The Source for Cyber Insurance News, Insights and Data
Cyberattacks are expensive. Cybersecurity is vital. In 2022 for small and medium-sized enterprises (SMEs), the average cost of an attack was $3.6 million, according to IBM’s 2023 Cost of a Data Breach Report. This was up from $3.1 million in 2021. To enhance cybersecurity for SMEs, MAPFRE, a leading Spanish insurer, has partnered with Cyberwrite, … Read more
San Francisco-based Coalition, the Active Insurance provider, has appointed Mr. Oliver Bäte, Chief Executive Officer of Allianz SE, to its Board of Directors. This strategic move underscores Bäte’s dedication to technological innovation in the insurance sector, especially in the ever-evolving landscape of cyber insurance. “We’re thrilled to have Oliver join Coalition’s Board as it’s a … Read more
Healthcare provider Ardent Health Services faces a cybersecurity challenge with a ransomware attack affecting its information technology systems. While the full extent of compromised patient health or financial data is unknown, Ardent emphasizes patient safety as its top priority. In a statement, Ardent said they “became aware of an information technology cybersecurity incident on the … Read more
The Global Cyber Insurance Market, valued at US$9.89 billion in 2022, is anticipated to witness a CAGR of 11.7% from 2023 to 2031. That is from a new report by TNR, The Niche Research. The research delves into the wake left by the COVID-19 pandemic. The international business landscape saw a decline in various sectors, … Read more
Ascot will use Zywave’s ClarionDoor technology, an “API-first rating, quoting and issuance platform for admitted and E&S insurance accounts.” Insurtech Zywave provides platforms to connect insurers and agents/brokers. Read the release here. The announcement does not focus on cyber, but Ascot offers that line, which is a major focus of Zywave. Ascot Insurance is a … Read more