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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
Concerns include clauses provided by Lloyds that define a “primary but not exclusive factor” for triggering an exclusion as a national government confirming it’s been hit by a nation/state cyberattack. “Those claims [coming from smaller enterprises] cannot wait six months for an insurer to work out whether it was a nation state attack or not, … Read more
Causes of loss, 2017-21: Get the study: Cyber Claims Study 2022 Report Thank you – NetDiligence
“Some Banks and financial institutions are already leading the charge by offering crypto wallets and custodial services, access to crypto markets for trading and investment, and advisory services to Wealth Management clients. While NFTs are seen as speculative assets by many, Banks can work with regulators and position these as mainstream asset classes. Taking it … Read more
“Federal entities—such as the Federal Insurance Office (within Treasury) and the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA)—have taken steps to understand the financial implications of growing cybersecurity risks. But, we found they haven’t assessed what the federal role should be in the event of a catastrophic cyber incident. Completing such an … Read more