The Source for Cyber Insurance News, Insights and Data
“’So I think we should have reference standards appropriate for SMEs that would be a real target for them to know what they should do to implement cybersecurity. If we do that, then insurers will also be happier to insure them. So we would have better cyber protection and cyber risk management across Europe,’ said … Read more
Resilience CEO Mario Vitale recounts how his company found a vulnerability in the system of a client…and the client was still procrastinating about fixing the problem when the policy’s renewal date arrived. Techmonitor reports what happened next: “At first, Resilience refused to offer the company coverage – until their broker suggested a compromise. If you … Read more
Growth of cyber reinsurance is limited by inadequate risk assessment tools and capital limitations… “Cyber limits have contracted, and insurers have significantly increased rates so the profitability of the portfolios is better, said Tim Gardner, New York-based global CEO of Lockton Re, a unit of Lockton Cos LLC. ‘I think reinsurers are pretty comfortable reinsuring … Read more
Concerns include clauses provided by Lloyds that define a “primary but not exclusive factor” for triggering an exclusion as a national government confirming it’s been hit by a nation/state cyberattack. “Those claims [coming from smaller enterprises] cannot wait six months for an insurer to work out whether it was a nation state attack or not, … Read more
EY reports it surveyed the SEC filings of 74 Fortune 100 companies and 51% had cyber security insurance. That’s up from 43% in 2021. Report includes interesting statistics on cyber sec measures being taken by companies and the future of regulation by SEC and other federal entities. Source: How cyber governance and disclosures are closing … Read more