The Source for Cyber Insurance News, Insights and Data
“We’ve come a long way in our journey from the first ever cyber cat bonds, which were private, we’ve now got three 144A cat (catastrophe) bonds out there covering the cyber risks,” said Richard Gray, Head of Third-Party Capital at Beazley in this report from Artemis, a provider of information on insurance catastrophe bonds and … Read more
Demand for cyber insurance-linked securities (ILS) products should increase and there’s plenty of room for growth given their relatively low volume compared to similar securities linked to natural events, says Fitch Ratings, a major provider of credit ratings and analysis. “These (recent ILS) transactions of $145 million are a small fraction relative to the $10 … Read more
We’ve reported extensively on the SEC cyber disclosure rule that requires public companies to submit 8-K filings when they’re hit with cyber attacks. For some reason, the rule has attracted criticism from several media outlets in recent days. Earlier this week Bloomberg Law provided a critical review (under paywall) of how companies have responded to … Read more
The European Commission has launched “infringement procedures” against a majority of its member states for failing to meet an October deadline to enact EU cyber security regulations. The regulations come in two packages: the NIS2 Directive, aimed at enhancing cyber security and the Critical Entities Resilience (CER) Directive, focused on safeguarding critical infrastructure. “The Commission … Read more
Cybersecurity is no longer an abstract threat; it’s an immediate and pervasive danger keeping the CEO of mid-sized River City Bank, Steve Fleming, up at night. Hackers relentlessly target both large institutions for big payoffs and small to mid-sized businesses as easy prey, making cyber resilience essential for any organization. With cyberattacks expected to cause $10.5 trillion … Read more