The Source for Cyber Insurance News, Insights and Data
The European Commission has launched “infringement procedures” against a majority of its member states for failing to meet an October deadline to enact EU cyber security regulations. The regulations come in two packages: the NIS2 Directive, aimed at enhancing cyber security and the Critical Entities Resilience (CER) Directive, focused on safeguarding critical infrastructure. “The Commission … Read more
UK businesses have lost £44 billion to cyber attacks in the past five years, according to Howden. Half of UK businesses, about 1.3 million companies, suffered at least one cyber attack during this time. The average cost of these attacks equals 1.9% of revenue. The Targets Large businesses were the most targeted. Seventy-four percent of … Read more
CFC has launched a dedicated European corporate cyber team to expand its cyber insurance services across Europe. The specialist insurer appointed Ilaria Silvato, former international underwriting manager for cyber risks at Beazley, to lead this team and drive its growth. Silvato, with 13 years in the insurance industry, brings extensive knowledge of the insurance cycle … Read more
Vienna Insurance Group AG (VIG), the largest insurance group in Central and Eastern Europe, has established Cyber Risk Solutions GmbH (CyRiSo), a new cyber security company targeting small and medium-sized enterprises (SMEs). The firm aims to provide comprehensive support to reduce cyber risks and to prevent and resolve damage from cyber attacks. “Cyber attacks have … Read more
Insurance Europe has released a new report titled “Insurers’ Role in EU Cyber Resilience,” highlighting the escalating frequency and severity of cyber threats and offering policy recommendations to bolster cyber resilience across the European Union. As cyberattacks increased by 38% globally between 2022 and 2023, businesses face growing risks from ransomware, malware, phishing, and other … Read more