The Source for Cyber Insurance News, Insights and Data
The carrier, backed by Coalition’s active insurance platform, rolls out across the nation during 2023. It received an A- rating from AM Best at the end of January. Source: Coalition Launches Full-Stack Cyber Insurer for SMBs
“While UK government scheme Cyber Essentials works to protect SMEs from cyber risks, it can provide a false sense of security that firms are completely protected,” reports Insurance Times. Very different from broader proposed US government involvement in cyber, the British program offers two levels: “Cyber Essentials – this enables organisations to assess themselves against … Read more
“(T)he cyber rates continued to accelerate at 28%, although that is a deceleration in rate increase in the last quarter we saw 53%,” said Martin South of Marsh & McLennan during an earnings call on Jan. 26th. Source: Marsh & McLennan Companies, Inc. (MMC) Q4 2022 Earnings Call Transcript
The Prudential Regulation Authority (PRA), part of the Bank of England, asked 17 general insurers and 21 Lloyd’s of London syndicates to assess their solvency against a set of cyber losses. “The regulator assessed industry responses to three underwriting ‘cyber scenarios’ – a cloud outage, data exfiltration and systemic ransomware.”The Bank of England’s Prudential Regulation … Read more
“Eurocell said: ‘We experienced a cyber incident towards the end of July (2022), which resulted in some temporary disruption. The incident was efficiently resolved, with the business remaining operational throughout and trading normally from mid-August. We have now partially resolved our cyber insurance claim and expect to recognise compensation in excess of £1 million [Editor … Read more