The Source for Cyber Insurance News, Insights and Data
“Artificial intelligence systems” (“AIS”) and “external consumer data and information sources” (“ECDIS”) can help insurers and companies, New York State regulators concede, but the technologies better not hurt “protected classes” or “perpetuate or amplify systemic biases that have resulted in unlawful or unfair discrimination,” warns the state in new regulatory guidance. Given the complexity of … Read more
So reports Venture Beat in a report on AI’s impact on cyber insurance, which also says the technology can dramatically accelerate risk assessments: “Cyber insurers are also looking to AI to reduce the time and costs of real-time risk assessments that can cost between $10,000 to $50,000 per assessment and take between four to six weeks to … Read more
“What’s in a name? That which we call a rose by any other name would smell as sweet,” wrote Shakespeare. But cyber insurance experts think there’s nothing sweet about the lack of standard terminology in cyber liability insurance policies. “‘This dearth of common language, (Peter Hedberg of Corvus Insurance) said, can create unintended confusion when … Read more
We told you about Coalition’s findings on business email compromise (BEC), as reported in the managing general agent’s 2024 Cyber Claims Report. But we were also struck by the data on Fund Transfer Fraud or FTF. Both the frequency and severity of FTF claims increased from 2023 to 2024. Claims were up 15% YOY and … Read more
Munich RE is out with a useful new report, “Cyber Insurance Risks and Trends 2024,” that ranges from commentary on the growth of various cyber risks (ransomware is back) to a bullish projection that the cyber insurance market will reach USD $29 billion by 2027 (see below). The report’s analysis of threats includes the growing … Read more