The Source for Cyber Insurance News, Insights and Data
The hack of British retailer Marks & Spencer could reduce its profits over the coming year by £300m (more than $400 million), according to its recent report of financial results for the London Stock Exchange. This impact substantially exceeds the initial $133 million cyber insurance claim the company is expected to file. Marks & Spencer … Read more
Cyber Insurance Rates Drop Amid Stable Market Conditions The US cyber insurance market saw a 5% average rate decrease in Q4 2024, continuing a trend of pricing stability. Marsh reported that favorable conditions are expected to persist into 2025. Companies improved their cybersecurity controls, which underwriters viewed positively. Organizations also adjusted their insurance programs. Many … Read more
Court Decision Highlights Overlapping Coverage An English court clarified how multiple insurance policies, not just cyber insurance, can apply to a single data breach incident, offering lessons for companies and brokers about data breach liability. As outlined in a recent A&O Shearman blog, the case revolved around a housing association’s misdirected email in 2020 that … Read more
Sophos has partnered with Capsule, a UK-based cyber insurance broker. The plan? Simplify insurance access for small and medium-sized businesses (SMBs) using Sophos cybersecurity solutions through managed service providers (MSPs). This program addresses the growing demand for cyber insurance and helps SMBs avoid long application processes and complex technical criteria. Chris Bell, senior vice president … Read more
British retailer M&S (Marks and Spencer) is expected to make a cyber insurance claim of around £100 million (app. $133 million) following a hack that forced the company to stop taking onine orders and also exposed customer data, the Financial Times (FT) and other media sources report (paywall may apply.) Allianz & Beazley on Hook … Read more