Consortium of Leading Cyber Insurance Carriers Creates New Company to Coordinate on Cyber Market

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The companies are: AIG, AXIS, Beazley, Chubb, The Hartford, Liberty Mutual Insurance and Travelers. The mission of newco CyberAcuView is:  “to (1) help the insurance industry provide better value and service for policyholders in their cyber risk mitigation; (2) provide leadership in addressing cybercrime and increasing resilience to cyber risk; and (3) help ensure a … Read more

Cyber Insurance Industry Is Struggling. Here’s How to Fix It, Suggests UK Security Think Tank

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The insurance industry has failed to keep up with the cyber risk environment, says the Royal United Services Institute for Defence and Security Studies in a June 2021 report. It offers 10 suggestions, which we include below with some UK-only information, such as specific government agencies, removed. CNI readers will note the suggestion, seen more … Read more

Cybersecurity Increasingly Important for Credit Ratings: S&P 

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Yet another dimension of the cyber threat is the impact of public and commercial enterprise cybersecurity on credit ratings. “At S&P Global Ratings, we have seen more credit-relevant cyber events in the last six months than in the previous six years, and we routinely reflect on recent cyber developments to sharpen our focus and to … Read more

Cyber Insurers Need to Protect Themselves First

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We’ve all heard a flight attendant tell passengers to don the emergency air mask first before they try to help others. The same concept holds for cyber insurance companies, some of which have been struck hard by hackers. “It is imperative that not only we protect with modern technology and innovation needed in this market, … Read more

Cyber Insurance Pays Back Only App. 60% of Ransomware Costs & Then Rates Go Up

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There’s grim news in a new survey from cloud vendor Cloudian and Sapio Research: Cyber insurance only pays about 60% of costs from ransomware attacks — and paying ransoms often does not result in the return of most data. Most companies see their cyber insurance rates climb some 25% after a ransomware attack. Get the … Read more

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