The Source for Cyber Insurance News, Insights and Data
“Lastly, it is worth addressing that aside from larger companies and a few smaller businesses that recognize the importance of having cyber liability insurance, most operations are still declining this critical coverage. Today, an estimated 10% of cannabis companies are purchasing cyber insurance. While the cyber market in general has become more competitive, only a … Read more
The report includes a description of the nightmare Laboratory Corporation of America endured after one of its vendors was hacked. You’ve likely heard some of these tips on how to start mitigating such risk, but the compilation here is useful. Source: Insure Against Data Breaches Suffered By Vendors and Service Providers
The insurance research firm considers the future of the industry, including if a catastrophic attack occurs. “(A) still immature cyber market is rocked by one or more near-term catastrophe events on a scale not previously seen, denting confidence in available cyber risk models and deterring investors from committing capital to the nascent cyber catastrophe bond … Read more
Although it feels bigger to us and, no doubt, others working in the sector, cyber insurance remains a tiny fraction of total U.S. direct premium written (DPW). But cyber is growing much faster than other categories and will almost certainly require growing capital-markets support to cover systemic and tail risk. “The issuance of Beazley’s $45 … Read more
“‘Many middle market companies tell us they want to improve their cyber posture but lack the staff, skill sets or access to cost-effective tools,’ said Alex Wells, Head of Middle Market at Zurich North America. ‘Cyber Concierge is here to help. In the unfortunate event of an attack, customers with the Cyber Concierge Suite don’t … Read more