Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, announced today that Forrester Research named the firm a Strong Performer in its report, The Forrester Wave™: Cybersecurity Incident Response Services, Q1 2019, including a ranking among the top four in the current offering category. The Forrester… Continue reading Aon Recognized As A Strong Performer for Cybersecurity Incident Response Services
Tag: cyber insurance
Norsk Hydro Says Cyber Attack Could Cost $41M, Names AIG as Lead Insurer
Aluminium manufacturer Norsk Hydro has said that it is anticipating a financial impact of between 300-350 Norwegian crowns (USD $35-41 million) for the first week following a cyber attack on March 19 that caused major disruption to its operations. The Norwegian firm also stated that it had a “solid cyber risk insurance policy with recognized… Continue reading Norsk Hydro Says Cyber Attack Could Cost $41M, Names AIG as Lead Insurer
Insurers Creating A Consumer Ratings Service for Cybersecurity Industry
Some of the world’s biggest insurers plan to work together on an assessment of the best cybersecurity defenses available to businesses, an unusual collaboration that highlights the rising dangers posed by digital hackers. The program, which is being launched Tuesday by the Marsh brokerage unit of Marsh & McLennan Cos., will evaluate cybersecurity software and… Continue reading Insurers Creating A Consumer Ratings Service for Cybersecurity Industry
Munich Re Looks to SMEs and Developing Markets for Cyber Risk Diversification
Global reinsurance giant Munich Re continues to grow its cyber business in-line with the market, and also remains more focused on providing solutions for small and medium sized enterprises (SMEs), according to the Chief Executive Officer (CEO) of its Reinsurance segment, Torsten Jeworrek. Speaking during an analyst and investor call following an announced updated profit… Continue reading Munich Re Looks to SMEs and Developing Markets for Cyber Risk Diversification
Chubb’s First Quarter Cyber InFocus Report Details Ransomware and Malware Trends
Chubb’s first quarter InFocus Report, “Cyber Criminals Increasingly Target Small Businesses,” examines the emergence of new dominant strains of ransomware that are wreaking havoc on businesses, including small and midsize enterprises (SMEs). Ransomware attacks typically utilize malicious software to block a business’ network until a ransom is paid. “Cyber criminals typically don’t target specific small… Continue reading Chubb’s First Quarter Cyber InFocus Report Details Ransomware and Malware Trends
AI-Driven InsurTech Corvus Announces Launch of Smart Cyber Excess Insurance with $10M Limit
Boston-based InsurTech company Corvus Insurance announces the expansion of its underwriting appetite for its Smart Cyber Insurance product lines. The company developed the product in response to demand from its brokers to offer an Excess Cyber Insurance policy in order to participate on the coverage towers of larger companies. Under its new underwriting mandate from… Continue reading AI-Driven InsurTech Corvus Announces Launch of Smart Cyber Excess Insurance with $10M Limit
Pennsylvania Lumbermens Mutual Insurance Names John Kennealy Vice President of Claims
Pennsylvania Lumbermens Mutual Insurance Company (PLM), the largest mutual insurer dedicated to wood-related businesses, has announced the hiring of John Kennealy as vice president of claims. An industry veteran, John brings years of experience in insurance claims and risk management to the PLM claims team. In his new position, John will be responsible for the… Continue reading Pennsylvania Lumbermens Mutual Insurance Names John Kennealy Vice President of Claims
Many Company Hacks Go Undisclosed to SEC Despite Regulator Efforts
Few companies are telling securities regulators about cyberattacks, a new analysis finds, despite recent efforts to bolster disclosures of such incidents to investors. About 90% of known cyber incidents at public companies went undisclosed in regulatory filings in 2018, according to an analysis by the office of Securities and Exchange Commission member Robert Jackson, a… Continue reading Many Company Hacks Go Undisclosed to SEC Despite Regulator Efforts
California May Broaden Far-Reaching Data Privacy Law
California consumers would have more power to sue corporations for misusing their data under a proposal by the attorney general Monday to expand what already is the nation’s most far-reaching law protecting personal information. The revision to the law passed last year is among several sought by Attorney General Xavier Becerra and Santa Barbara Democratic… Continue reading California May Broaden Far-Reaching Data Privacy Law
InsurTech Investment by Reinsurers Rises as New Tools are Developed to Manage Cyber Risk
Sixty-three InsurTech deals with a total value of $1.59 billion were announced world-wide in Q4, 2018, up 24% and 155% respectively over Q4, 2017. The total, including all-stage investments in property/casualty and life & health ventures, is the second-highest ever behind the exceptional second quarter of 2015, according to the new Quarterly InsurTech Briefing from… Continue reading InsurTech Investment by Reinsurers Rises as New Tools are Developed to Manage Cyber Risk