The Source for Cyber Insurance News, Insights and Data
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
Marsh analyzed its claims data and responses to customer self assessments. The resulting report may surprise some folks… “Automated hardening techniques — by a wide margin — have the greatest ability of any control studied to decrease the likelihood of a successful cyberattack, making it a key control to prioritize in order to minimize losses. … Read more
As with the AI announced last week by Coalition, Cowbell’s solution appears focused on enhanced broker and customer service, versus direct cyber risk purposes. “MooGPT assists brokers and policyholders in getting on-demand guidance on risk assessment, such as Cowbell Factors and Cowbell Insights, non-binding premium indications, and provides information on the claims process. MooGPT assists … Read more
Interesting that the first announced application is for enhanced broker and customer service, versus direct cyber risk purposes. The InsurTech cyber insurance provider does note it’s working on AI-related cyber vulnerabilities. “’AI is already reshaping the cyber risk landscape,’ said Tiago Henriques, vice president of security research at Coalition. ‘While we are applying our AI … Read more