The Source for Cyber Insurance News, Insights and Data
Hiscox Ltd (LSE:HSX) lists increasing cyber insurance rates as part of its turn to profitability in the first half of 2021, according to its 2021 interim and Chairman’s statement. “Rate strengthening is particularly prominent in cyber, where we have seen an average rate increase of 20%, primarily in response to the increased frequency and severity … Read more
Makes more sense when you learn the company says it’s passed $160 million in ARR and 800% YOY premium growth. Source: Cyber insurance startup At-Bay raises $185 mln at $1.35 bln valuation | Reuters
Chubb Ltd. CEO Evan Greenberg worries: “The pricing environment is pretty good…(But) that is not addressing by itself, the fundamental issue…. Like pandemic, cyber has a catastrophe profile to it.” Source: Cyber insurance rates fail to match catastrophe risk-Chubb CEO
The solution comes from TechAssure, a non-profit consortium of insurance and risk mitigation companies, which has teamed with RiskAnalytics and ICE Cybersecurity to provide the program. “The missing piece in cyber insurance has always been proactive protection of cyber insureds,” said TechAssure Executive Director Garrett Droege in a press release. “Many companies offer cyber security … Read more
Cyber insurance companies may urge clients to pay ransoms because insurance losses from not paying may be more than the ransom demand. “(E)ven when companies do want to hold out, insurers may be pressing them to pay. Since they tend to cover both ransomware payments and business interruption due to ransomware attacks, if the costs … Read more