Cyber Insurance At Sea
Marine insurance provider The Swedish Club will begin offering members maritime cyber insurance in 2024. The offering marks another addition to sector-specific cyber underwriting. “When port states and coast guards…
Biden Admin Official Waffles on Potential Federal Backstop for Cyber Insurance Industry, But Implies One May Be Coming with Guidance by Year’s End
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…
Fears of Massive Cyber War Losses are Overblown: Catastrophic Risk Expert
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…
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You’re Measuring Systemic Risk all Wrong, InsuranceERM Tells Cyber Insurance Industry
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…
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Better Modeling Will not Save the Cyber Re/Insurance Industry from Catastrophic Risk: The Geneva Association
“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…
SEC Suit Against SolarWinds CISO to Drive Demand for D&O Insurance & Other Protections for Cyber Security Chiefs: WSJ
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…
Brits Debate Government Backstop to Cyber Insurance Industry
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…
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Cyber Security Claims Increasing this Year & So is Complexity of Attacks: Allianz
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…
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SYN Ventures Leads $8 million Series A Investment in Upfort
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…
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Tokio Marine Pushes Personal Cyber Insurance
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…