Institutional Investor Bets on Cyber Re
Asset manager Stone Ridge entered into $100m deal with Hannover Reinsurance relating to cyber insurance exposure. “In the statement, Ross Stevens, CEO of Stone Ridge, said the company expects higher…
Must Read: Skeptical Analysis of a Potential Federal Cyber Insurance Backstop, From Lawfare
Media discussion of a “cyber TRIP” tends to the bullish. This report, by post-doc cyber insurance researcher Daniel Woods @leltop, surfaces the potential downside of such a plan, from moral…
Companies More Worried About Cyber Risk in 2023 Than Recession: Allianz
“The most important corporate concerns for the year ahead, ranked by 2,712 risk management experts from a record 94 countries and territories.”Source: Allianz Risk Barometer | AGCS
Fed Backstop for Cyber Insurance Gains Steam: Politico
While not everybody is yet entirely convinced the feds should provide a backstop to cyber insurers for catastrophic system-wide attacks, Politico reports the discussion is moving forward. “But policymakers and…
Read More “Fed Backstop for Cyber Insurance Gains Steam: Politico ” »
Executive No Doubt Relieved His $107K Expense Report Went Through During Dispute Over Ransomware
Yet another report of a dispute caused by the lack of standardized terms in cyber liability insurance. The District Court ultimately ruled that insurer Federal Insurance did indeed need to…
Get Your Head in the Cloud to Win the Trust of Cyber Insurers: Trend Micro
Cyber liability insurers are scrutinizing clients for trending security shortfalls. A key one: cloud misconfigurations, which represent the third most common attack vector and are linked to 80% of ransomware…
Read More “Get Your Head in the Cloud to Win the Trust of Cyber Insurers: Trend Micro ” »
Dubbed “Cairney,” Beazley’s new Cyber Cat Bond Listed on Bermuda Stock Exchange (BSX)
“Being a privately placed Section 4(2) cat bond, this Cairney deal as it is called, is akin to a transformed collateralised reinsurance deal that has been syndicated across a group…
Read More “Dubbed “Cairney,” Beazley’s new Cyber Cat Bond Listed on Bermuda Stock Exchange (BSX) ” »
Think Cyber Insurance is Confusing Now? Try Explaining to Consumers the Difference between ID Theft and Personal Cybersecurity Coverage
Patricia Riederer, property product analyst with American Family Insurance, does a fine job of explaining it. “’Personal cyber insurance typically covers costs to hire a professional to reinstall your computer’s…
Ransomware Days = the New Snow Days
The Des Moines, Iowa school system has called in its (unnamed) cyber insurer, the FBI and DHS after an apparent ransomware attack, which put 30,000 students out of school for…
Here’s the First Reported “Cyber Catastrophe Bond,” from Beazley
We recently wrote about the market anticipation of a trade-able 144a Catastrophe (“Cat”) Bond. Now Beazley, a London-based specialist insurer, has launched something related, the first-ever cyber catastrophe bond. The…
Read More “Here’s the First Reported “Cyber Catastrophe Bond,” from Beazley ” »