Mark Sauter

Mark Sauter's insights on the financial, policy and security elements of cyber insurance are based on years of experience in the investment banking, media and business worlds. Co-author of the McGraw Hill university textbook "Homeland Security: a Complete Guide," Sauter was also a consultant to one of the world's largest software companies and served as a US Army Special Forces and infantry officer.

Sacre Bleu! New French Cyber Law Makes US Regs Look Clear In Comparison 

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A new French law, which kicks in April 24, requires companies to report cyber incidents to authorities within 72 hours or lose their eligibility for cyber insurance reimbursement. Qu’est-ce qui pourrait mal se passer? Well, there are a few little issues to iron out, say industry observers. Such as: *Report the incidents to whom? There … Read more

Carriers Starting to Exclude Cloud Companies from Cyber Insurance? 

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Yes, says a senior Alphabet executive. [Paywall may apply] “Some carriers, wary of the claims they could face if providers suffer a sustained outage due to a hack, have started to exclude or limit coverage for cloud companies, said Monica Shokrai, head of business risk and insurance for Alphabet Inc.’s Google Cloud unit. The move … Read more

Hannover Re Joining Industry Movement Toward Cyber ILS and CAT Bonds

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“Speaking with Artemis, Hannover Re senior executives Silke Sehm and Henning Ludolphs explained that tapping into the insurance-linked securities (ILS) market for cyber retrocessional reinsurance capacity is a priority and with a quota share already arranged, the next step is sponsoring the reinsurer’s first cyber catastrophe bond, details of the form were not revealed.” Speaking … Read more

Coalition Honeypots Attract Hacker Killer Bees 

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“Computers specially configured (by Coalition) to make cyber criminals think they were small businesses operating in London were attacked by hackers over 2,000 times every minute this January.” Most attacks involved attempts to hack remote desktop connections. “’These results show just how much home working has widened businesses’ attack surface – the number of internet … Read more

Cyber Insurance to the Rescue at Beazley 

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The company’s 2022 results showed a 48% drop in “profit before taxes,” which it attributed to investment challenges. But cyber continues to grow. “Cyber Risks continued to see strong rate increases of 40% (2021: 88%) leading to an increase in gross premiums written to $1,156.1m (2021: $814.3m).” Read the Beazley filing.

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