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 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
The report estimates 2022 GDPW (gross direct premiums written) for cyber insurance was almost $13.5 billion and closer to $14 billion when captive insurers are included. According to the report from the UK’s Insuramore Insurance Insight, the top cyber insurers by GDPW are Munich Re; Chubb; Beazley; Fairfax Financial Holdings and AXA. “Looking ahead, the … Read more
“Cyber insurance will undergo an identity crisis,” says the Financial Services Information Sharing and Analysis Center (FS-ISAC), the cyber intelligence-sharing community for financial services. “(S)ome financial sector firms are beginning to reconsider cyber insurance. In some cases, premiums rise so high that firms are considering ring-fencing capital equivalent to the estimated premiums as an alternative … Read more
From a press release from Shelley Moore Capito (R-WV) on the proposed “Insure Cybersecurity Act:” “A new bill by Sens. John Hickenlooper (D-CO) and Shelley Moore Capito (R-WV) would establish a Commerce Department working group to ‘improve communication over cybersecurity insurance coverage levels…’” “The bill requires establishment of the NTIA cyber insurance working group within … Read more