Fitch warns insurers to remain cautious over cyber growth

Fitch warns insurers to remain cautious over cyber growth

Fitch warns insurers to remain cautious over cyber growth

Insurers that aggressively grow their cyber risk liabilities are likely to fall foul of ratings agencies, according to Fitch Ratings. Following a conference on cyber insurance in New York, Fitch said cyber insurance business would be credit-neutral for most underwriters, but it added that a high concentration of cyber risk, or rapid growth, would outweigh the earnings benefits of accessing…

Only 15% of cyber losses covered by insurance, finds Aon survey

Only 15% of cyber losses covered by insurance, finds Aon survey

Only 15% of cyber losses covered by insurance, finds Aon survey

New research from Aon reveals that only 15% of potential cyber losses are covered by insurance, and only 30% of survey respondents from the EMEA region are fully aware of the potential legal and economic consequences of the EU’s forthcoming General Data Protection Regulation (GDPR). The EMEA Cyber Risk Transfer Comparison Report by Aon and the Ponemon Institute shows that…

AGCS partners with Cyence to boost cyber expertise and modelling

AGCS partners with Cyence to boost cyber expertise and modelling

AGCS partners with Cyence to boost cyber expertise and modelling

Allianz Global Corporate & Specialty (AGCS) has partnered with Silicon Valley’s Cyence, a cyber risk analytics and modelling firm, with the promise of offering large corporate clients tailored cyber cover while developing an automated, self-service route for medium-sized firms. The partnership also plans to develop a new model for cyber business interruption risk, to better deliver for clients. AGCS said…

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…

Companies underestimate financial cost of cyber attacks says Lloyd’s

Companies underestimate financial cost of cyber attacks says Lloyd’s

Companies underestimate financial cost of cyber attacks says Lloyd’s

Businesses underestimate the financial impact of cyber attacks by failing to include holistic costs, according to Lloyd’s, as it published new research that coincided with the latest global ransomware attack that disabled corporates’ computer networks this week. Lloyd’s’ research, in association with KPMG and DAC Beachcroft, says businesses must be better prepared to guard against the widespread costs of a…

Standalone cyber policies becoming the norm

Standalone cyber policies becoming the norm

Standalone cyber policies becoming the norm

Cyber insurance policies are set to become a leading growth area for insurers as they change the way in which they are sold. A new report from AM Best states: “With the increasing frequency and severity of cyber attacks during the past couple of years, insurers have become more aware of the risks and rewards of this line of business.”…

New warning that boards are unprepared for cyber attack

New warning that boards are unprepared for cyber attack

New warning that boards are unprepared for cyber attack

Key decision makers do not have confidence in their boards’ ability to manage cyber security threats, according to analysis from Control Risks. The global Cyber Security Landscape survey of IT and business decision makers found almost half of respondents reporting their organisation’s board-level executives do not take cyber security as seriously as they should. This is despite 77% of respondents…

African companies warned over WannaCry attack, as South Africa hit hardest

African companies warned over WannaCry attack, as South Africa hit hardest

African companies warned over WannaCry attack, as South Africa hit hardest

South Africa is chief among the countries affected by the WannaCry ransomware attack in Africa, with approximately 83 websites infected, followed by Ivory Coast and Nigeria. Egypt, Algeria and Morocco complete the six countries most affected, while only a small number of attacks were located in the rest of the continent. The most attacked sector in the region was healthcare,…

Supply chains targeted in largest global cyber breach

Supply chains targeted in largest global cyber breach

Supply chains targeted in largest global cyber breach

The largest ever global cyber espionage campaign, that specifically targeted supply chains to access thousands of organisations across the world, has been uncovered. Details of the attack, which started to emerge in late 2016, have been confirmed by PwC and BAE Systems. The firms worked together with the UK’s National Cyber Security Centre (NCSC) to uncover details of the attack.…

Blockchain provides new opportunities for insurance industry

Blockchain provides new opportunities for insurance industry

Blockchain provides new opportunities for insurance industry

The opportunities and risks for engaging in blockchain and distributed ledger technology projects in the insurance sector have been highlighted in a new report. Blockchain has been the buzzword in the fintech community for some time, however law firm Pinsent Masons and Applied Blockchain, which launched the research, are warning that while there is great potential for smart contracts to…