Cyber threats, like ransomware and data breaches, are growing at a rapid rate, and the need for cyber insurance to protect against these evolving threats has never been greater
New EU Legislation came into force to bolster cybersecurity requirements to protect critical and digital infrastructure for applicable entities in member states
Public announce of cyber risk transference by (re)insurers to capital markets through ILS issuances represent the potential for a reinsurance
Zero-trust cybersecurity strategy with simplicity and risk reduction at the heart is mandatory to reduce exponential cyber attacks
Emerging capabilities including telematics, artificial intelligence, machine learning, and automation have transformed nearly every aspect of the insurance value chain
Things have been tough recently in the cyber insurance industry. Businesses have a difficult time finding affordable policies with the right limits
Russia’s War in Ukraine added a big dose of complexity into an already complicated cyber risk environment, elevating the threat of large-scale attacks
Ransomware attacks are becoming increasingly common, and organizations of all sizes are at risk. Ransomware insurance can help businesses prepare to such attacks
Here are 5 of the most important security controls you should have in place to reduce the risk of a cyber incident and, ultimately, lower the risk for your insurer
The global cyber market finally began to stabilize in 2024, largely thanks to renewed competition between markets, a decrease in median ransomware payments
Insidious form of crime is accelerating and evolving, as acceleration to ecommerce and remote work opened up new avenues of entry for fraudsters
Ransomware is a form of malware that is constantly evolving and is designed to encrypt files on a device, making all files and systems that depend on them unusable
Raising revenue hasn’t been an issue for most nonlife insurers, thanks to some of the highest property-casualty insurance rate increases posted in years
By increasing cyber security, companies are less attractive to attackers. It is not commonplace for us to see clients with strong cyber maturity and security mechanisms
Cyber security has long been seen as an IT issue but today’s booming digital economy means this is no longer the case
Ransomware remains a top cyber risk for organizations globally while business email compromise incidents are on the rise and will increase further in the ‘deep… Read More »How Are Growing Cost of Ransomware Attacks Impacts for Insurance & Businesses?
Given cyber crime incidents are now estimated to cost the world economy in excess of $1trn a year – around 1% of global GDP – it is no surprise that cyber risk regularly ranks
Ransomware is a specific and extremely harmful type of malware used by cybercriminals to extort money from individuals, organizations, and businesses
Being an industry centred on computer technology, it should be of no surprise that cyber catastrophe models have developed in complete tandem with the cyber insurance market
In response to uncertainty around cyber risk, insurance providers have become more selective in their underwriting through better risk selection, lower limits, cyber insurance
Risk management is the process of identifying, assessing and responding to/mitigating risk events. Organisations must understand the probability and potential severity of loss events
The resulting losses from a systemic cyber event could be very large, impacting companies, the broader economy and society at large
State of Cybersecurity Automation Adoption was conducted to build on the findings of a survey of senior UK cybersecurity professionals carried out
Ransomware attacks are on the rise in the United States and local counties are scrambling to keep their cyber systems insured
The pricing of cybersecurity insurance is similar to pricing property and casualty (P&C) or liability insurance. Insurance is based on an event not happening
Cyber risk has become one of the top risks on risk managers’ radar given its increasing incidence rate and impact
The frequency and severity of cyberattacks are ever increasing. Data breaches to steal personal information occur daily, but only the largest make the news
Cyber risk is a major driver of operational risk and that businesses and individuals are looking to the insurance industry to provide coverage for the cyber risks they face
Сlaims determinations under cyber insurance are particularly susceptible to insurers arguing that they did not intend to cover a type of claim
The scale and frequency of cyber incidents led 2024 to be the year that cybersecurity issues entered the mainstream discussion
As per GlobalData’s Cybersecurity in Insurance report, by 2025, the cybersecurity market size in the insurance sector will have reached $10.6 billion
Since the start of the Russia`s War in Ukraine, the global (re)insurance industry has been working to help those affected by the conflict
The cyber insurance market continues to evolve and adapt to the changing threat landscape, as cybercriminals and nation states exploit security vulnerabilities
The views of the insurance industry are not always prominent in the debate on ransomware. In order to provide a re/insurer perspective, we surveyed cyber insurance
Ransomware attacks have become even more damaging, audacious and widespread over recent years, with no obvious let-up on the horizon
The increased use of new forms of risk transfer in the cyber reinsurance market to have renewed discussions about the potential role Insurance-Linked Securities (ILS)
Increasing demand for cyber re/insurance have made the need for fresh risk capital acute. With insurance linked securities (ILS) market, re/insurers may be change
As we look back on the cyber insurance marketplace, we see all the hallmarks of a hardening market, with no signs of relief as we move into 2022
Insurers surveyed by the Deloitte Center for Financial Services remain fairly bullish when it comes to their growth prospects for 2022
The largest ransomware pay-outs by cyber insurers in the last two years has averaged £3.26 million in the UK and $3.52 million in the US
Cyber insurance remains a relatively immature although still-growing market in most industrialised countries. Insurance solutions by Lloyd`s
Cybersecurity and cyberinsurance sits at the top of the agenda for businesses, boards, risk managers and governments alike
Cyber risk hits the top spot in Allianz Risk Barometer, with a series of high-profile ransomware attacks, combined with digitalization
Natural catastrophes (nat cats) continue to divide opinion, with some companies such as Lancashire and Hannover Re pushing the longer-term profitability of the line
Insuramore has completed a global ranking of insurer (carrier) groups as measured by cyber insurance gross direct premiums written (GDPW)
Direct premiums written in the cyber liability insurance market continued to grow in 2022-2024, seeing a 75% increase, far outpacing that of the overall property/casualty insurance
If a cyber incident does occur, it’s imperative to have a plan already in place for what to do. Beinsure has collected the opinions of cybersecurity experts
External threats are scary, but about half of cyber risk is coming from inside the house. When you think of internal cyber risk, you may think of malicious insiders
The threats you might think about first when you think of cyber risk: cyberattacks, phishing, ransomware, DDoS attacks
Cyber risk commonly refers to any risk of financial loss, disruption or damage to the reputation of an organization resulting from the failure of IT systems
