Not just what is said, but also what is not said in the cyber back stop conversation. A glimpse into the Treasury’s thinking provided by Steele’s closing remarks to the conference revealed an answer of “it depends.†A “well-designed federal…
U.S case Law continues to be set over cyber insurance. As a Washington Judge rejects an insurers bid to terminate a lawsuit over a cyber event at a Seattle logistics company, Radiant. Radiant is a U.S public firm with facilities…
Lloyds of London recently published a report on systemic cyber risk, estimating that a catastrophic cyber attack could cost as much as $16Tr, best case $2.2Tr and likely $3.5Tr on a 5 year period. The basics for the cyber insurance…
A great a timely article in CITY AM by the chairman of Lloyds of London on the City’s role in risk taking, and the need for the city to take a bigger lead in the management of risk. I have…
Cyber insurance still remains a mixed back in Q3 2023. So countries premiums are up, some they’re down. It’s all a bit uncertain as ransomware continues to be a problem across most jurisdictions. Cyber controls remain a driver for cost…
This is a very interesting report and worth reading. The report () highlights the growing challenge that insurers, the insured and society face with cybersecurity and cyber attacks. Cyber pricing seems to cloud loss ratios, current risk modelling is ineffective…
An efficient cyber insurance market is required with “experience, innovation, and collaboration†is needed to sustain growth, which comes against a backdrop of price increases in this line moderating, as well as concerns about systemic risk The cyber insurance value chain…
All risks are insurable, the question is how economic is it to insure the risk. The answer for cyber insurance is likely not very economic. We wrote in 2022 () that managing cyber risk through insurance was not going to…
Is state intervention needed for cyber insurance?’, more importantly can the state afford to cover the potential liabilities? The recent Lloyds of London report highlighted the outcome of a possible system cyber attack. Landing on a $3.5trn figure for global…
The Dear CEO letter from Financial Conduct Authority in September 2023 to cyber insurers focusing on policy wordings, highlights the challenges insurers having in delivering cyber insurance policies and their own knowledge of cyber risk in the board room. How…
