The Source for Cyber Insurance News, Insights and Data
The magazine surveyed brokers, who provided the Top 10 list of criteria most important to brokers’ analysis of cyber insurers. The Top 5: coverage, claims payment/processing, underwriting expertise, cyber response and flexibility. Spoiler alert: Tokio Marine and Crum & Forster are probably sharing the results of the survey. Read the useful report here: Source: The … Read more
It’s been a “PR disaster” says the CEO of managing general agent (MGA) CFC, which has a Lloyd’s syndicate. The Lloyd’s announcement caused “panic” by making insurance buyers think that no attacks linked to nation states will be covered, which is far from true. “It really is such a shame to see a change in … Read more
“David Molony, Head of Aon’s Cyber Solutions for EMEA, acknowledges the significant shift in market dynamics, stating, ‘Where businesses were constrained by availability in 2021 and into 2022, it is now vastly different. Instead, buyers should now be looking at mitigating their exposure — taking advantage of the market at the expense of sacrificing coverage … Read more
“Clients generally continued to increase their self-insured retentions (SIRs) early in 2022. As the market improved and pricing stabilized throughout the year, there began to be a decrease in SIRs as coverage became more available and affordable, a trend that has continued into 2023, according to the report.” Stricter policy language, pricing increases and more … Read more
This interesting report provides the “tick tock” of a ransomware attack on a small US bank, including the role of cyber insurance in the recovery. The details reveal the bank did not require email MFA prior to the incident. It was able to keep processing debit cards only because that system was operated by an … Read more