The Source for Cyber Insurance News, Insights and Data
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
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