EC proposes new measures to boost cybersecurity and flow of data in EU

EC proposes new measures to boost cybersecurity and flow of data in EU

EC proposes new measures to boost cybersecurity and flow of data in EU

The European Commission (EC) has proposed a wide-ranging set of measures to beef up cybersecurity in the EU, which include a set of tools to ensure Europe and its organisations are better equipped to deal with cyberattacks. The EC has also put forward new rules to facilitate free flow of non-personal data across the EU and create a digital single…

Pool Re to plug cyber risk and NDBI gaps

Pool Re to plug cyber risk and NDBI gaps

Pool Re to plug cyber risk and NDBI gaps

Pool Re has received agreement in principal from the UK government to extend its coverage to cyberterrorism. To date, coverage for property damage resulting from “remote digital interference” has been excluded from terrorism policies reinsured by the government-backed mutual. Pool Re is also looking at closing gaps in non-damage business interruption (NDBI) coverage following a terror attack. Speaking at the…

New bespoke approach needed for cyber cover

New bespoke approach needed for cyber cover

New bespoke approach needed for cyber cover

Like others across Europe, German risk managers have complained that they don’t want to be sold cyber insurance as a separate line, and would prefer to see it included within their existing coverage. Taking part in our European Risk Frontiers survey, Christian Böhm of Freudenberg Group said: “Cyber risk is totally different for each company. Companies are organised in different…

No need for state intervention on cyber as market evolving steadily, says HDI Global

No need for state intervention on cyber as market evolving steadily, says HDI Global

No need for state intervention on cyber as market evolving steadily, says HDI Global

Patrick Smolka is head of financial lines at European Risk Frontiers survey sponsor HDI Global in Germany. Adrian Ladbury, editor of Commercial Risk Europe, asked Mr Smolka how he believes cyber risk is best managed and transferred. Adrian Ladbury (AL): Who should be responsible for cyber risk within a corporation? How should this risk be most effectively managed? Patrick Smolka…

Big gaps remain in German cyber market but offering rapidly maturing: SUEDVERS

Big gaps remain in German cyber market but offering rapidly maturing: SUEDVERS

Big gaps remain in German cyber market but offering rapidly maturing: SUEDVERS

SUEDVERS, the family-owned broker based in Freiburg with 15 offices across Germany and Austria, is the German representative of the Worldwide Broker Network, sponsor of this year’s European Risk Frontiers survey. Commercial Risk Europe editor Adrian Ladbury asked its cyber experts, Bernd Eriksen and Dr Tilman Golz, how they believe this critical risk needs to be managed and most effectively transferred. Adrian Ladbury…

Cyber risk demands enterprise-wide approach

Cyber risk demands enterprise-wide approach

Cyber risk demands enterprise-wide approach

The Swiss risk managers who joined this year’s European Risk Frontiers survey discussion agree with most of their European peers that cyber risk cannot be neatly packaged into an insurance product and forgotten about. The risk is so fundamental and enterprise-wide that it has to be identified, measured and managed before insurance is even considered. Stefan Haemmerli, risk manager for…

Let market forces do their job on cyber: HDI Global

Let market forces do their job on cyber: HDI Global

Let market forces do their job on cyber: HDI Global

Stephan Roth, head of financial lines at European Risk Frontiers survey sponsor HDI Global in Switzerland,  admits that the cyber insurance market is not perfect and  needs to evolve further. But he said that government intervention is not needed. Cyber risk is still too often jealously guarded by the IT department when it clearly demands an enterprise-wide approach and the…

Cyber: Clearly a board level topic

Cyber: Clearly a board level topic

Cyber: Clearly a board level topic

VZ Insurance Services is the Swiss member of the Worldwide Broker Network (WBN), sponsor of this year’s European Risk Frontiers survey. We spoke to Oliver Hedinger, the firm’s managing director, and Marco Meili, senior expert cyber and special lines, for their views on the fast-evolving cyber risk landscape and insurance market. CRE: Who do you feel should be responsible for…

Novae Group partners with Lloyd’s Illinois on cyber security education

Novae Group partners with Lloyd’s Illinois on cyber security education

Novae Group partners with Lloyd’s Illinois on cyber security education

The cyber team at Novae, the Lloyd’s insurer, delivered its Understanding Cybersecurity and Insurance (UCS-I) course to brokers at Lloyd’s Illinois this week. The course was presented by Sharif Gardner, cyber training manager at Novae. It has been approved for six hours of continuing education credits by the Illinois Department of Insurance. Novae has already hosted a number of sessions…

Wills Re poll shows concern over silent cyber exposure

Wills Re poll shows concern over silent cyber exposure

Wills Re poll shows concern over silent cyber exposure

The risk transfer industry is increasingly concerned by “silent” or unknown cyber exposures that fall under policies not specifically designed to cover cyber risk, according to a survey by Willis Re. The reinsurance broker believes the results reinforce the need for a holistic cyber risk insurance strategy and tailored insurance policies to adequately address growing threats. Revealing the results of…

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