The Source for Cyber Insurance News, Insights and Data
The Prudential Regulation Authority (PRA), part of the Bank of England, asked 17 general insurers and 21 Lloyd’s of London syndicates to assess their solvency against a set of cyber losses. “The regulator assessed industry responses to three underwriting ‘cyber scenarios’ – a cloud outage, data exfiltration and systemic ransomware.”The Bank of England’s Prudential Regulation … Read more
“…Cowbell found that 48% of insurance brokers and agents feel uncomfortable explaining cyber insurance to their clients. The same study found that 60% of clients are driven to obtain cyber insurance through increased awareness around cyber insurance, not by their brokers or agents, but instead by their peers.” The “Cowbell Academy,” says the company, is … Read more
We told you about Beazley’s CAT bond and then its listing on the Bermuda exchange. This development in ILS is generating some optimism among those who fear devastating, system-wide damages from future cyber attacks. “’This innovative way of viewing, financing, and insuring against cybercrime may signal a systemic shift in how corporates and insurers assess … Read more
We’ve reported on the rise of “fraudulent instruction” scams and concerns they raise for the cyber insurance industry. This one targeted the campaign of Senator Jerry Moran (R, Kansas). “Cybercriminals targeted the accounting firm employed by Moran For Kansas and money was wired to fraudulent bank accounts,” Moran for Kansas spokesperson Tom Brandt told NBC … Read more
“Bill Siegel, CEO and co-founder of Coveware, says that insurance companies have influenced proactive enterprise security and incident response preparedness in a positive manner in recent years. After cyber-insurance firms sustained substantial losses in 2019 and 2020, many have tightened their underwriting and renewal terms and now require insured entities to have minimum standards like … Read more