The Source for Cyber Insurance News, Insights and Data
“While UK government scheme Cyber Essentials works to protect SMEs from cyber risks, it can provide a false sense of security that firms are completely protected,” reports Insurance Times. Very different from broader proposed US government involvement in cyber, the British program offers two levels: “Cyber Essentials – this enables organisations to assess themselves against … Read more
“(T)he cyber rates continued to accelerate at 28%, although that is a deceleration in rate increase in the last quarter we saw 53%,” said Martin South of Marsh & McLennan during an earnings call on Jan. 26th. Source: Marsh & McLennan Companies, Inc. (MMC) Q4 2022 Earnings Call Transcript
We told you about Beazley’s CAT bond and then its listing on the Bermuda exchange. This development in ILS is generating some optimism among those who fear devastating, system-wide damages from future cyber attacks. “’This innovative way of viewing, financing, and insuring against cybercrime may signal a systemic shift in how corporates and insurers assess … Read more
“’Based on a very healthy budget, we were able to check every box and keep our premiums to an increase of only 46% as opposed to the 103%,’ (ChristianaCare CISO Anahi) Santiago added. The reality is, ‘based on what’s being asked of us, I know that there’s absolutely no way that the 99% other healthcare … Read more
Premiums are growing less dramatically as the market adjusts to the increase in ransomware attacks and claims. This includes demands by carriers for clients to demonstrate strong security controls and monitoring. “With higher payouts by insurers came premiums rising at steeper rates. ‘It was kind of nasty there for a little bit,’ said Robert Parisi, … Read more