CNA Hardy, a leading specialist commercial insurance provider for clients within the Lloyd’s and company markets, is pleased to announce significant enhancements to its Cyber proposition with a new pre-breach service and vital additional coverages. David Legassick, Head of Cyber, Tech & Life Science said: “Our latest cyber proposition reflects the changing risk environment. Technology… Continue reading CNA Hardy Announces Enhanced Cyber Proposition
Tag: cyber insurance
Munich Re Member Firm HSB Announces Cyber Cover for Farmers
Munich Re member firm The Hartford Steam Boiler has announced a new cyber solution designed to help protect farmers and farm technology from hackers, malware and other cyber attacks. HSB Farm Cyber Insurance protects farmers against cyber attacks involving computers and electronic devices located on the farm premises, including the farm owner’s residence. The solution… Continue reading Munich Re Member Firm HSB Announces Cyber Cover for Farmers
Cyber Insurance Growth Slows, Market Remains Untested: Fitch
The cyber insurance market remains a source of growth for U.S. property/casualty insurers; however, that growth is slowing, according to Fitch Ratings. The industry’s total direct written cyber premiums grew 8% in 2018 to $2 billion, down from 37% growth in 2017. “After several years of brisk growth, U.S. cyber insurance segment revenue moderated in… Continue reading Cyber Insurance Growth Slows, Market Remains Untested: Fitch
Beazley Launches Innovative Affirmative Marine Cyber Cover
Specialist insurer Beazley has created an innovative marine cyber insurance product to meet the rapidly developing needs of vessel owners and operators. Should a cyber incident impact a vessel’s operational capabilities, Beazley Cyber Defence for Marine provides insurance for physical damage and loss of hire. At the heart of the product are risk management services… Continue reading Beazley Launches Innovative Affirmative Marine Cyber Cover
Cyber Risks to Exceed Natural Disasters for Insurers: Scor CEO
Cyber risks will soon become bigger risks than natural catastrophes for the insurance sector, Scor Chairman and Chief Executive Officer Denis Kessler said, recommending the industry build a comprehensive, common global scale to assess cyber-related incidents. “I dream of a kind of Richter scale for cyber security,” Kessler said at a conference on cybersecurity held… Continue reading Cyber Risks to Exceed Natural Disasters for Insurers: Scor CEO
Cybersecurity Insurance Startup Coalition Raises $40M in Series B Funding
Coalition, a cybersecurity insurance company, has raised $40 million in its latest round of funding. Fintech investment giant Ribbit Capital led the investment with participation from Greenoaks Capital and Hillhouse Capital. Coalition’s insurance covers expenses incurred from liabilities related to third-parties, such as fines and penalties — as well as fraud, breach response, extortion and… Continue reading Cybersecurity Insurance Startup Coalition Raises $40M in Series B Funding
Beazley Launches Coverage to Protect Financial Institutions Against Emerging and Interconnected Risks
Specialist insurer Beazley launched a suite of innovative insurance products to protect Canadian financial institutions from rapidly evolving risks in a complex business and regulatory environment. Beazley’s new solution offers a seamless set of policies from crime and professional liability (PL) to directors’ and officers’ (D&O) liability. It also includes Beazley’s pioneering data breach cover,… Continue reading Beazley Launches Coverage to Protect Financial Institutions Against Emerging and Interconnected Risks
Financial Firms Spend Up to $3,000 Per Employee on Cybersecurity
Big banks and other financial firms spend as much as $3,000 per employee to defend computer networks from cyber criminals, a survey found, as the industry remains the primary target of such attacks. That would translate to about $750 million annually for JPMorgan Chase & Co. and HSBC Holdings Plc each, based on their 2018… Continue reading Financial Firms Spend Up to $3,000 Per Employee on Cybersecurity
Norsk Hydro Sees $52 Million Hit from Cyberattack
Norsk Hydro ASA said Tuesday that last month’s cyberattack is expected to have had a financial impact of between 400 million Norwegian kroner and 450 million Norwegian kroner ($46.1 million-$51.9 million) in the first quarter. The Norwegian aluminum producer was hit by a ransomware cyberattack in March that crippled its computers and production. “The cyberattack… Continue reading Norsk Hydro Sees $52 Million Hit from Cyberattack
AmWINS Adds New Cyber and Media Liability Solution for Political Candidates
AmWINS Group, Inc. (“AmWINS”), a global distributor of specialty insurance products and services, has launched an innovative insurance solution comprised of Cyber and Media Liability tailored specifically to the needs of political candidates and political action committees (PACs). Whether a candidate is running for office at the local, state or national level, he or she… Continue reading AmWINS Adds New Cyber and Media Liability Solution for Political Candidates