CYBER – Page 12
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NewsTokio Marine Insurance Singapore falls victim to ransomware cyber attack
The group has since hired an external specialist to verify the impact of the attack
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NewsAIG tightens cyber insurance limits as premiums climb
The insurer’s planned sale of its life and retirement business via an initial public offering is likely to happen in Q1 2022
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NewsHiscox continues to take action on cyber products following ransomware surge
Human error is the ’biggest vulnerability’ when it comes to cyber attacks, says the insurer
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NewsCyber insurance ‘needs to evolve’ as it is ‘not the right product’ for the future – Hiscox
Incoming chief executive says the insurer is reaping the benefits of taking a more preventative stance
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NewsCII exposes cyber risk knowledge gap
The lack of knowledge around cyber insurance could result in mis-selling and poor customer outcomes, according to the CII
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News AnalysisRansomware surge could see cyber become next Covid-related crisis
Cyber-linked business interruption cover ’should be viewed as vital’ as research confirms that 17% of UK businesses have experienced more cyber attacks since Covid-introduced homeworking measures
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NewsInsurers must ‘increase their knowledge and expertise’ around cyber risks
If global multiline insurers do not stay on top of cyber trends, potential claims may ‘no longer be insurable in an extreme scenario’, says insurance director
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NewsCyber insurance industry predicted to exceed $20bn GWP by 2025 – GlobalData
The pandemic has triggered a ‘permanent shift’ in the way businesses operate, which will push the demand for commercial and personal cyber cover
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NewsGlobal cyber insurance pricing increases by 32% – Howden
The rampage in ransomware now poses a predominant threat to businesses of all sizes
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NewsLack of cover leaves SMEs exposed to cyber attacks – Aviva
Over three-quarters of businesses do not have any cyber insurance cover in place, despite escalating digitisation
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News‘Futuristic’ CFC syndicate will have ‘key role’ in Lloyd’s market
Lloyd’s boss John Neal deems CFC a ’frontrunner in cyber products’
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NewsPerception that extortion cover fuels cyber crime is ‘misguided’ – CFC Underwriting
The firm’s cyber development leader believes ‘the last option we want is to remove extortion coverage’, but that applying sub-limits could be a viable route forward
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NewsCPP Group UK inks three-year cyber contract with Partners&
The SME market is a key growth area for cyber, but existing products are ’unnecessarily complex and unsuitable’
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NewsGuidewire backs draft Online Safety Bill extension to include financial scams
Guidewire’s chief innovation officer says that cumulatively, financial scams risk the reputation of the industry
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NewsCNA Hardy allegedly paid $40m to ransomware attackers
The firm said in a statement that the investigation is ongoing, but it has shared some information regarding the ransomware attack in March
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IT InterviewCombating surging cyber crime demands action from all claims parties – McLarens
Amid the uptick in Ransomware as a Service, ’keeping control of costs’ and ‘managing all stages in the cyber claim effectively is crucial’ says cyber and technology lead
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IT InterviewJacqueline McNamee: The insurtech MGA serving brokers ‘something different’
Ex-AIG boss McNamee has plans for C-Quence’s next chapter, including servicing its ’tremendous broker distribution channel’
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FeaturesBriefing: Brokers’ risk management role is key in preventing ‘contentious’ cyber ransom payments
The recent Colonial Pipeline cyber attack should act as a ‘wake-up call’ for businesses to better prepare for this emerging risk – and brokers are fundamental in laying risk mitigation groundwork
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News AnalysisD&O market challenges remain as capacity and conditions still a concern
Underwriters are ‘wary’ of claims against board members, therefore brokers must work to differentiate their clients’ risks
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NewsTrade association makes written intervention for Lloyd v Google
Law firm RPC, representing techUK, says its client is ’uniquely placed’ to make a written intervention and highlight the consequences for the wider technology community
