Cyber Insurance Best Practices

“Irresponsible Underwriting” Arises in Cyber Insurance Market As Capacity Increases & Premium Growth Moderates: Risk Placement Services

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Risk Placement Services (RPS), a national brokerage, calls itself “brokers in bold.” It recently presented its quarterly cyber update, including a report and presentations by RPS’ Steve Robinson, national cyber lead, Vice Presidents Tim Foody and Zach Kramer, and Jennifer Coughlin of Mullen Coughlin, “a law firm uniquely dedicated exclusively to representing organizations facing data … Read more

Cyber Insurance Industry to be Tested This Year by Cyber War Exclusions: CyberCube

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The risk analytics provider to the cyber insurance industry warns about scenarios that could impact the already confused world of cyber war risk and exclusions. Its new report — “CyberCube’s Global Threat Outlook: A Perspective on the Threat Landscape for Q4 2023” — urges re-insurers and those in the ILS markets to consider its findings … Read more

Only a Quarter of Enterprises With Cyber Coverage Have Standalone Policies?

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So says a new Forrester report. “While Forrester data showed that most enterprises had some kind of cyber insurance coverage, only 26% had a standalone policy.” Read more here. This contrasts with reports, such as this one from AM Best, that “(m)ore than 70% of cyber premium is written on standalone policies…” The gap may … Read more

Cyber Fraud Common in Mortgage Closings, But Most Banks Not Confirming Their Settlement Agents Have Cyber Insurance

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A survey of almost 50,000 mortgage settlement agents indicates wire/cyber fraud is common in the mortgage process. While most agents say they have insurance to cover the risk, they also report banks usually do not require evidence of that insurance before engaging with them. This despite the risk to lenders of losing their money in … Read more

Zurich Acquires Cyber Risk Company; Another Example of the Fusing of Cyber Insurance & Cyber Tech

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Zurich buys SpearTip to bolster its cyber risk and mitigation services to customers. “‘Both Zurich Resilience Solutions and SpearTip share a commitment to helping businesses anticipate and prevent cyber threats while being ready to respond when an attack occurs,’ said Tom Fioretti, Head of North America Zurich Resilience Solutions. ‘The acquisition of SpearTip represents a further … Read more

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