The Source for Cyber Insurance News, Insights and Data
The cyber insurance and cybersecurity markets are known for their buzzwords, which are often defined differently by various stakeholders. “Cyber warfare” is often used to describe attacks aiming at military or strategic impact, as opposed to hacks designed to steal money. A new market research report asserts this market represents app. $26.6 billion in spending … Read more
New Cyber Product Targets Gaps Left by War Exclusions Markel Insurance introduced a cyber insurance product that offers coverage for indirect losses caused by acts of war. The product provides up to $5 million in coverage per risk, filling gaps left by cyber insurance war exclusions. Chris Burgess, Director of Cyber at Markel International, said, … Read more
Cyber insurance professionals well remember the market shake up and debate a year ago when Lloyd’s Market Association announced model cyber war clauses. As we reported, the announcement led to market confusion, claims such an attack could cost trillions of dollars, push back about such dramatic reports on the cost of cyber war and growing … Read more
We’ve reported extensively on the insurance industry’s fear of “cyber war;” debate over exclusions for state-backed, systemic cyber attacks; moves by governments to backstop the cyber insurance industry for massive attacks; and the challenges of current modeling of risk accumulation and catastrophic cyber events. Now comes a contrarian view from a leading cyber risk risk … Read more
As in the US, the discussion turns on the threat of a catastrophic “systemic” cyber attack, which could generate $3.5 trillion in “global economic damage” according to a recent model prepared for Lloyd’s of London (which has been tightening its war exclusions.) The UK established a backstop decades ago for terrorism coverage after IRA attacks … Read more