Cyber

Insurance Europe issues EU recommendations to strengthen cyber market

Insurance Europe, the European reinsurance federation, has published a number of policy recommendations to the European Union on how it can support the role insurance plays in strengthening cyber resilience.

Sinclair sues CNA and Starr for refusing to pay out $10mn layers for cyberattack BI losses

Media company Sinclair has sued two of its excess carriers for refusing to pay the $10mn limits that both provided under its $50mn cyber insurance program for business interruption losses stemming from a 2021 ransomware attack.

Coalition enters UK cyber partnership with The Hartford

Cyber insurer Coalition has entered a new long-term capacity partnership with The Hartford in the UK.

Marsh: Global cyber rates drop 6% in Q3 with declines in every region

Cyber rate decreases globally held steady in the third quarter at 6 percent compared with Q2, according to Marsh, with rate declines slowing in the US but accelerating in the UK and Europe.

Delta sues CrowdStrike over software update that prompted mass flight disruptions

Oct 25 (Reuters) by David Shepardson – Delta Air Lines on Friday sued cybersecurity firm CrowdStrike in a Georgia state court after a global outage in July caused mass flight cancellations, disrupted travel plans of 1.3 million customers and cost the carrier more than $500 million.

Tidal Cyber gets USAA and Capital One Ventures investments

Tidal Cyber has secured investments from USAA and Capital One Ventures which the security company said will be used to fund enhancements to its Enterprise Edition platform along with fuelling the adoption of threat-informed defence.

Falling cyber insurance premiums as incentive for firms to foster better security cultures

Howden’s annual report published at the start of July found that cyber insurance premiums are decreasing, with the market seeing double-digit price reductions in the 2023/24 financial year.

Shift towards non-proportional cover to continue towards 1.1

Cedants are expected to place more non-proportional cover at 1.1, while reinsurers will be focused on business interruption coverage grants, according to Aon Reinsurance Solutions’ Rory Egan.

AI in cybersecurity: The double-edged sword reshaping digital defence

Kyle Lutterman and Jamie Schibuk, cyber risk experts at Arch Insurance, explore the dual nature of AI in cybersecurity, highlighting its role in both sophisticated attacks and advanced defence strategies.

Bridging the gap: the emergence and growth of cyber cat bonds

As the global cyber insurance industry expands, the need for additional capacity alongside global reinsurance capacity has been growing, and the ILS market is starting to play an important role in broadening the capital base.

Prepare, protect, respond: Managing cyber risk in an asymmetric battleground

Whether murky and desperate or sophisticated and organised, the stories behind the emerging threats and actors within the evolving cyber landscape can fascinate and frighten in equal measure.

Canopius parts ways with US cyber and tech E&O head Soubra

Canopius Group has parted ways with its US head of cyber and tech E&O Jenny Soubra, Cyber Risk Insurer can reveal.

Gallagher Re’s Braney: cyber reinsurers increasingly attracted to international cyber but “imaginative” approach to risk required

Cyber reinsurers are increasingly looking to deploy capacity into developing international markets at a time of moderate rate softening in North America and Europe, according to Gallagher Re’s Jennifer Braney, who called for carriers to take a more “imaginative” approach to risk appetite and solutions.

QBE/Zywave survey: 60% of respondents hit by cyber event but only 36% filed claim

Cyber incidents continue to pose a significant threat, with a report from QBE North America in collaboration with Zywave revealing that over 60 percent of respondents have experienced a cyber event, while more than 80 percent have invested in some form of cyber risk insurance.

Axa XL expands global cyber coverage to address gen AI risks

Axa XL has introduced a new endorsement to its global cyber insurance coverage, specifically targeting risks associated with generative AI.

Cyber insurance lawyer Selby launches Selby Strategies

Former Kennedys partner and well-known cyber insurance lawyer Judy Selby has launched Selby Strategies to offer performance coaching.

CAC launches CyberPeril Pro solution for energy and utility sectors

US broker CAC Group has launched CyberPeril Pro, a cyber insurance solution designed to address coverage gaps within the energy and utility industries.

French cyber MGA Stoïk raises €25mn with Munich Re and TMHCC among investors

Stoïk has secured €25mn in a Series B funding round led by French venture investment firm Alven, with the Paris-based insurtech planning to use the proceeds to bolster its position in the European cyber SME space.

Kroll recruits Marsh’s Keefe to be new global cyber insurance industry lead

Kroll has appointed former Marsh executive Katherine Keefe as managing director and global cyber insurance industry lead for Kroll’s cyber insurance capabilities worldwide, Cyber Risk Insurer can reveal.

Pen launches large corporate cyber offering

Gallagher’s UK-based MGA Pen Underwriting has launched its cyber proposition for large corporate clients.