Cyber

GC’s Davis: Profitability, maturity of cyber segment attracting more reinsurance capacity

Guy Carpenter’s Erica Davis has said that strong growth in the cyber market, along with better risk controls, shrewd limit deployment and increased confidence in attritional loss picks has attracted increased capacity to the cyber segment.

Tailoring cyber product at front end could help drive market growth

More structured tailoring of the cyber product by brokers and carriers would lead to a better understanding of risk and mitigate the assumption bias further up the capital chain, according to Alex Podmore, senior cyber broker at Aon.

Between renewals: Navigating cyber reinsurance over the short and long term

Lydia LaSalata, global head of cyber at Axis Re, offers her insight into what the cyber reinsurance market saw at recent renewals, expectations and challenges for upcoming renewals and why the market should be focusing on the long term.

Australia proposes post-incident cyber review body

The Insurance Council of Australia has welcomed government proposals to form a cyber incident review board as a post-incident assessment mechanism, although it has called for greater clarity around the definition of “business critical data”.

BMS’ Tigleanu: “It’s not our job to decide how organisations take risk”

It is not the insurance industry’s place to dictate the cybersecurity protocols that an organisation implements, as underwriters have not yet evaluated which controls are most effective at reducing risk, BMS’ cyber strategy director Monica Tigleanu has argued.

Howden partners with NYC-based insurtech Cyberwrite to enhance cyber resiliency

Howden has launched a new partnership with New York-based insurtech Cyberwrite, aimed at providing insights into cyber threats for its clients.

Guy Carpenter: Revenue is key driver of cyber model divergence

Annual revenue has emerged as the most significant driver of cyber model divergence at the tail, a new report by Guy Carpenter has found.

BMS appoints Howden’s Leahy as cyber practice divisional director

BMS has hired Howden’s Daniel Leahy as cyber practice divisional director, with the new recruit set to co-lead the practice alongside fellow divisional director Simon Meech

Gallagher Re names Lau Asia Pacific cyber head

Gallagher Re has appointed Sie Liang Lau as Asia Pacific head of cyber.

Axis cyber strategy, innovation head Perkins joining cybersecurity firm Spektrum Labs

Max Perkins, head of strategy and innovation for Axis’ cyber and technology business, will join cybersecurity start-up Spektrum Labs to lead its insurance solutions practice, Cyber Risk Insurer can reveal.

Start-up law firm Pierson Ferdinand hires cyber specialist Panensky from Marsh

Virtual law firm Pierson Ferdinand has hired cyber specialist Howard Panensky from Marsh, marking the new venture’s latest prominent recruit, Cyber Risk Insurer can reveal.

LockBit ransomware group member sentenced to four years in prison

Mikhail Vasiliev, a member of the LockBit ransomware group, has been sentenced to four years in prison by an Ontario, Canada court.

Brit launches $50mn limit cyber consortium for large corporates

Fairfax-owned Brit Insurance has launched a new $50mn limit Lloyd’s consortium to improve the efficiency of cyber placements for large institutional clients with revenues of $10bn or more.

Chubb’s Greenberg: SEC’s cybersecurity rules “a bad idea” and “an overreach”

The new US Securities and Exchange Commission rules requiring disclosure of material cybersecurity breaches are “unwise”, Chubb’s Evan Greenberg has commented, because they put pressure on companies to settle with attackers while providing a roadmap for other bad actors.

Lloyd’s: GenAI to fuel increased frequency and severity of cyber attacks

The emergence of AI technologies, particularly unrestricted and advanced generative AI models, will “reshape” the cyber threat landscape in terms of both threat actor and defensive capabilities, according to a new report by Lloyd’s.

Coalition enters long-term US capacity agreement with Aspen

Coalition has entered a new multi-year agreement with Aspen Specialty Insurance Company to deploy cyber insurance capacity in the US, expanding the insurtech’s existing relationship with the Bermudian carrier.

Beazley eyes multi-year growth opportunity in European cyber

Beazley is expecting strong cyber exposure growth in Europe during 2024 as it capitalises on a rapidly expanding market.

Resilience launches tech E&O coverage with $10mn limits

Cyber insurtech Resilience has launched technology errors and omissions coverage for US organisations with $300mn to $10bn in revenue.

PLUS cyber panel: Evolution of product needed to hit market’s projected $40-50bn premium by 2030

The cyber product may need to evolve if the market is to continue to grow, with carriers facing pressures from rising third-party exposures and the threat of a large systemic event, according to speakers on a panel at the PLUS Cyber Symposium.

Mosaic launches $15mn primary tech E&O offering

Mosaic Insurance’s cyber division has launched a primary technology errors and omissions offering to protect tech businesses against liability risks.