The Source for Cyber Insurance News, Insights and Data
What some call the largest IT outage in history was caused by a faulty software update, not a cyber attack. But the team at Broadstone thinks the CrowdStrike debacle this summer will move the cyber liability insurance market anyway. “The CrowdStrike event, along with other recent cyber incidents like MoveIT, Change Healthcare, CDK Global, and … Read more
The telephone giant seems more chill than many of its customers, now learning that records of essentially all their calls and texts (but not the content of those communications) between May and the end of Oct. 2022, along with Jan. 2nd, 2023, are in the hands of hackers. AT&T says it “does not believe” the … Read more
Cyber cat bonds issued over the last year are trading above par, “(a)n indication that these bonds are sought after in the secondary market and have not seen spread widening, but in fact have seen spreads tightening,” Dirk Schmelzer, Head Portfolio Manager ILS/CAT Bonds and Partner at Plenum Investments AG, told Artemis, a provider of … Read more
Munich RE is out with a useful new report, “Cyber Insurance Risks and Trends 2024,” that ranges from commentary on the growth of various cyber risks (ransomware is back) to a bullish projection that the cyber insurance market will reach USD $29 billion by 2027 (see below). The report’s analysis of threats includes the growing … Read more
Interesting tidbit in CyberCube yearly report: “All cyber cat bonds issued in 2023 utilized CyberCube’s model, marking an expansion into CyberCube serving the financial sector.” ILS growth in cyber liability insurance sector will depend on constantly improving risk data.