MGA Coterie Insurance announced its entry into the cyber insurance market
Coterie Insurance, a managing general agent (MGA) focused on simplifying small business insurance, announced its entry into the cyber insurance segment
Cyber Insurance News
Breaking cybersecurity, cyber insurance and information news, independent research, latest tech analysis and cyber market news from Beinsure Media.
Last Cyber Insurance News focuses on the latest developments in the cyber insurance sector. It covers updates on policies, market trends, and regulatory changes. The category provides insights into how insurers and businesses are addressing emerging cyber risks. It includes information on new insurance products, key industry shifts, and noteworthy case studies.
Readers can find news about major incidents, changes in coverage options, and advancements in technology that impact the cyber insurance landscape.
Top risks for UK businesses in 2024: Economic, Cyber, Workforce Challenges
Marsh McLennan highlights the primary concerns for UK businesses over the next year. The TOP-3 issues identified are economic and financial challenges (43%), cyber threats (39%), and people-related risks (38%)
Cyber threats as the top concern for businesses – Travelers Risk Index
Cyber threats as the top concern for businesses. This marks the fourth time in six years that cyber risks have taken the lead. according to 2024 Travelers Risk Index
Cysurance partnered with 360 SOC, a cyber provider of response services
Cysurance, a firm focused on risk mitigation and certifying security solutions, has partnered with 360 SOC, a provider of managed detection and response services
Cyber startup BlackCloak raised $17 mn in Series B led by Baird Capital
BlackCloak, a cybersecurity insurtech specializing in protecting executives, high-net-worth individuals, and family offices, has announced a $17 mn Series B funding
Coalition Re introduces Non-Proportional Cyber Reinsurance
Coalition has set up its reinsurance intermediary, Coalition Re, to offer capacity for non-proportional cyber reinsurance treaties along with a white-labelled cyber insurance
Court splits decision in AIG & RealPage recovery dispute over phishing attack
A Texas court reached a split decision in a dispute between an AIG unit and RealPage over the allocation of recovered funds from a phishing attack
Insured losses from CrowdStrike incident exceed $1 bn – Guy Carpenter
Insured losses from the CrowdStrike incident could exceed $1 bn in the cyber insurance market, though the total may be reduced to half since it wasn’t a cyberattack
Number of successful cyber attacks against UK companies increased by 586%
Successful cyber attacks against UK utility companies surged to 48 in 2023, a 586% increase from seven cases in 2022
CyberCube estimates cyber insurance losses from CrowdStrike outages above $1.5 bn
Insured losses from CrowdStrike outages in the standalone cyber insurance market may reach $1.5 bn, according to CyberCube
Cyber insurers covers of business interruption from CrowdStrike outage
Cyber insurance provides for broad coverage of business interruption resulting from network outage. The trigger for this coverage includes System Failure
US companies suffer $5.4 bn cyber loss from CrowdStrike outage. Impact for (re)insurers
Parametrix estimates the direct financial loss for US Fortune 500 companies (excluding Microsoft) from the CrowdStrike outage at $5.4 bn
Howden highlights cyber insurance market growth by 54% by 2030
Howden Group’s fourth annual cyber report, “Risk, Resilience and Relevance,” highlights cyber insurance market stabilization last year
Cybersecurity platform YesWeHack raised €26 mn Series C led by Wendel
YesWeHack, a Bug Bounty and cybersecurity vulnerability management platform, has raised €26 mn in a Series C funding round led by Wendel
AXIS launched US-based AXIS Cyber Incident Commander
AXIS Capital has launched of a new service for US-based, direct primary cyber insurance customers – AXIS Cyber Incident Commander
Insurtech At-Bay expanded its Cyber and Tech E&O Excess & Surplus coverage
Cyber insurtech At-Bay has expanded its Cyber and Tech E&O Excess & Surplus coverage to businesses with up to $5 bn in revenue
U.S. cyber insurance market will grow to $20 bn by 2025
New cyber insurance capacity is increasingly matching fast-growing demand, particularly within the United States, and greater competition
Cyber insurtech Coalition announced Microsoft, Google and AWS integrations
Cyber insurtech Coalition announced new integrations between Coalition Control, its cyber risk management platform, and cloud services providers
Brazilian cybersecurity insurtech Bluecyber raised $1.5 mn in funding
Brazilian insurtech Bluecyber, specialising in cyber insurance, has raised $1.5 mn in funding led by venture capitalists Invisto and Bossa Invest
Cyber Insurtech Coalition announced agreement with Aspen Insurance
Cyber insurtech Coalition has announced a new, multi-year capacity agreement with Aspen Specialty Insurance Company (Aspen)
Guy Carpenter introduced CatStop+, a new cyber reinsurance
Guy Carpenter, a global risk and reinsurance specialist under Marsh McLennan, has introduced CatStop+, a new cyber reinsurance product
US Cyber Industry Loss Index plays important role in cyber-ILS expansion
PERILS and CyberAcuView announced the use of their US Cyber Industry Loss Index in the first cyber insurance risk transactions
Cowbell Cyber extended cyber insurance coverage to mid-market businesses in the UK
Cowbell Cyber Inc., a US-domiciled cyber insurer, has recently extended its cyber insurance coverage to mid-market businesses in the UK
Insurtech CyberCube launched new version of Account Manager SaaS solution
Cyber analytics insurtech company CyberCube has launched Version 5.0 (v5) of Account Manager, the software-as-a-service solution
Cyber insurtech Enveedo raised $3.15 mn seed funding led by Silverton Partners
Enveedo, a cybersecurity insurtech company with an innovative approach to integrated risk management, announced the closing of its $3.15 mn seed funding round
Marine mutual insurers and P&I Clubs are planning rate hikes for 2025, driven by rising claims and inflation pressures. Marine mutuals are under growing pressure
Hurricane Helene’s recent destruction underscores the rising flood risk impacting local economies and tax bases in the Eastern and Southern United States
Changes to reinsurance-related capital requirements proposed by the Australian Prudential Regulation Authority strengthen Australian general insurers’ credit profiles
European insurers' ratings will remain unaffected by the proposed capital surcharges on fossil fuel-related assets, according to EIOPA