A great article discussing the cyber insurance backstop. I have to agree with Daniel Woods, one believes that any cyber insurance backstop is premature. We wrote in January 2022 that cyber was an uninsurable risk, but that it could be…
I’ve been fortunate to have been able to build a considerable amount of diversity into my career. Diversity including engineering, manufacturing, academic research, insurance and banking, with a common thread of risk and cybersecurity. I threw in a little experience…
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…
Ted Dziekanowski we’re seeing many more UK focused cyber attacks in the media from Christmas 2022. It’s feeling like we’re playing catchup with other Western nations. #cybersecurity #cyberriskmanagement #cyberattacks #cyberinsurance View Original Post
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…
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…
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…
