The Source for Cyber Insurance News, Insights and Data
Here it is—Your Cyber Insurance Sunday—Upload. The latest cybersecurity insurance news. A few items from the week. Some we reported on, and others we found interesting: Fitch with a look at cyber insurance premiums; Zurich names a “Head of”; Ariel Re and Hiscox Re bring us “CyberShock”; And the Justice Department puts a $10 million … Read more
Group-IB, a leader in cybersecurity technology, has signed a Memorandum of Understanding (MOU) with Oman-based National Security Services Group L.L.C (NSSG), enhancing cybersecurity capabilities across the Middle East. The announcement was made during the GITEX Global 2024 event in Dubai. This partnership will see NSSG deploying Group-IB’s suite of services, including Threat Intelligence, Fraud Protection, … Read more
Ariel Re and Hiscox Re & ILS announced the creation of the CyberShock consortium. Based in London, this new initiative is a partnership between Ariel Re, a global reinsurance company with offices in Bermuda, London, and Hong Kong, and Hiscox Re & ILS, known for its expertise in reinsurance and insurance-linked securities. The CyberShock consortium … Read more
Coalition, an Active Insurance provider, released its 2024 Cyber Claims Report, revealing that over half of all cyber insurance claims in 2023 were due to email-related fraud. The report, detailing emerging cyber trends and their impact on policyholders, found that 56% of claims stemmed from funds transfer fraud (FTF) and business email compromise (BEC), underscoring … Read more
IQUW introduced FortiFI, a new insurance product combining Financial Institutions (FI) coverage with Cyber insurance, specifically tailored for U.S. clients. This integration addresses the growing concerns around cybersecurity, especially given that nearly 20% of global cyber-attacks target financial institutions. Tristram Prior, Lead Underwriter for IQUW Financial Institutions, emphasized the product’s significance, stating that a recent … Read more