Munich Re’s top cyber underwriter told Reuters that the reinsurer is planning new wording in cyber insurance policies to exclude war in order to avoid disputes over what is covered. Russia’s invasion of Ukraine has heightened concerns about cyber attacks, with the possibility of targeting Western businesses or government institutions. Most cyber policies protect businesses… Continue reading Munich Re to Exclude War in Cyber Policies
Tag: cyber insurance
Cyber Insurers Face Large Ukraine War-Related Claims, Despite Fine Print
Insurers face potential multi-billion dollar claims for cyberattacks related to Russia’s invasion of Ukraine, despite policy wording designed to get them off the hook for war, industry sources say. Following the Feb. 24 attack on Ukraine and Western sanctions against Moscow, the U.S. government said last week it had seen “preparatory” Russian hacking activity aimed… Continue reading Cyber Insurers Face Large Ukraine War-Related Claims, Despite Fine Print
Biden’s Russia Cyber Warning Confuses Ill-Prepared Businesses
A day after US President Joe Biden issued a stark warning that a Russian cyberattack “is coming,” members of his administration convened a three-hour conference call with approximately 13,000 people representing businesses, government agencies, and other organizations to discuss the potential threat. The discussion highlighted the difficulties the Biden administration faces in protecting the country… Continue reading Biden’s Russia Cyber Warning Confuses Ill-Prepared Businesses
Cowbell Cyber Raises $100M As Cyberattacks Rise
Cowbell Cyber, based in Pleasanton, California, closed a $100 million Series B round just over a year after raising its Series A, as cyberattacks continue to dominate news headlines. Anthemis Group led the new round, which included Permira, PruVen Capital, Nyca Partners, Viola FinTech, and all existing investors. Since its inception in 2019, the company… Continue reading Cowbell Cyber Raises $100M As Cyberattacks Rise
Cyber Premiums Increased by 34.3% in Q4 2021
Premium prices climbed further in Q4 2021, according to results from The Council’s Commercial/ Property Casualty Market Index, marking the 17th consecutive quarter of premium increases. The average increase in premiums across all account sizes was 8.7%, down slightly from the 8.9% recorded in Q3 2021. Respondents reported an average premium increase of 34.3% for… Continue reading Cyber Premiums Increased by 34.3% in Q4 2021
Market Conditions Continue to Stabilize with Exceptions: Woodruff Sawyer
Market conditions did not change significantly from the previous quarter in the fourth quarter of 2021, according to Woodruff Sawyer. We continue to see stabilization in many sectors of the commercial lines market, and cyber remains a concern for insurers as ransomware losses continue unabated. As premiums continue to rise, cyber buyers are feeling the… Continue reading Market Conditions Continue to Stabilize with Exceptions: Woodruff Sawyer
Aon Discloses “Cyber Incident’ Amid Mounting Hack Concerns
Aon Plc is investigating a “cyber incident” that the insurance brokerage said impacted a limited number of its systems. The incident, identified Friday, “has not had a significant impact” on operations at Aon, the world’s second-largest insurance brokerage, nor does the Dublin-based company expect it to, according to a regulatory filing Monday. “We remain focused… Continue reading Aon Discloses “Cyber Incident’ Amid Mounting Hack Concerns
Advisen Panel: No Commonality in Cyber Underwriting Process Any Time Soon
Cyber insurance experts say they don’t see uniformity coming to the underwriting process any time soon, but underwriting continues to become more sophisticated as cyber threats evolve. Those are two of the key takeaways from a recent panel discussion on cyber underwriting, as part of Advisen’s recent virtual Cyber Risk Insights Conference. Underwriting questions vary… Continue reading Advisen Panel: No Commonality in Cyber Underwriting Process Any Time Soon
FBI Calls Crypto ‘Only Game in Town’ as Ransomware Flourishes
Cryptocurrencies and deep-fake technology are sending chills throughout the U.S. government, with cyber crooks embracing digital innovations so rapidly that law enforcement can barely keep up, according to the Federal Bureau of Investigation. “Crypto is the primary currency, the primary vehicle, to facilitate extortion payments. It’s the only game in town,” Bryan Vorndran, assistant director… Continue reading FBI Calls Crypto ‘Only Game in Town’ as Ransomware Flourishes
Beazley Swings to Annual Profit on Robust Demand for Cyber Insurance
Beazley Plc, a British insurer, resumed its dividend on Thursday after turning a profit for the year, aided by rising demand and double-digit growth in the cyber insurance space. Beazley, which provides casualty and property insurance, as well as cyber and political risk insurance, had a combined ratio of 93 percent, down from 109 percent… Continue reading Beazley Swings to Annual Profit on Robust Demand for Cyber Insurance