The Source for Cyber Insurance News, Insights and Data
Mark Sauter “The affordability of cyber insurance was flagged as a concern by US-based News Corp when it reported a cyber attack earlier this month. The group said: ‘The company cannot be certain that its current level of insurance or the breadth of its terms and conditions will continue to be available on economically reasonable terms.’” Source: … Read more
“Specifically, the proposal would:● Require advisers and funds to adopt and implement written policies and procedures that are reasonably designed to address cybersecurity risks;● Require advisers to report significant cybersecurity incidents to the Commission on proposed Form ADV-C;● Enhance adviser and fund disclosures related to cybersecurity risks and incidents; and● Require advisers and funds to … Read more
Company rebounded in 2021 after 2020 loss due in part to claims for COVID-related event cancellations. “Beazley…had a combined ratio – a key measure of an insurer’s profitability – of 93% compared to 109% a year earlier. A level below 100% indicates an underwriting profit…its annual gross written premiums jumped 30% to $4.62 billion, with … Read more
“FI CyberCrime Plus, which is focused on banks with balance sheet assets of $10 billion to $100 billion, anticipates limits of $25 million to $35 million, according to the broker.” Source: Aon product for banks combines cyber, crime, professional liability | Business Insurance
Law firm Lowenstein Sandler warns: “If these subrogation actions ‘stick,’ policyholders should expect that once a cyber claim is paid by an insurer, that will not be the end of their involvement with responding to the breach. Rather, policyholders will be obligated under the terms of their policies to make their records, investigation results, and … Read more