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In recent comments, Graham Steele, Assistant Secretary for Financial Institutions at the US Treasury Department, admitted that “waiting (to launch a federal backstop of the cyber insurance industry) until after…
We’ve reported extensively on the insurance industry’s fear of “cyber war;” debate over exclusions for state-backed, systemic cyber attacks; moves by governments to backstop the cyber insurance industry for massive…
Read More “Fears of Massive Cyber War Losses are Overblown: Catastrophic Risk Expert” »
We’ve reported extensively on the challenges of the cyber insurance industry in modeling systemic risk and the related accumulation risk (insurance risk of multiple, unanticipated claims from the same or…
Read More “You’re Measuring Systemic Risk all Wrong, InsuranceERM Tells Cyber Insurance Industry” »
“Cyber Risk Accumulation: Fully Tackling the Insurability Challenge’” is a useful new report from The Geneva Association (GA), “a global association of insurance and reinsurance CEOs and think tank for…
The Securities and Exchange Commission (SEC) has sued SolarWinds Corporation, the software company, and its chief information security officer, Timothy G. Brown, for fraud and internal control failures in relation…
As in the US, the discussion turns on the threat of a catastrophic “systemic” cyber attack, which could generate $3.5 trillion in “global economic damage” according to a recent model…
Read More “Brits Debate Government Backstop to Cyber Insurance Industry” »
Cyber security claims are back up and could show 25% YoY growth for 2023, says a new Allianz Commercial report. Not only are claims increasing, but so is the complexity of…
Read More “Cyber Security Claims Increasing this Year & So is Complexity of Attacks: Allianz” »
Formerly known as Paladin Cyber, Upfort has raised $8 million from SYN Ventures, with participation from Eniac Ventures and Fika Ventures (Upfort seed investor). Valuation was not disclosed. The company describes itself as a…
Read More “SYN Ventures Leads $8 million Series A Investment in Upfort” »
We’ve written about the growth of personal cyber insurance and the challenges associated with it. Major insurance carriers continue to pursue the business, concluding that trends from the COVID pandemic…
The world’s largest public P&C insurance company, ticker “CB,” will enable $its 100m+ revenue clients to share cyber risk information via SentinelOne’s protection and response software. This is another example…
Read More “Chubb Offers Policy Holders Cyber Tech from SentinelOne” »