Specialist insurer Beazley and global reinsurer RenaissanceRe have jointly launched a new reinsurance product providing Beazley with additional catastrophe cover for cyber events. The majority of the security behind the deal will be provided by capital sources structured by RenaissanceRe. This placing of cyber catastrophe risk into the capital markets opens up a new, larger… Continue reading Beazley and RenaissanceRe Collaborate on Cyber Catastrophe Cover Solution Backed by Capital Markets
Tag: cyber insurance
Tech Chiefs Plan to Boost Cybersecurity Spending
Companies are pouring money into digital defenses in an effort to stem the spread of malware, which hackers are using to steal data, commit fraud and disrupt victims’ operations. Corporate technology leaders are looking for real-time overviews of activity on their networks and deep analysis of risk. Tools that support such needs will be key… Continue reading Tech Chiefs Plan to Boost Cybersecurity Spending
The Hartford Enhances Cyber Service Offerings with the Addition of Two New Partnerships
The Hartford has expanded the range of services designed to protect customers from the costly risk of cyber-attacks. The new additions to The Hartford Cyber Center include detection of digital risk exposure across the dark web from Terbium Labs®, as well as a custom product that uses BlackBerry’s CylancePROTECT® artificial intelligence (AI) and machine-learning software… Continue reading The Hartford Enhances Cyber Service Offerings with the Addition of Two New Partnerships
New Orleans Government Forced to Shut Down Computers Due to Massive Cyber Attack
New Orleans was forced to declare a state of emergency after falling victim to a cyber attack which forced the shutdown of all the city government’s computers. The attack, which was first detected at 5 am on Friday, intensified as staff logged on for work about three hours later. Officials detected ransomware and phishing attempts,… Continue reading New Orleans Government Forced to Shut Down Computers Due to Massive Cyber Attack
Fitch Ratings: Silent Cyber Assessment Key to Managing Evolving Insurance Risk
Property and Casualty (P/C) insurers are gradually gaining sophistication in measuring risk aggregations and modeling potential losses from catastrophic cyber events, but efficacy of this analysis is inhibited by exposure to non-affirmative or “silent” cyber risk, Fitch Ratings says. Many insurers now view cyber insurance as an attractive source of premium growth and profits. However,… Continue reading Fitch Ratings: Silent Cyber Assessment Key to Managing Evolving Insurance Risk
AXA XL Announces Collaboration with Slice Labs and Microsoft to Improve Cyber Risk Management
AXA XL, the P&C and Specialty Risk Division of global insurer AXA, Slice Labs Inc. (Slice), the leader of on-demand insurance cloud technology, and Microsoft will work together to help improve cyber health and mitigate risks for Microsoft 365 Business, Office 365 Business Premium and Office 365 Business customers. The new relationship will give qualifying… Continue reading AXA XL Announces Collaboration with Slice Labs and Microsoft to Improve Cyber Risk Management
Ransomware Attacks Are An Ever-Present and Growing Risk for Small Businesses, Government
The so-called ransomware attack that shut down a Milwaukee company last month shows the ever-present risk that now threatens all organizations. Small businesses that have less sophisticated systems to protect their computer networks from being hacked can be particularly vulnerable, according to cybersecurity experts. But every business or organization — large corporations, health systems, universities… Continue reading Ransomware Attacks Are An Ever-Present and Growing Risk for Small Businesses, Government
Merck Cyberattack’s $1.3 Billion Question: Was It an Act of War?
By the time Deb Dellapena arrived for work at Merck & Co.’s 90-acre campus north of Philadelphia, there was a handwritten sign on the door: The computers are down. It was worse than it seemed. Some employees who were already at their desks at Merck offices across the U.S. were greeted by an even more… Continue reading Merck Cyberattack’s $1.3 Billion Question: Was It an Act of War?
Sale of Four Million Stolen Cards Tied to Breaches at Four Restaurant Chains
On Nov. 23, one of the cybercrime underground’s largest bazaars for buying and selling stolen payment card data announced the immediate availability of some four million freshly-hacked debit and credit cards. KrebsOnSecurity has learned this latest batch of cards was siphoned from four different compromised restaurant chains that are most prevalent across the midwest and… Continue reading Sale of Four Million Stolen Cards Tied to Breaches at Four Restaurant Chains
Marsh Enhances Cyber Risk Consulting Capabilities
Marsh, the world’s leading insurance broker and risk adviser, has announced the launch of an enhanced suite of cyber risk quantification consulting capabilities that offer clients new insight into the impact of their cybersecurity investments. The enhanced consulting capabilities are powered by Blue[i] Cyber, a new cyber risk analytics engine that integrates Marsh’s market-leading cyber… Continue reading Marsh Enhances Cyber Risk Consulting Capabilities