Cyber Insurance Best Practices

Cyber Insurers Join NIST to Create New Framework for Cybersecurity Products and Audits; From White House Cyber Summit w/ President Biden and Industry

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“The National Institute of Standards and Technology will work with Microsoft, Google and the insurance industry companies Travelers and Coalition to create a new framework designed to help guide the creation of more secure technology products and to audit the security of technology products, the administration said in the fact sheet.” Coalition and Resilience also … Read more

Wisconsin Joins Maine and Iowa as Recent Adoptees of New Cybersecurity Insurance Law 

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“The Act establishes investigation procedures, data security program standards, and notification requirements for anyone licensed by Wisconsin’s Office of the Commissioner of Insurance (licensees), including insurers and agents. Exempt from compliance are licensees with fewer than 50 employees, less than $10 million in total year-end assets, or less than $5 million in gross annual revenue.” … Read more

Ramping Cyber Insurance Premiums Help Hiscox Hit Profitability in H1 2021 

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Hiscox Ltd (LSE:HSX) lists increasing cyber insurance rates as part of its turn to profitability in the first half of 2021, according to its 2021 interim and Chairman’s statement. “Rate strengthening is particularly prominent in cyber, where we have seen an average rate increase of 20%, primarily in response to the increased frequency and severity … Read more

Consortium of Leading Cyber Insurance Carriers Creates New Company to Coordinate on Cyber Market

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The companies are: AIG, AXIS, Beazley, Chubb, The Hartford, Liberty Mutual Insurance and Travelers. The mission of newco CyberAcuView is:  “to (1) help the insurance industry provide better value and service for policyholders in their cyber risk mitigation; (2) provide leadership in addressing cybercrime and increasing resilience to cyber risk; and (3) help ensure a … Read more

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