The Source for Cyber Insurance News, Insights and Data
A new CEO has joined Lodestone, a wholly-owned sub of Beazley. The insurer has a ready-made client base for Lodestone, suggesting vertical integration of cybersecurity solutions — services to insurance — could be a model for other carriers. “(Alton) Kizziah will focus on expanding the senior leadership team, adding specialized skills and expertise to extend … Read more
The report focuses on how cyber insurance applicants can avoid future claims nightmares by answering underwriting questions accurately. It also suggests applicants carefully consider the interaction of cybersecurity coverage with related exposures such as the protection of personal information. But a more fundamental issue exists, suggest one cyber insurance claims officer. “James Berry, London-based chief … Read more
Electric vehicles and their infrastructure will create new complexity for insurers. What if a hacker creates a massive car crash? Or a grid is taken down by malware originating in an EV being charged? “In a bid to get the issue under control, insurance companies and EV manufacturers could standardize best practices as a way … Read more
According to this report, the evolution of cyber insurance is in some ways similar to the insurance industry’s response to the dangers of steam boilers as they became more common. “From The History of Hartford Steam Boiler: ‘Most dismissed these incidents as ‘acts of God.’ People who ran industrial concerns simply assumed that their boilers … Read more
SecurityWeek‘s interesting report covers the pros/cons of the cyber insurance backstop the Biden Admin seems to be advancing. The benefits to the industry of having the government cover fall-out from a systemic and/or war-related cyber event appear clear. But there are potential downsides. “The purpose of a backstop would be to make cyberinsurance more widely … Read more