The Source for Cyber Insurance News, Insights and Data
“Data in motion is the most valuable data for companies. It’s also the data that carries the most risk for network security,’ says Stephen Cardot, founder and CEO of CloudCover. ‘Cyber insurance should be proactive risk management, not proactive disaster recovery, and our Cybersecurity Network Data Insurance utilizes the data derived from the CC/B1 about a company’s cyber risk to … Read more
ILS= Insurance Linked Securities, which are financial instruments supporting retrocession, or reinsurance for reinsurers. Verisk surveyed ILS funds on their appetite for cyber insurance. “Thirteen ILS funds, representing nearly $60 billion in AuM, reported they are interested in providing cyber reinsurance protection. Most of them have never done so before. Eight of those funds — … Read more
Insurers have been tightening their war exclusions and clarifying attribution requirements, especially after the recent court win by Merck over reimbursement of its losses from 2017’s NotPetya malware attack. “However, in DBRS Morningstar’s opinion, attribution of cyber warfare remains a challenge because it places the onus on the insurer to demonstrate that a cyber incident … Read more
“But there is currently no good way for talking about and dividing up the different impacts of a single piece of code in the context of insurance claims, so the question becomes misleadingly binary: Was NotPetya’s impact an act of cyberwar or not? Merck wasn’t specifically targeted by NotPetya; it was a noncombatant outside the … Read more
“’Coming off a very successful first year in the market, this is an excellent time to put our money where our mouth is and take a share of the risks we are writing alongside our (re)insurance partners,’ he (CJ Pruzinsky, executive vice president and chief underwriting officer for North America at Resilience) said.” The Bermuda-based … Read more