Cyber attack on London hospitals declared “critical incident”A cyber attack on London hospitals last Monday has been declared a “critical incident”, impacting the delivery of services, especially blood transfusions and test results, and leading to the cancellation of non-urgent procedures.
21% of Marsh cyber clients in US and Canada reported an event in ‘23Marsh clients in the US and Canada reported a record 1,800+ cyber claims last year, encompassing cyber, tech, and telecom errors and omissions (E&O), as well as media coverage.
Vantage Risk enters US primary cyber insuranceVantage Group Holdings has begun underwriting US primary cyber insurance business through its US insurance subsidiaries with capacity of up to $10mn, Cyber Risk Insurer can reveal.
TMHCCI’s Marguinaud: Softening cyber market spurs “aggressive” playersWith the cyber insurance market showing signs of softening from the peak of the hard cycle, Tokio Marine HCC International’s Xavier Marguinaud has warned against complacency in the risk assessment and underwriting process.
Parametric innovations seek to unlock new cyber and D&O capacityThe Insurer examines the rising profile of parametric insurance, which is increasingly being used to fill coverage gaps both for natural catastrophes and other perils.
British businesses back call for state-backed cyber reinsurance poolAn influential lobby group representing thousands of UK businesses has become the latest voice to urge the next government to work with the insurance sector to create a state-backed reinsurance pool to protect firms from catastrophic cyber risk.
Ticketmaster and Santander suffer data breaches claimed by hacker group ShinyHuntersTicketmaster and Santander Bank have both fallen victim to significant data breaches, allegedly orchestrated by the hacker group ShinyHunters.
Descartes expands parametric cyber product to GermanyParametric specialist Descartes Insurance has expanded its cyber shutdown offering to Germany, having launched the cover for SMEs in France in February.
Navigating cyber insurance post-hard marketTom Quy, senior vice president at Acrisure London Wholesale, argues that the cyber market can thrive through prioritising innovation and collaboration as carriers transition from remediation to proactive problem-solving.
Marsh: UK cyber rates fall 12% in Q1 despite “persistent” threat activityUK cyber insurance rates were down 12 percent on average during the first quarter of 2024, marking the second consecutive quarter of year on year double-digit rate reductions, according to new data from Marsh.
CRC’s INSUREtrust hires Cowbell’s Kozel as SVPINSUREtrust, a cyber specialty broker within CRC Group, has hired Sonja Kozel from Cowbell as senior vice president.
Lockton adds Onnec’s Fitzpatrick as cyber risk consultantUS broker Lockton has added Brendan Fitzpatrick to its cyber and technology practice as vice president, cyber risk consultant.
Sompo launches tech package with PI and cyber cover for UK middle marketJapanese insurer Sompo has unveiled a technology insurance package for middle market clients in the UK, encompassing property, casualty, professional indemnity and cyber coverages.
Marsh: 75% of mid-market business leaders see cyber as top 2024 concernSeventy-five percent of US-based mid-market business leaders view cybersecurity as their top concern in 2024, trailed by economic and regulatory risks, according to a new report from Marsh McLennan Agency.
Corvus doubles limits on flagship Smart Cyber offering to $10mnCyber MGA Corvus has doubled the limit offering on its Smart Cyber coverage to $10mn for aggregate covered losses, as part of several measures to expand its underwriting appetite and penetration.
Cyber carriers look globally as US growth stalls amid rate pressureDownward pressure on cyber rates remains amid rampant capacity, with carriers focusing on international business for growth but also expecting US premiums to pick back up this year as new customers purchase cover and uncertainty around war exclusions dies down.
Cyber insurtech Measured parts ways with underwriting staff in pivot to analytics modelUtah-based cyber insurtech MGA Measured parted ways with all of its underwriting staff earlier this year as part of a broad strategic pivot to providing analytics services, which the firm said is the result of soft market conditions, Cyber Risk Insurer can reveal.
Is Berkshire right to be wary of “fashionable” cyber?Ajit Jain attracted attention in early May when he commented on the cyber market at Berkshire Hathaway’s annual general meeting.
Lloyd’s expects updated state-backed exclusions to bring clarityLloyd’s has updated its market guidance on cyber exclusions to tighten eligible clauses for state-backed cyber attacks in a move the Corporation expects to bring greater certainty.
Cyber Monitoring Centre at heart of UK’s Cyber Re planThe UK (re)insurance market is coalescing around systemic cyber event declaration and classification metrics put forward by the newly launched UK Cyber Monitoring Centre as part of the proposed ‘Cyber Re’ initiative.