The Source for Cyber Insurance News, Insights and Data
Coalition, a provider of Active Insurance designed to mitigate digital risks, announced the introduction of an Affirmative Artificial Intelligence (AI) Endorsement to its cyber insurance policies in the U.S. and Canada. This addition aims to clarify and extend coverage for incidents involving AI technology, such as security failures or data breaches initiated by AI systems. … Read more
PitchBook reports the market ended 2023 on a low note. “In Q4 2023, insurtech startups generated $1.3 billion across 102 deals, representing declines of 22.3% and 15.7% from Q3,” reports PitchBook’s Q4 2023 Insurtech Report. The deal data company reported only one bright spot in the quarter: financing for annuity-related start ups. The financing … Read more
Zurich Insurance Group has forged a strategic alliance with cybersecurity firm CYE, launching an innovative service designed to fortify businesses against the escalating threat of cybercrime. Revealed last week, this partnership seeks to address the burgeoning challenge of cyber threats, identified by the World Economic Forum as one of the principal global risks to businesses. … Read more
The useful new 2024 US Cyber Outlook Report from Risk Placement Services (RPS) notes that carriers reduced premiums, increased limits and softened requirements for some cyber controls when ransomware losses declined last year. But this “buyer’s market” is unlikely to continue, predicts Steve Robinson, national cyber practice leader at RPS and his team. “The cycle between hard … Read more
We’ve reported extensively about the impact of GenAI on the cyber insurance industry, from its use by hackers to predictions it will “revolutionize” the industry. Information Week has some interesting observations from Nathan Smolenski of cybersecurity provider Netskope. A couple: Underwriters need to defend against “Data/AI model poisoning: …The GenAI models themselves must also be … Read more