News

Resilience: Cyber attackers shifting ransomware tactics to bypass security controls

Cybercriminals are returning to “big game hunting” tactics in ransomware attacks while third-party vendors have become the lead point of failure for cyber claims, according to a new report from insurtech Resilience.

Howden Tiger’s TigerEye platform under forensic investigation following cyber incident

Howden Tiger’s pricing and portfolio management platform TigerEye has been hit by a “cybersecurity incident”, with the reinsurance intermediary expected to pay a ransom to recover the system, The Insurer understands.

Global economy faces $3.5trn shock from a systemic cyber attack: Lloyd’s

Lloyd’s has estimated a global economic impact of $3.5trn in its latest systemic risk scenario modelling a “hypothetical but plausible” cyber attack on a major financial services payments system.

Arch targets European cyber growth through new Spanish office

Arch Insurance has bolstered its European cyber offering with the launch of a Spanish operation, led by Jose Carlos Jiménez Fernández and Rafael Ortiz Losada as senior cyber underwriters.

FCA fines Equifax £11mn for mishandling of UK consumer data breach

The Financial Conduct Authority has handed an £11.16mn fine to consumer credit reporting agency Equifax Ltd for its failure to manage and monitor the security of UK consumer data outsourced to its US-based parent company, which was hit by a cybersecurity breach in 2017.

Onda launches in London to provide cyber insurance to UK SMEs

Onda, a new Lloyd’s-backed cyber insurance MGA, has launched in London, led by former Tokio Marine Kiln senior cyber underwriter Alex Jomaa as chief underwriting officer.

Control Risks: Israel-Hamas escalation causes sharp uptick in cyber activity

There has been a sharp uptick in cyber activity, primarily targeting Israeli organisations, since the escalation of the conflict between Israel and Hamas, with a prolonged conflict likely to trigger broader activity in the coming weeks, according to Control Risks.

USQRisk launches cyber program Pera with Chaucer capacity

USQRisk’s MGA incubator and accelerator unit Desq has launched its first offering, a cyber and blended cyber and technology E&O-focused program targeted at large US-domiciled corporates.

Hiscox: Cyber attacks continue to rise as 53% of firms hit in 2023

Cyber attacks have continued to rise with 53 percent of firms suffering an incident during 2023, according to Hiscox’s annual cyber readiness report.

CFC to launch UK Cyber Monitoring Centre to identify events as they develop

CFC is in the final stages of establishing a UK Cyber Monitoring Centre for systemic event declaration and classification, with the body targeting a 1 January 2024 launch.

CFC’s Holmes: Cyber is greatest insurance growth opportunity of our generation

CFC chief underwriting officer Andy Holmes has hailed the profitability of the cyber class in an address to the company’s Cyber Forum in London, describing it as the “greatest structural growth opportunity of our generation as insurance practitioners”.

NetDiligence: Average cost of cyber incidents dips in 2022

The average cost of cyber incidents for both SMEs and larger companies fell in 2022, according to a claims study from NetDiligence.

Gallagher Re: Cyber market has potential to bifurcate between large corporates and SMEs

There is a growing argument for dividing the cyber insurance market with separate product suites catering for large corporates and SMEs, according to Gallagher Re.

Canopius launches new coverage for cannabis cyber risks

Specialty (re)insurer Canopius Group has launched a cannabis cyber insurance solution to address data security issues in the North American legal cannabis industry.

Corvus’ Waller welcomes FCA call for cyber wording consistency

Ensuring fair value and that customers understand the policies they are purchasing is essential for the evolution of a stable and sustainable cyber insurance market, according to Corvus Insurance’s Matthew Waller.

Clorox confirms cyber insurance after attack

Household and professional goods manufacturer Clorox Company, whose stable of brands includes its namesake Clorox cleaning products, Glad, Brita and Burt’s Bees, has confirmed it has cyber cover, following a hack that will leave it nursing a Q3 net loss.

MGM believes insurance “sufficient to cover” $100mn cyber attack hit

MGM Resorts International has estimated a $100mn negative impact to its Q3 results from a cyber attack in September and around $10mn in one-time expenses, with the casino giant believing that its cybersecurity insurance “will be sufficient to cover the financial impact”.

Everest: Cyber is a broker’s market, as underwriters feel the competition

While brokers feel that underwriters are maintaining discipline in cyber, underwriters are feeling the frustration of a competitive market, a new white paper by Everest has found.

Breach agrees Accelerant capacity deal for new Crypto Shield Pro offering

Insurtech MGA Breach Insurance has agreed a capacity deal with AM Best A- rated Accelerant to support a new program targeted at institutional clients of crypto custody solutions.

Chubb working to launch $1.5bn cyber mutual for insureds called CybEx

Chubb is working on launching a cyber mutual carrier capitalised by insureds called CybEx that would offer as much as $250mn xs $250mn of coverage directly to its clients, a move that is creating controversy among some brokers, The Insurer can reveal.