The challenge faced by those who have faced a cyber attack and subsequent losses currently lies in the T’s and C’s of their insurance policy. The costs of the attack to Target is in the region of $290 million, a…
Caveat emptor. The PE sector is in an interesting position when it comes to cyber security. It invests in new ventures and restructures mature businesses. It creates and distributes significant amounts of sensitive information and data on behalf of clients,…
It’s that time of year when we start to predict what cyber looks like next year. For 2020 the software industry figures will predict a sales CAGR of 10 – 15% and cyber insurance will probably do the same and…
There has been a big push from the insurance industry to underwrite cyber risk. It’s well known and understood that they are underwriting a risk that they do not understand, with policies which do not clearly articulate the exact levels…
The Terrorism Risk Insurance Act (TRIA – ) is coming up for renewal at the House Committee on Financial Services. Recent amendments have asked for a report to analyse the overall vulnerabilities and the potential costs of cyber-attacks to U.S.…
Things are not all be as they seem to be with cyber insurance. Cyber is a very complicated enterprise wide risk and not all policies cover all aspects of cyber related attacks, frauds and subsequent costs. When it comes down…
Chubb, one of the biggest P&C insurers, reports they see increases in the number of reported ransomware incidents across many sectors. With increases of 30% for manufacturing 23%, technology 13%, and healthcare 11%, with minor increases (
Could cyber insurance act as an enabler to cyber risk management. Over the past 6 months a few articles have made the point that the cyber security industry is heading for what some call a market correction. Increased legislation, the…
A topical follow-on from the article I posted yesterday on cyber insurance, which initiated a good conversation on the role of insurers and standards (). Some insurers are looking to influence premiums through the use of tools they recommend. Whilst…
A realistic conversation taking place around cyber insurance. It’s a hard risk to underwrite, one which the insurance industry is finding difficult to assess. It does not follow any of the traditional underwriting processes used for traditional insurance products. Cyber…
