It is a hard place to be, there is an opportunity to grow a market in cyber insurance. The ‘gold rush’ has pulled many underwriters into the market pricing products with little understanding of the complexity of the risk. There…
Internal auditors reiterate that cyber security is the biggest risk faced by their companies. But lets not forget that it’s also one of the biggest issues from an external audit perspective to. If you’re listed in the US you’ll have…
AIG are moving to clean up their P&C policies, excluding physical and non-physical cyber from 2020. They have recognized that P&C policies were not set up to address cyber and that cyber risk insurance needs clarity. This has to be…
Once bitten, twice shy, third time get insurance. The attack on Baltimore was one of the most extensive hacks on a US municipality. I wonder how your premiums are affected when you buy cyber insurance if you are hacked twice.…
Is it now time to sit down and write a proposal for cyber security metrics? The number of high profile events over the past 10 years, the talk of a market correction across the insurance and capital markets, the issues…
A great report from AoN and DLA Piper which discusses cyber insurance and GDPR. Reviewing the current status of regulatory insurance across European countries and the latest enforcement actions against GDPR. It reinforces that insurance coverage for regulatory fines and…
By any measure the cyber insurance market is growing. But the evidence is that it’s not all Rose’s for the insured. Insurers aren’t paying out and the insured doesn’t understand what will be covered. When we better understand the risk…
Standard and Poors has issued a report on the insurance and reinsurance markets ability to underwrite cyber risk. Well worth a read. It raises concerns that the cyber insurance market is at risk of serious damage unless there are changes…
With the Mondelez Vs. Zurich case running through the courts (). Things may have got decidedly more difficult for cyber insurance policies. With the US President signing of executive order 13873. It looks like the order opens the door wider…
This weeks judgement by Washington State Attorney General Bob Ferguson on Premera’s data breach, records an actual legal cost of $84Mn. On-par with Marriott and BA. US health insurer Premera Blue Cross has agreed to pay US states $10Mn to…
