The Source for Cyber Insurance News, Insights and Data
We’ve seen such attacks. They’re tricky, often made possible by poor cyber hygiene, and require attention to detail by employees as a final defense (“Boss, are we really supposed to send this wire transfer to a bank in China?”) As Beazley defines it: “Fraudulent Instruction is the transfer of funds by an employee, outside of … Read more
“During an XChange session titled ‘What An MSP Needs To Know About Cyber Insurance,’ …Paul Vedder, managing director of Palm Beach Grardens, Fla.-based VXI…agreed that compliance is becoming a larger segment of their business relationships with customers. Vedder, responding to questions from panel moderator Jim King of Atlantic Pacific Insurance, said that MSP personnel need … Read more
This useful survey includes reasons companies buy cyber insurance (see below). It also notes that a third of respondents say their cyber insurance policies are written unclearly. Source: 2022 Advisen-Zurich survey illuminates growing cybersecurity concerns – Oct 26, 2022
Interesting note: Prices for non-cyber financial and professional lines decreased during the same quarter. “Cyber insurance pricing increased 48% in the third quarter, compared to 79% in the prior quarter. The cyber insurance market experienced increased competition; more insurers increased capacity for insureds with strong cybersecurity controls. Increased competition is due to many factors, including: … Read more
CyberCube says it’s offering the first detailed Industry Exposure Databases (IED), which allow (re)insurers and brokers to quantify real-time cyber risks. “The first release of CyberCube’s Exposure Databases focuses on US standalone cyber insurance and represents the global insurance industry’s exposure and risk to US companies. These Exposure Databases can provide (re)insurers and brokers with … Read more