The Office of the Australian Information Commissionaire (OAIC) has launched civil proceedings against Medibank, the Australian health insurance provider, following its 2022 cyber attack. The cyber event is a well publicised example of the effects of cyber attacks in Australia…
Cyber risk transfer requires allot of thought and a balanced portfolio of risk treatments, to enable clients manage cyber risk. A portfolio of cyber risk management tools that includes cyber insurance and in house risk mitigation to reduce the cyber…
Several years ago I presented the cyber insurance policy to the Board Risk Committee of a systemically important EU bank. I went through the policy, coverage, limits and Premium. The CEO sat there diligently nodding, at the end of the…
Cyber insurance is going to be a $29bn business by 2027 (Munich Re), isn’t it. But today it’s not looking like a maturing market, it looks to be a market that is trying to find its feet. DWP figures for…
We are seeing cyber regulation find its place within the Financial Services industry across the U.S, EU and GCC. With regulators including the NYDFS, SEC, EU Parliament and Commission introducing or updating cyber regulation. In addition to the Bank of…
The mud gets a little clearer for War related cyber exclusions with Lloyds of London, or maybe not. Exclusions require a suitable clause excluding liability for losses arising from any state backed cyber-attackâ€Â. The problem for the insured today, as…
It’s an obvious statement worth repeating, cyber insurance is an important tool for any company wanting to mitigate the effects of a cyber attack. But are cyber insurers ‘chasing the dragon’, as we see a decline in direct written premiums…
The UK Governments National Cybersecurity Center (NCSC), the tech Market isn’t working. One would go much further than this, taking a leader from Chris Inglis the inaugural head of the White House ONCD. Market forces have failed to deliver cybersecurity,…
The U.S healthcare sector has faced allot of challenges with cybersecurity risk management over the past few years. With the recent United Healthcare cyber attack demonstrating the fragility of the healthcare insurance market. Anne Neuberger the Deputy National Security Advisor…
One to watch. Warren Buffet and Ajit Jain at the Berkshire Hathaway 2024 Annual meeting. When they get asked a question about their view of cyber insurance, is it a potential for profit and what are they key challenges. –…
