Cyber Insurance Best Practices

New Quoting Platform from World’s Largest Public Insurance Company Sure to Accelerate Growth of Stand-alone Cyber Policies 

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Chubb calls itself the “world’s largest publicly traded property and casualty insurance company” and it’s now making a significant move involving stand-alone cyber insurance. “Chubb has launched Cyber Central, an innovative quoting platform designed for agents and brokers who specialize in cyber risks. This cutting-edge platform simplifies and enhances the process of quoting and issuing … Read more

Cyber Experience Counts: Lori Bailey Recruited by AXIS as Head of Growth for Global Cyber and Technology

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Industry observers often write about the paucity of historical loss data to help underwrite cyber insurance. Insurtech platforms are helping close the gap by collecting massive amounts of cyber security data to help the industry catch up. Along with more data, major industry players continue to seek executives with cyber insurance expertise. AXIS’ new hire … Read more

Google Exec Makes the Case for a Federal Cyber-Insurance Backstop

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Google exec @MonicaShokrai details the benefits of such a federal policy, including attracting more capital to the cyber insurance market: “Broadly speaking, insurance can drive resilience as a society: Not only can it enable a fast and effective distribution of funds in the event of a catastrophe, it can also provide a predefined path to … Read more

Watch Out for “Long-Tail” Cyber Claims: WSJ 

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“Financial settlements with regulators and affected customers can sometimes rise into the millions of dollars and take several years to resolve. For example, claims from the 2013 breach at retailer Target that resulted in the data of approximately 40 million customers being stolen continued for several years and the company was still receiving insurance payments … Read more

World Dodged 100 Potentially Catastrophic Hacks Over Past 6 Years: CyberCube 

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“In a new report, CyberCube conducted an analysis of cyber cat events and documented over 100 global cyber aggregation events with catastrophic potential over the past six years – equating to approximately one every three weeks. The vast majority of those events were resolved by the cybersecurity community with minimal financial loss to insurers. However, … Read more

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