The Source for Cyber Insurance News, Insights and Data
Yes, says a senior Alphabet executive. [Paywall may apply] “Some carriers, wary of the claims they could face if providers suffer a sustained outage due to a hack, have started to exclude or limit coverage for cloud companies, said Monica Shokrai, head of business risk and insurance for Alphabet Inc.’s Google Cloud unit. The move … Read more
“Speaking with Artemis, Hannover Re senior executives Silke Sehm and Henning Ludolphs explained that tapping into the insurance-linked securities (ILS) market for cyber retrocessional reinsurance capacity is a priority and with a quota share already arranged, the next step is sponsoring the reinsurer’s first cyber catastrophe bond, details of the form were not revealed.” Speaking … Read more
“Computers specially configured (by Coalition) to make cyber criminals think they were small businesses operating in London were attacked by hackers over 2,000 times every minute this January.” Most attacks involved attempts to hack remote desktop connections. “’These results show just how much home working has widened businesses’ attack surface – the number of internet … Read more
The company’s 2022 results showed a 48% drop in “profit before taxes,” which it attributed to investment challenges. But cyber continues to grow. “Cyber Risks continued to see strong rate increases of 40% (2021: 88%) leading to an increase in gross premiums written to $1,156.1m (2021: $814.3m).” Read the Beazley filing.
Expenses caused by increasingly aggressive government regulators… “With regulators such as the FTC increasing cybersecurity enforcement, regulatory defense coverage is increasingly important. Enforcement actions can result from security failures to protect data (including employee information), improper data collection practices, failure to disclose a data breach or deceptive privacy practices. A comprehensive cyber policy covers attorneys’ … Read more