The Source for Cyber Insurance News, Insights and Data
Onda, a Lloyd’s-backed cyber MGA, has unveiled Onda X, a new cyber insurance product tailored for mid-market firms across the UK and France. Targeting companies with annual revenues between £100 million and £1 billion, Onda X offers primary and excess coverage limits up to £5 million to protect against cybercrime. As noted in the press … Read more
Cowbell, an SME cyber insurance provider, celebrated its first anniversary in the UK by reporting impressive triple-digit growth across key metrics. A company press release noted that since expanding into the region in 2023, Cowbell has seen a 351% increase in premiums, a 327% rise in policies issued, and a 148% growth in its network … Read more
The latest Data Health Check report by Databarracks reveals a marked decline in cyber insurance claims. That indicates a significant shift in the cyber landscape. This finding comes despite the increased adoption of cyber insurance policies among UK businesses. This trend underscores a growing resilience in the face of cyber threats, as more organizations successfully … Read more
UK utility companies faced a significant surge in cyberattacks in 2023, with 48 breaches recorded, marking a staggering 586% increase from the previous year, according to global specialty (re)insurance group Chaucer. The rise in incidents, partly attributed to state-backed hackers, has heightened concerns about potential infrastructure-targeted attacks amid escalating geopolitical tensions. Utilities providing power and … Read more
As in the US, the discussion turns on the threat of a catastrophic “systemic” cyber attack, which could generate $3.5 trillion in “global economic damage” according to a recent model prepared for Lloyd’s of London (which has been tightening its war exclusions.) The UK established a backstop decades ago for terrorism coverage after IRA attacks … Read more