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Top News about Cyber Insurance
In the third quarter of 2023, global commercial insurance prices continued their upward trajectory, increasing by 3%, mirroring the previous quarter’s data. This insight emerges from the latest Global Insurance Market Index released by Marsh. Notably, this quarter marks the 24th consecutive quarter of pricing escalation. Narrowing in on cyber insurance, a decrease appears. Globally, … Read more
To enhance data security and consumer protection, the Federal Trade Commission (FTC) has amended the Safeguards Rule. The agency has extended reporting requirements to non-banking financial institutions. This amendment is effective 180 days after its publication in the Federal Register. It mandates that financial institutions such as mortgage brokers, motor vehicle dealers, and payday lenders … Read more
Cyber security claims are back up and could show 25% YoY growth for 2023, says a new Allianz Commercial report. Not only are claims increasing, but so is the complexity of attacks. “”Double and triple extortion incidents – using a combination of encryption, data exfiltration and Distributed Denial of Service attacks – to obtain money are … Read more
At-Bay, the InsurSec provider for the digital age, announced the launch of At-Bay Stance™ Managed Detection and Response (At-Bay Stance MDR). It is a new MDR solution designed to help emerging and mid-sized businesses (SMBs) advance their cybersecurity defenses. The growth of cybercrime and cyber insurance has led to a growing demand for MDR solutions … Read more
Arch Insurance has unveiled its latest strategic move to solidify its position in the European cyber insurance market. The company announced the addition of Sergio Pierro as Senior Cyber Underwriter and Roxanne Deslandes as Cyber Underwriter. These appointments are part of Arch Insurance’s expansion within the European Union. The new recruits are set to join … Read more