The Source for Cyber Insurance News, Insights and Data
What some call the largest IT outage in history was caused by a faulty software update, not a cyber attack. But the team at Broadstone thinks the CrowdStrike debacle this summer will move the cyber liability insurance market anyway. “The CrowdStrike event, along with other recent cyber incidents like MoveIT, Change Healthcare, CDK Global, and … Read more
We’ve discussed other findings from the recent Bermuda Monetary Authority (BMA) report, but we’re also struck by the increase in cyber insurance captives and cyber ILS vehicles documented by the financial regulator. The growth of Cyber Insurance Captives and Cyber ILS (Insurance-Linked Securities) is all related to the growth of reinsurance in the cyber market; … Read more
We’re fans of research from RPS/Risk Placement Services, the brokerage and MGA. Early this year, the firm predicted a correction in cyber pricing driven by factors such as increased fraud perpetrated by AI. But in its 2024 Q3 Cyber Market Update, RPS concedes the “market hardening” and price increases have not yet occurred. “Since the … Read more
The energy, oil/gas and utilities sector has the highest level of cyber insurance coverage, with 97% of surveyed organizations reporting policies (most of them standalone.) The lowest adoption of cyber security coverage is found in the “Central/federal government” and IT, tech and telecom sectors. To be sure, even with the lowest penetration, these two sectors … Read more
So reports Venture Beat in a report on AI’s impact on cyber insurance, which also says the technology can dramatically accelerate risk assessments: “Cyber insurers are also looking to AI to reduce the time and costs of real-time risk assessments that can cost between $10,000 to $50,000 per assessment and take between four to six weeks to … Read more