Property and Casualty (P/C) insurers are gradually gaining sophistication in measuring risk aggregations and modeling potential losses from catastrophic cyber events, but efficacy of this analysis is inhibited by exposure to non-affirmative or “silent” cyber risk, Fitch Ratings says. Many insurers now view cyber insurance as an attractive source of premium growth and profits. However,… Continue reading Fitch Ratings: Silent Cyber Assessment Key to Managing Evolving Insurance Risk
Tag: cyber security
Brit Announces Launch of E-trading Cyber Portal
Brit Ltd (“Brit”) is pleased to announce the launch of its online platform for cyber risks. The e-trading portal will launch in both the UK and the US targeting SMEs in both regions. The portal will give brokers an agile, user-friendly outlet for Brit’s leading cyber underwriting capabilities, allowing them to quote and bind in… Continue reading Brit Announces Launch of E-trading Cyber Portal
Insurers Identify 17 Cybersecurity Solutions They Consider Effective in Reducing Cyber Risk
Marsh, the world’s leading insurance broker and risk adviser, today announced the inaugural class of cybersecurity solutions receiving a Cyber Catalyst℠ designation as part of a first-of-its-kind evaluation program designed to bring organizations greater clarity in the crowded cybersecurity marketplace. Cyber Catalyst by Marsh℠, launched earlier this year, convened leading cyber insurers Allianz; AXIS; AXA… Continue reading Insurers Identify 17 Cybersecurity Solutions They Consider Effective in Reducing Cyber Risk
Tech-Powered Trucks Force Transport Sector to Consider Cybersecurity
The life of a trucker was once a solitary one, with an open road and little more than a radio to connect to the wider world. Now, vehicles are packed with technology, opening the door to hackers, experts warn. Most commercial trucks at major operators are now equipped with GPS systems that relay information—such as… Continue reading Tech-Powered Trucks Force Transport Sector to Consider Cybersecurity
AXA XL and Accenture Partner to Provide Cybersecurity Services to Clients
AXA XL and Accenture are partnering to offer global cybersecurity expertise to AXA XL’s underwriters, brokers and clients to strengthen their cyber capabilities and combat and recover from cyberattacks. AXA XL — AXA’s property & casualty (P&C) and specialty risk division — will tap into Accenture’s global cybersecurity capabilities, including its iDefense threat intelligence team,… Continue reading AXA XL and Accenture Partner to Provide Cybersecurity Services to Clients
Chubb Survey Finds Disconnect between U.S. Consumers’ Awareness and Actions toward Cybersecurity
A new study from Chubb finds that when it comes to cybersecurity, Americans are concerned, but not necessarily prepared to take the appropriate—and necessary—preventative steps to protect themselves from a cyber attack. According to Chubb’s Third Annual Cyber Report, which examined individuals’ comprehension of cyber risks and the steps they are taking to protect themselves,… Continue reading Chubb Survey Finds Disconnect between U.S. Consumers’ Awareness and Actions toward Cybersecurity
U.S. Cyber Insurance Market is Growing, But Can Industry Solutions Keep Up with the Threat?
Insurers continue to refine and evolve the underwriting and products for cyber threats, along with incubating an ecosystem of services. The cyber threat, however, is evolving at a rapid pace, enhanced by the explosive growth in technology advancements, according to a new study by Conning. “While cyber premium has been growing, there are challenges to… Continue reading U.S. Cyber Insurance Market is Growing, But Can Industry Solutions Keep Up with the Threat?
Swiss Re and Capsicum Re Deliver “Decrypt” – A Holistic Cyber Reinsurance Solution
Decrypt, a new holistic cyber reinsurance solution is launched today by co-creators Swiss Re and Capsicum Re, the specialist reinsurance broker. Decrypt provides a single, flexible, end-to-end solution to insurers’ cyber exposure challenges, including embedded, silent, and affirmative cyber risks. Decrypt’s modular approach is comprised of risk identification, quantification and transfer. It offers market-leading cyber-risk… Continue reading Swiss Re and Capsicum Re Deliver “Decrypt” – A Holistic Cyber Reinsurance Solution
Baltimore Transfers $6M to Pay for Ransomware Attack; City Considers Cyber Insurance
Baltimore officials on Wednesday voted to transfer $6 million from a fund for parks and public facilities to help pay for the devastating impact of the May ransomware attack on the city. The funds will help pay for “cyber-attack remediation and hardening of the environment,” according to the city’s spending panel, the Board of Estimates,… Continue reading Baltimore Transfers $6M to Pay for Ransomware Attack; City Considers Cyber Insurance
Reinsurers’ Silent Cyber Concerns Ease in 2019: Wills Re Survey
The reinsurance sector is considerably less concerned about silent cyber exposures than it was in 2018, according to an annual global survey by Willis Re, the reinsurance division of broker Willis Towers Watson. Analysts believe that the fall in silent cyber claims expectations could stem from the absence of wide-scale cyber events in the 12… Continue reading Reinsurers’ Silent Cyber Concerns Ease in 2019: Wills Re Survey