Cyber

SEC cybersecurity regulations: Living in a “material” world for disclosure

The new Securities and Exchange Commission regulations on disclosing cybersecurity incidents will potentially lead to third-party claims, while also providing threat actors with another lever to pull during attacks.

Ransomware activity breaks records in ’23 despite Q4 sequential dip

Last year broke records for ransomware activity, a new report from Corvus has shown, but the insurtech noted that the number of ransomware leak site victims posted in Q4 fell 7 percent compared with Q3 due to law enforcement actions.

Innovative capital closes cyber protection gap

More capacity will be needed to unlock the growth potential in cyber risk transfer – particularly in the SME market – according to David Grigg, US cyber reinsurance leader at Aon’s Reinsurance Solutions, with recent ILS deals a big step forward in securing capital and driving growth.

Alliant’s Kill: Cyber breach class action lawsuits extending tail of claims

Alliant cyber executive Brian Kill has said that class action lawsuits are extending the tail of cyber claims, while insurers’ need to maintain ambitious growth goals means pricing in the segment is likely to remain relatively muted in the near future.

Cybersecurity: Threat and the four layers to a resilient defence

Virtually every business today relies on complex online systems – and with those systems come equally complex cyber risks. As cyber threats continue to evolve, the importance of cybersecurity cannot be overstated.

The cyber market’s maturity moment

When asked about the state of the cyber market, it would be easy to talk about underwriting trends, loss developments, or other hot topics in today’s market like war exclusions, rate adequacy, and even ransomware trends. However, sometimes it’s the simplest questions that are toughest to answer.

Global authorities disrupt LockBit ransomware group operations

Law enforcement authorities from 11 countries have joined forces to disrupt the operations of LockBit, an infamous cybercrime group reportedly responsible for 44 percent of cyber incidents globally in 2022.

Michael Loney introduces Cyber Risk Insurer!

Ahead of today’s hotly anticipated launch of Cyber Risk Insurer, Janet Babin of The Insurer TV caught up with the editor of the new title and longstanding journalist at The Insurer, Michael Loney, on what to expect and why it’s never been more important to have a dedicated news source covering the rapidly growing cyber insurance market.

Cowbell’s Le and Thompson: Threat actors heightening their focus on “quality” of data

Cowbell’s chief claims officer said that threat actors are becoming more sophisticated in their attacks, now targeting the “quality” of data rather than just volume, and that social engineering threats have evolved beyond just business email compromise.

CyberCube’s Millaire: Cyber modelling transformed from being “interesting” to “useful”

CyberCube’s CEO Pascal Millaire said that his firm’s accurate predictions of industry loss ratios in recent years have been “proof points” in the maturity and validity of cyber modelling and said cyber models have gone from being “interesting” to being “useful”.

Elpha Secure’s Malin: Rise in cyber ILS transactions illustrates need for more capacity

The president of SME-focused cyber insurtech Elpha Secure said the spike in cyber ILS transactions last year reflected demand for more capacity in the cyber segment, and also laid his firm’s focus on improving insureds’ cyber hygiene.

MOXFIVE CEO: Strong incident response means giving clients a sense of “control”

Cyber incident response firm MOXFIVE’s CEO said the resurgence of threat activity has created whiplash within the incident response community, and also discussed the maturation of the industry and the importance of providing clients with a feeling of “control” after a breach.

Coalition: Total number of CVEs expected to increase by 25% in 2024

Coalition’s Cyber Threat Index 2024 report found that the total number of common vulnerabilities and exposures is expected to rise by 25 percent in 2024 to 34,888 vulnerabilities, averaging roughly 2,900 per month.

Resilience acquires incident response platform BreachQuest

Resilience has acquired BreachQuest, an incident response technology solution that will allow the cyber insurtech to help clients combat the rise of business email compromise and increase incident preparedness, The Insurer can reveal.

William Pitt: Cyber set to light touch points between underwriter and insured

While most traditional insurance lines typically see relatively limited interaction between insurers and policyholders, the emerging cyber market redefines the relationship between the two parties.

Beazley forms cyber risk management firm Beazley Security

Beazley has merged its in-house cyber services team with wholly-owned cyber security company Lodestone to create Beazley Security, an integrated cyber risk management company.

JKJ’s Bretschneider: Greater “duty of care” awareness needed for email compromise

Johnson Kendall & Johnson’s cyber practice leader has said insureds need a greater awareness of the “duty of care” obligations associated with business email compromise breach events, warning this could lead to claims being challenged down the road.

When a wunderkind grows up

Cyber could change the insurance market profoundly. But first it needs to overcome its own growth constraints.

At-Bay’s Crocker: SMEs remain “target-rich environment” as insurtech touts MDR

Small to medium-sized businesses remain “a target-rich environment” for threat actors, according to At-Bay’s head of digital forensic and incident response Larry Crocker, who also touted the importance of managed detection and response services.

What every insurer should know about the AI they (say) they’re using

A key metric for insurers to consider when using AI is the impact it has on the business from a risk perspective, according to Arch Insurance Group’s vice president – cyber risk product leader Shiraz Saeed.