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
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
Global insurance group Howden announced the appointment of Jean Bayon de La Tour as International Head of Cyber. The move marks a significant step in the company’s strategy to meet the increasing demand for insurance solutions against cyber-attacks. The move comes in a rising threat landscape. The cyber market is predicted to surge from USD … Read more
A new report from insurtech Resilience, Resilience Midyear 2023 Claims Report, reveals a significant shift in ransomware tactics. Cybercriminals are increasingly targeting larger organizations and employing encryption-less extortion methods. Key Highlights: The report attributes the trend in encryption-less extortion to the massive MOVEit file transfer platform hack in May 2023, which exposed the data of … Read more