One wonders the effect the Crowdstrike event will have in insurers? As cyber and ICT risk grows will the insurance industry step back and reflect seriously on how it needs to change to address risks, over which it or its…
Crowdstrike shares have fallen significantly since the incident on the 19th July, from around $304 to $233. Not helped by both the incident and legal actions being launched, notable by Delta Airlines against both Crowdstrike and Microsoft. One waits for…
It’s going to take time for the Crowdstrike incident to unravel. It was clearly an ICT risk, adding to the complexities insurers and their clients face. We do not live in a world that underwriters understand and can manage. We…
Cyber insurance offers opportunities and threats. Opportunities can be made by going ‘Left of Bang’ and delivering proactive cybersecurity risk management ahead of incident response. Demonstrating Proactive risk management is required by insurers under EU and US regulation and by…
The first stab at direct Crowdstrike lossess is creeping up to the estimated cost of Not Petya. One expects direct and indirect lossess to be closer to $50 billion when all well and done. One has to ask how any…
What is interesting about last weeks incident is there appears to be no real solutions put forward to prevent further crisis. Solution that can be delivered where rubber meets the road. The digital gene is well and truly out the…
The insurance industry is predicted to withstand losses following Fridays Crowdstrike incident. 2024 has seen several major technology and cyber incidents that one could consider significant. Fitch does not believe preliminary lossess will be material. The challenge will be consequential…
Yes, cyber will be, should be, the biggest concern to the Insurance industry. One would suggest that ICT risk, such as that experienced last week, combined with cyber will be big enough risks to capital that insurers will leave the…
The losses associated with the Crowdstrike incident will take time to collate. One expects them to be greater than Not Petya, that were reported over $10 billion. Maybe as high as $50 billion? One wonders the effect on risk transfer…
A great Harvard Law School article on the challenges face with a range of new risks, and the effect on Corporate Governance and D&O insurance. Boards are under increasing pressure to demonstrate their oversight of corporate risks such as cyber…
