As more organizations continue to apply and use artificial intelligence (AI) within their systems, the technology is expected to play “a crucial role in enhancing both efficacy and efficiency in addressing new challenges,” says Rajeev Gupta, Co-founder and Chief Product Officer, Cowbell.
Tag: cyber insurance
WTW Launches CyProtect Bermuda
WTW today announced the launch of CyProtect Bermuda, a cutting-edge cyber insurance product designed and tailored to be a comprehensive solution for financial, professional, and executive risks.
Cyber Attacks Cost U.S. Small Businesses Over $8,000 Annually: Hiscox
Hiscox, the international specialist insurer, reveals the median cost of cyber-attacks has decreased for U.S. small businesses from $10,000 in 2022 to $8,300 in 2023.
Amazon Debuts Cyber Insurance Program for Speedy Policy Estimates
Amazon.com’s AWS cloud unit debuted Wednesday a program designed to cut the time to acquire cyber insurance from weeks to days, via partnerships with brokers and insurers.
Cyber Insurers Warn Catastrophic Hacks Will Require Government Help
A cyberattack that disrupts everyday life in the U.S. will likely cost more than the insurance industry can afford to cover, requiring government intervention, insurers and brokers said.
Geneva Association Says Public Backstop May Be Necessary for Major Cyber Events
The protection gap between cyber liability coverage and the potential for losses means a taxpayer backstop for major cyber events may be necessary, according to a report from the Geneva Association.
Morgan Stanley Fined $6.5M Over Client Data Breach
Morgan Stanley will pay $6.5 million as part of a settlement with six state attorneys general over allegations the investment bank compromised the personal information of millions of customers, according to a statement from New York Attorney General Letitia James’ office.
Cyber Insurance Market Continues to Be Attractive as Ransomware Spikes: JP Morgan
Despite ransomware frequency picking up following a slowdown in 2022, analysts at JP Morgan still see the cyber insurance market as an “attractive area with strong profitability and good exposure growth potential in the coming years.”
Hackers Hit Wall Street Arm of Chinese Banking Giant ICBC
A U.S. subsidiary of China’s biggest bank was hacked this week, threatening a temporary logjam for some trades in the Treasury bond market.
Travelers to Acquire Corvus Insurance for $435M
The Travelers Companies, Inc. today announced that it has agreed to acquire Corvus Insurance Holdings, Inc. for approximately $435 million. Founded in 2017, Corvus is an industry-leading cyber insurance managing general underwriter powered by proprietary technology.