Munich Re has revealed that it plans to continue focusing more of its business on the growing cyber re/insurance market, with the aim of retaining its current 10% share. The re/insurer earned premium volume of almost US $500 million from cyber coverage in 2018, equally split between primary insurance and reinsurance. Munich Re said that… Continue reading Munich Re Plans to Retain 10% Share of Cyber Market
Tag: cyber insurance
Florida City Pays $600,000 to Hackers Who Seized Its Computer System
A Florida city agreed to pay $600,000 in ransom to hackers who took over its computer system, the latest in thousands of attacks worldwide aimed at extorting money from governments and businesses. The Riviera Beach City Council voted unanimously this week to pay the hackers’ demands, believing the Palm Beach suburb had no choice if… Continue reading Florida City Pays $600,000 to Hackers Who Seized Its Computer System
Verisk Launches New Underwriting Solution for Cyber Insurance
Verisk, a leading data analytics provider, announced today the launch of its Cyber Underwriting Report, a new InsurTech solution that can help insurers underwrite a wide variety of risks in the growing cyber market with increased speed and precision. The report is designed to help insurers underwrite policies in a range of industries where cyber… Continue reading Verisk Launches New Underwriting Solution for Cyber Insurance
U.S. Cyber Insurance Premiums Doubled in Four-Year Span: A.M. Best
Direct premiums written in the U.S. cyber insurance market have more than doubled over a four-year span, to $2.0 billion in 2018 from $996 million in 2015, as insurers have increased their writings and expanded product offerings to meet an ever-growing demand, according to a new AM Best special report. In the new Best’s Market… Continue reading U.S. Cyber Insurance Premiums Doubled in Four-Year Span: A.M. Best
U.S. Cyber Premiums Up 10% to $2.03B in 2018: Aon Study
A new study by global reinsurance brokerage Aon indicates that cyber premiums grew to just over $2 billion in 2018, roughly a 10% increase from the prior year. Premiums from package business grew modestly, rising 6% year on year, while standalone cyber premiums grew 14%. Premiums for small commercial-focused cyber insurers grew 19%. Additionally, 184… Continue reading U.S. Cyber Premiums Up 10% to $2.03B in 2018: Aon Study
Healthcare Organizations Lack Money, Tools, Talent to Address Biggest Cybersecurity Threats: Survey
Third-party vendor risk and medical devices are the biggest cybersecurity threats that keep healthcare IT security executives awake at night, according to a new survey. However, the action needed to actually address these threats is lagging, the survey found. Forty percent of healthcare security leaders said third-party risk is the threat that concerns them the… Continue reading Healthcare Organizations Lack Money, Tools, Talent to Address Biggest Cybersecurity Threats: Survey
Class Action Lawsuit Filed Against Quest Diagnostics Following Data Breach
Days after it was revealed a data breach may have affected up to 11.9 million Quest diagnostics customers, a Florida woman filed a class action lawsuit against the diagnostics giant. On Wednesday, Traci Diana Julin, of Lake Mary, filed the federal lawsuit against Quest Diagnostics, AMCA and Optum360 for a security breach at AMCA that… Continue reading Class Action Lawsuit Filed Against Quest Diagnostics Following Data Breach
Companies Struggle to Protect Their Technology Supply Chains
Three years ago, technicians at an Apple Inc. laboratory discovered a worrisome problem with a server that was used by the company’s data-analytics division. The server, built for Apple by a company called Super Micro Computer Inc., was infected with malicious software. Apple was a big Super Micro customer, with more than 2,000 of these… Continue reading Companies Struggle to Protect Their Technology Supply Chains
Beazley Unveils Streamlined Insurance Policy for Media and Tech Industry
Specialist insurer Beazley has updated its MediaTech insurance policy to keep pace with the rapidly evolving technology market and cyber threat landscape faced by firms as they seek to innovate and grow. Media and technology businesses are at the forefront of developing and applying new tools and systems. They need assurance that they are not… Continue reading Beazley Unveils Streamlined Insurance Policy for Media and Tech Industry
The Hartford Partners with Mimecast to Help Businesses Reduce the Risk of a Cyber Incident
The Hartford has partnered with Mimecast, an email and data security company, to offer Mimecast™ Awareness Training services to help its customers reduce the risk of a cybersecurity incident before it occurs. “Cyberattacks continue to evolve and are becoming more sophisticated,” said Tim Marlin, head of cyber underwriting at The Hartford. “Increasingly, employees are targets… Continue reading The Hartford Partners with Mimecast to Help Businesses Reduce the Risk of a Cyber Incident