The ransomware market is complex and becoming more so. OFAC regulations make paying ransomware through the U.S and it citizens illegal. Insurer exclusion clauses and OFAC make cyber insurance coverage highly unlikely, other than to fix the incident, new cyber…
The cyber insurance industry is in real need of innovation. The predictions coming from the industry over the past 2 months about the insurability of cyber both from the CEO of Zurich and the World Economic Forum (WEF) have not…
A year to the week we published that cyber was a risk that required the insurance industry to take a different approach to underwriting. The insurance industry has over the past 2 months started to voice concerns over the ability…
Insurers are starting to come to terms with cyber being a risk that they cannot insure, without the insured taking on more of the risk. We wrote about this in 2022, at the time saying that cyber was not an…
A damned if you do damned if you don’t moment as the Federal Reserve, Federal Deposit Insurance Corporate and Office of the Comptroller of the Currency have informed covered banking organisations that unmitigated crypto risks do not migrate to the…
Zurich insurance Japanese’s subsidiary has been hacked. 2.6 million customer data are being offered for sale on a hacking forum, with Zurich estimating that only 757,463 records of current and former customers of local car insurance products were affected. It…
Thanks for posting Ted Dziekanowski. One suspects that the biggest foundational building block for security professionals is regulatory compliance and the move to govern cybersecurity risk management. Cyber is moving left of bang with increasing speed and several cases in…
Cyber risk transfer is complex and cyber insurance is just one mechanism to transfer the risk. The cyber insurance industry faces many changes and opportunities if it is going to play its part in that transfer. Cyber threats are international,…
This will be one to watch. The game begins as Beazley launches a $45million catastrophe bond for cyber threats, while the CEO of Zurich says that cyber is an uninsurable risk. I’ve commented previously that the use of ILS’s for…
Gerry Kennedy Written Premiums is one thing, exposure is another. From What I remember Gerry if 10% of connected cars in the U.S get hacked, the exposure to U.S Automotive insurers was around $485bn (is this correct?). The global reinsurance…
