a recent survey from HP Inc. The HP Wol...
Envelop Risk raises $130 million
Established in 2016, Envelop Risk provides pricing, risk analysis, and underwriting focused on the global cyber reinsurance market to insurers and reinsurers.
Embroker announces two new fully digital policies
The company now offers Cyber Insurance and Commercial Crime Insurance.
Reinsurers Face Major Claims Uncertainties, but Reap Bene...
A principal negative factor affecting the reinsurance industry is the large amount of claims uncertainty, but positive tailwinds are offsetting these
Measured Analytics and Insurance raises new funding
The round was led by Signal Peak Ventures joined by Origin Ventures, Royal Street Ventures, Silicon Valley Data Capital, and AV8 Ventures.
How insurers can approach cybersecurity risk
Many insurers are focused on ransomware risk protection even though other new vulnerabilities are emerging from remote work. Recent statistics point to a troubling increase in r...
Cyber Reinsurance MGA Envelop Risk Attracts $130M Infusio...
Envelop Risk, the UK-based cyber insurance/ reinsurance managing general agent, announced a Series B investment of $130 million, led by SoftBank Vision Fund 2.
Insurance Institute- Business Interruption Claims
Join us for a dynamic cross-jurisdictional perspective as to the state of COVID-19 business interruption jurisprudence in Canada and two common law jurisdictions: the United Kin...
Envelop Risk aims for hybrid balance-sheet approach after...
Envelop Risk, a company that had a managing general agency (MGA) and data driven approach to providing cyber risk analysis and reinsurance underwriting
Writing Cyber Is Key To Survival, Munich Re Exec Says ...
Trumpeting a message that he conceded might be different from peers, Stefan Golling, a member of Munich Re Board of Management, said that Munich Re remains bullish on the cyber ...
Cyber Re/Insurance MGA, Envelop Risk, Announces $130 Mill...
Envelop Risk, the UK-based cyber re/insurance managing general agent, announced a Series B investment of $130 million, led by SoftBank Vision Fund 2. The
Resilience Establishes Global Intentions: Kyle Bryant Joi...
Prior to joining Resilience, Bryant spent seven years at Chubb developing cyber outside of North America.
UK insurance industry remains ‘bullish’ about London’s fu...
Technology, automation and digital investment are viewed as 'top strategic' priorities by insurance professionals
Research reveals cybersecurity skill gap in insurance
New research from European provider of cloud infrastructure and cloud services, Ionos Cloud, has found that 38% of insurance IT decision makers (IT DMs) admit
Volatile Cyber Market Struggles to Boost Reinsurance Capa...
The cyber insurance market could benefit greatly from more reinsurance cover but it has been a challenge to attract interest. Part of the reason is because the cyber market is a...
Insurance Industry Veteran Joins Cowbell Cyber
3 hours ago ... Cowbell Cyber, the industry's first AI-powered cyber insurance provider for small to medium enterprises (SMEs), announced Chris Reese as the company's new ...
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