Cyber perils are the biggest concern for companies globally in 2022, according to the Allianz Risk Barometer. The threat of ransomware attacks, data breaches or major IT outages worries companies even more than business and supply chain disruption, natural disasters or the Covid-19 pandemic, all of which have heavily affected firms in the past year.… Continue reading Cyber Perils Outrank Covid-19 and Broken Supply Chains as Top Global Business Risk: Allianz
Tag: cyber risks
Insurers Changing Cyber Capacity, Appetite, Limits, & Policy Terms as Losses Spike
After the pandemic and home-working drove a surge in ransomware attacks that left insurers reeling from large payouts, insurers have cut the amount of cyber cover they provide to customers in half. Due to increased demand, major European and American insurers and syndicates operating in the Lloyd’s of London market have been able to charge… Continue reading Insurers Changing Cyber Capacity, Appetite, Limits, & Policy Terms as Losses Spike
Ransomware Costs Are Lower Compared to 2020: Corvus Risk Index
While ransomware continues to be a problem for businesses around the world, a new report from commercial insurance firm Corvus indicates that ransomware costs are being reduced significantly as a result of better preparedness. And, while cyber insurance claims spiked in early 2021 as a result of the Microsoft Exchange vulnerability, they have been steadily… Continue reading Ransomware Costs Are Lower Compared to 2020: Corvus Risk Index
Cyber Insurers See Manageable Growing Risk Exposure, Rising Claims
Cyber insurance has been profitable for US property/casualty (P/C) insurers for several years, but recent growing losses tied to network intrusions, phishing incidents and denials of service will likely increase claims volume and average cost per claim going forward, Fitch Ratings says. However, a negative rating action tied to underwriting losses related to a cyber… Continue reading Cyber Insurers See Manageable Growing Risk Exposure, Rising Claims
Cyber Threat Causes Most Concern for Businesses: Beazley
Specialist insurer Beazley’s new report ‘Spotlight on technology risk’ reveals that a range of technology risks top executives’ risk radars on both sides of the Atlantic since the pandemic hit. The report, the latest in Beazley’s Risk & Resilience series, looks at how the Covid-19 pandemic is the biggest catalyst of operational and strategic change… Continue reading Cyber Threat Causes Most Concern for Businesses: Beazley
TechAssure Launched Cyber Threat Sharing Community to Fight Ransomware
TechAssure, the international nonprofit association of insurance and risk management experts for technology-related risks, has announced a new partnership with RiskAnalytics and ICE Cybersecurity to launch an exclusive cyber insurance solution called The ShadowNet Program. Using RiskAnalytics’ proprietary cybersecurity solutions, and ICE Cybersecurity’s assessment and analytics platform, Insureds can now join in the fight against… Continue reading TechAssure Launched Cyber Threat Sharing Community to Fight Ransomware
Ransomware Attacks Spur Insurers to Rethink Cyber Business
The hacks came one right after another, sowing chaos at hospitals, idling America’s biggest gasoline pipeline, crippling a huge meat supplier and devastating hundreds of companies over the July 4 weekend. Now, insurers are reassessing the cyber business. With cyberattacks on the rise and demand for coverage surging, the $3 billion industry of protecting companies… Continue reading Ransomware Attacks Spur Insurers to Rethink Cyber Business
White House Warns Companies to Step Up Cybersecurity Measures
The White House warned corporate executives and business leaders on Thursday to step up security measures to protect against ransomware attacks after intrusions disrupted operations at a major meatpacking company and the biggest U.S. fuel pipeline. There has been a significant hike in the frequency and size of ransomware attacks, Anne Neuberger, cybersecurity adviser at… Continue reading White House Warns Companies to Step Up Cybersecurity Measures
Ransomware and Aggregation Issues Call for New Approaches to Cyber Risk: AM Best
With the cyber risk hazard environment—ransomware, business interruption and aggregation—worsening significantly, prospects for the U.S. cyber insurance market are grim, according to a new AM Best report. The Best’s Market Segment Report, “Ransomware and Aggregation Issues Call for New Approaches to Cyber Risk,” notes that cyber insurance, which began as a diversifying, secondary line and… Continue reading Ransomware and Aggregation Issues Call for New Approaches to Cyber Risk: AM Best
Allianz Risk Barometer 2021: COVID-19 Trio Tops Global Risks
A trio of Covid-19 related risks heads up the 10th Allianz Risk Barometer 2021, reflecting potential disruption and loss scenarios companies are facing in the wake of the coronavirus pandemic. Business interruption (#1 with 41% responses) and Pandemic outbreak (#2 with 40%) are this year’s top business risks with Cyber incidents (#3 with 40%) ranking… Continue reading Allianz Risk Barometer 2021: COVID-19 Trio Tops Global Risks