Cyber seems to be front and center for the insurance industry at present. With Lloyds of London recently announcing changes to underwriting wording and the U.S Treasury seeking input into a cyber insurance market support. I wonder if a paradigm…
A great read. Why is cyber becoming a legal issue and why you cannot rely on insurance to back you up. There are many gaps that are yet to find solutions in D&O insurance and cyber insurance. D&O and cyber…
Cyber insurance like any insurance product has to be part of any risk mitigation strategy. The problem today however for the insurance industry and the insured is it has been used more or less as the main risk mitigation tool.…
Thank you Ted Dziekanowski. My understanding is that the total capacity of the re-insurance market is around $700bn (). Cyber-attack frequency, complexity and severity is increasing and the impact of a catastrophic cyber incident and aggregated insurance losses are likely…
Lloyds of London is experiencing its own technical challenges. All external connectivity has been turned off, including Lloyds delegated authority platforms,†a Lloyds spokesperson was cited by The Record as saying. We have informed market participants and relevant parties, and we will…
The recent Lloyds of London cyber mandates create opportunities and challenges for the insurance industry. Foremost I suspect that they were written to reduce the impact of aggregated losses within the reinsurance market, ahead of the underwriting direct polices. As…
Cyberattacks may not be the new norm for everyone, but the once low probability attacks that used to affect websites through DDoS or poor configuration and patch have been replaced by extreme loss, higher probability, high severity threats. We have…
A topical post from July 2022 that feels appropriate today outlining the challenges that the cyber insurance industry faces and will continue to face. {sic} The big challenge for (re)insurers in developing this wording lies in the need for continual…
An article from the cyber reinsurance market, that is not expected to grow significantly until underwriting tools are developed to better assess cyber risk. The demand for cyber insurance is increasing with gross written premiums expected to be $20Bn by…
A nice article on the challenges facing organisations and cyber insurance. I have to say I think the cyber insurance market is in turmoil. On one hand there are predictions that the market is going to be worth $Billions by…
