The Source for Cyber Insurance News, Insights and Data
“The new central cyber underwriting team will assume global responsibility for Swiss Re’s underwriting and product development activities in the cyber sector.” The company has hired John Coletti to manage the effort. Source: Swiss Re to create central cyber underwriting team | Insurance Business
The answer in most cases appears to be “no.” “A cyber liability policy could respond to an SEC investigation, depending on the policy’s wording, ‘but there’s a big caveat to that, and that is that cyber policies typically exclude non-privacy-related fines,’” (a brokerage executive) said. Then there are the implications for D&O insurance and the … Read more
“The National Institute of Standards and Technology will work with Microsoft, Google and the insurance industry companies Travelers and Coalition to create a new framework designed to help guide the creation of more secure technology products and to audit the security of technology products, the administration said in the fact sheet.” Coalition and Resilience also … Read more
Broker urges patience as industry develops sustainable approach to ransomware and other cyber issues…unfortunately, the cyber crooks are anything but patient. “Obviously, you can see just how difficult it is to be a broker right now, regardless of how up-front you are with renewing cyber insurance programs, because we’re reacting to the insurance carriers who … Read more
This reminds us of the push after 9-11 for the US government to share terrorism losses with the insurance industry, which led to the Terrorism Risk Insurance Act, or TRIA. TRIA’s 2019 extension included a requirement for the federal government to study whether a similar structure might work for cyberterrorism. “Cyber – as some other … Read more