Technology

Corvus: Ransomware surge continues in Q3 2024 driven by VPN vulnerabilities

Ransomware activity remained persistently high in the third quarter of 2024, with 1,257 victims identified and nearly 30 percent of incidents linked to attackers exploiting virtual private network (VPN) vulnerabilities, according to a new report from cyber insurtech Corvus.

Aon adds cyber risk analysis tool to its suite of risk analysers

Aon has announced the roll out of its Cyber Risk Analyzer, a new digital application to evaluate cyber risk across sectors, after launching similar tools for property, casualty and D&O in the past year.

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.

Gallagher Re: Broadening cybersecurity data use could reduce loss ratios up to 16.4%

Expanding the use of cybersecurity data can help insurers materially reduce loss ratios, according to a new study by Gallagher Re.

Cyberwrite expanding into cat modelling after hiring Lloyd’s emerging risks head Lo Giudice

Risk quantification firm Cyberwrite is launching a new cyber catastrophe modelling practice led by Lloyd’s former head of emerging risks Marco Lo Giudice, Cyber Risk Insurer can reveal.

Canopius names Getty as cyber and tech underwriter

Canopius Group has appointed Chris Getty as cyber and technology underwriter.

The Baldwin Group launches digital placement platform for cyber

The Baldwin Group has partnered with digital commercial wholesaler Limit and a number of carriers to launch an API-connected underwriting platform called Cyber Navigator.

Sompo launches tech package with PI and cyber cover for UK middle market

Japanese insurer Sompo has unveiled a technology insurance package for middle market clients in the UK, encompassing property, casualty, professional indemnity and cyber coverages.

Zywave unveils cyber quoting platform for global insurers and US distributors

Insurance software provider Zywave has launched Cyber Quoting, a centralised quoting platform for global cyber insurers and US distribution partners.

Corvus’ Rebholz on how hostile states are using GenAI against us and why it could be worse

Corvus’ chief information security officer Jason Rebholz explains how state-backed threat actor groups are leveraging generative AI and how their use of advanced technology has the potential to exacerbate the existing threat landscape.

GenAI a threat and opportunity

Dialogue is increasingly focusing on how the market will be impacted by AI.

Google Cloud’s Shokrai: Cloud is safer for insurers than on-prem infrastructure

Cloud providers like Google are exposed to so many types of security threats that they are capable of staving off more cyber attacks than many on-premise systems, according to Monica Shokrai, head of business risk and insurance at Google Cloud.

WTW unveils $20mn primary cyber and tech E&O facility for international clients

WTW has launched a primary cyber and tech E&O facility, designed to provide increased limits for international clients headquartered outside of GB and US.

Beazley’s Bantick optimistic for future cyber cat bonds despite AI uncertainty

The growth of generative AI and its ability to streamline corporate processes while also fuelling the tactics of bad actors will be the most significant “unknown known” risk in 2024, according to Beazley’s group head of cyber risks Paul Bantick.

AI, cybersecurity, inflation and war risks dominate 2024 insurance outlook: RPC

The next 12 months will see insurers and insureds increasingly turn to AI technologies, bringing new risks for the market to address, according to law firm RPC.

How AI is changing the cybersecurity landscape

Peter Hedberg, vice president of cyber underwriting at Corvus Insurance, outlines the challenges and opportunities of AI and the steep learning curve facing cyber underwriters.

Zywave: Harnessing technology will differentiate cyber insurance offerings

Harnessing digital tools such as algorithmic underwriting to improve exposure management and more effective use of data will differentiate carriers as the cyber market matures, according to Zywave’s Fay Reinhold-Shor.

Cyber modelling standards to match Euro cat perils within three years: Moody’s RMS

Cyber modelling could reach the same level of accuracy as seen for European cat perils within the next three years, according to Moody’s RMS’ Vivek Bajaj, who warned that the current trend towards cyber exclusions will not improve market penetration.

Paladin Cyber hires Wieber and Leanza and rebrands to Upfort

Full-stack cyber security and insurance platform Paladin Cyber has rebranded to Upfort after what it described as “rapid growth and market demand”, hiring Jeremy Wieber from Farmers Insurance and Matthew Leanza from Swiss Re Corporate Solutions.

Moody’s Analytics’ Ingram: “We’re doubling down on cyber”

As the insurance industry seeks to better understand cyber risks, Moody’s Analytics’ James Ingram told The Insurer TV the risk analytics company is “doubling down” on the peril.