Cyber Insurance

Top News about Cyber Insurance

SecondSight Exits Stealth Mode with $3 million Seed Round; Applies AI to Digital Risk Analysis for Cyber Insurance

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The Indiana-based company reports a number of successful deployments, including one which allowed a non-profit to hold onto its cyber coverage after suffering two breaches before it retained SecondSight. “SecondSight’s platform autonomously discovers, classifies and analyses an organisation’s entire landscape of digital assets, the unique risk profile for each digital asset across thousands of different … Read more

Growth of Cyber Insurance Rates Slows — But Premiums Still Going Up 

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“According to a report released by Marsh LLC last week, average cyber liability rates increased 54% in July compared with 133% in December 2021. Cyber rate increases are slowing but rates are still rising significantly, said Neil Kessler, Dallas-based president and chief operating officer of CRC Insurance Services Inc. According to CRC’s analysis, 82% of … Read more

Elpha Secure Raises $20 Million Series A 

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Fintech VC Canapi Ventures led the round in Elpha, which claims to be the first cyber insurance startup “to combine proprietary cybersecurity software with coverage to improve risk transfer.” Fused cybersecurity/insurance platforms continue to appear, but Elpha is apparently differentiated enough for its well-known pre-A investors to join the round. According to the company, they’re: … Read more

Got an Opinion on Whether the Feds Should Take a Major Role in Cyber Insurance? You’ve Still Got Time to Weigh In with the Government

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From the Dept. of Treasury — SUMMARY: Over the past several years, the Federal Insurance Office (FIO) in the U.S. Department of the Treasury (Treasury) has continued its ongoing efforts with regard to both cyber insurance and insurer cybersecurity. Cyber insurance is a significant risk transfer mechanism, and the insurance industry has an important role … Read more

Reinsurers Face Challenges in Cyber Insurance Market 

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Growth of cyber reinsurance is limited by inadequate risk assessment tools and capital limitations… “Cyber limits have contracted, and insurers have significantly increased rates so the profitability of the portfolios is better, said Tim Gardner, New York-based global CEO of Lockton Re, a unit of Lockton Cos LLC. ‘I think reinsurers are pretty comfortable reinsuring … Read more

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