The Source for Cyber Insurance News, Insights and Data
Top News about Cyber Insurance
CFC, a London based provider of insurance for professional services businesses, has announced a major upgrade to its cyber cover. The new extension will provide SMEs with access to CFC’s award-winning proactive cyber attack prevention services and incident response capabilities, as well as broad cybercrime coverage. “Extending the current cyber add-on with new cybercrime cover … Read more
In recent comments, Graham Steele, Assistant Secretary for Financial Institutions at the US Treasury Department, admitted that “waiting (to launch a federal backstop of the cyber insurance industry) until after a catastrophic cyber incident occurs is sub-optimal for everyone,” but provided no clear guidance on where the government stands or when it will act (it’s … 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
We’ve reported extensively on the challenges of the cyber insurance industry in modeling systemic risk and the related accumulation risk (insurance risk of multiple, unanticipated claims from the same or related events, such as a large cyber attack.) InsuranceERM, a provider of news and information on insurance and risk, suggests the industry is using a … Read more
“Cyber Risk Accumulation: Fully Tackling the Insurability Challenge’” is a useful new report from The Geneva Association (GA), “a global association of insurance and reinsurance CEOs and think tank for the insurance industry.” See information on the report here. We found a number of the report’s findings valuable, including the role and recent history of … Read more