RIMS advises businesses on cyber insurance needs

RIMS advises businesses on cyber insurance needs

RIMS advises businesses on cyber insurance needs

A company’s assessment of its cyber insurance needs should begin with an assessment of the sources of risk and perils and whether they are covered by traditional policies or are excluded, according to a report from the US Risk and Insurance Management Society (RIMS). The report, Cyber Insurance: Considerations for Businesses, states that organisations considering standalone cyber coverage should determine…

The words on everyone’s lips

The words on everyone’s lips

The words on everyone’s lips

Cyber risk/cyber security is the most-used word or phrase encountered by insurers in 2016 according to a report from AM Best. About one-third of insurers surveyed cited cyber as the most common buzzword, while ‘low/negative interest rates’ placed second (23.1% of responses) and ‘increasing regulation’ finished third with 10.6% of respondents citing the phrase. Those surveyed were also asked about…

James Tuplin joins XL Catlin to head CMT team in Europe

James Tuplin joins XL Catlin to head CMT team in Europe

James Tuplin joins XL Catlin to head CMT team in Europe

XL Catlin has poached James Tuplin from rival QBE to be its head of cyber and technology, media and telecoms, international. At QBE he was cyber and TMT portfolio manager, with responsibility for growing the insurer’s cyber portfolio in Europe. Based in London, Mr Tuplin will be responsible for underwriting cyber insurance, as well as professional indemnity insurance for the…

Munich Re eyes growth – and threats – in cyber space

Munich Re eyes growth – and threats – in cyber space

Munich Re eyes growth – and threats – in cyber space

Munich Re backpedalled a little on its corporate specialty business last year, but still wants to grow its portfolio in the longer term, especially in cyber space, according to comments made in the global reinsurer’s earnings call with analysts. Board member Torsten Jeworrek told analysts that the €4.8bn premium share from its risk solutions segment was down from €5bn. The…

Cyber experts report wider range of attacks with IoT a huge concern

Cyber experts report wider range of attacks with IoT a huge concern

Cyber experts report wider range of attacks with IoT a huge concern

As cyber criminals broaden their capabilities there has been a rise in attacks against industrial control systems and connected devices, with growing use of ransomware and distributed denial-of-service (DDoS), according to speakers at a BrightTALK cyber summit. Ransomware is proving to be one of the most popular threats currently, according to Peter Wood, CEO of ethical hacking and penetration testing…

Pool Re to extend property cover to cyber terror attacks

Pool Re to extend property cover to cyber terror attacks

Pool Re to extend property cover to cyber terror attacks

Pool Re, the UK’s government-backed terrorism reinsurance fund, is interested in extending cover to include physical damage from cyber terrorism, a spokesman has confirmed to Commercial Risk Online. Pool Re chief executive Julian Enoizi told Reuters recently that he has held discussions with the government and industry, and that Pool Re hopes to add cyber to its coverage in the…

Emy Donavan replaces Pearson as AGCS global cyber head

Emy Donavan replaces Pearson as AGCS global cyber head

Emy Donavan replaces Pearson as AGCS global cyber head

Allianz Global Corporate & Specialty (AGCS) will appoint Emy Donavan as global head of cyber to replace Nigel Pearson who is leaving the post to “pursue other opportunities”. Ms Donavan will take up her new role from 31 March and will report to Bernard Poncin, global head of financial lines at AGCS. Ms Donavan is currently regional head of cyber…

Aon explains thinking behind new cyber captive solution

Aon explains thinking behind new cyber captive solution

Aon explains thinking behind new cyber captive solution

Commercial Risk Europe spoke to Aon about its new cyber risk captive solution that offers capacity of up to $400m and seeks to address many of the shortcomings faced by clients from traditional coverage. Securing appropriate cyber risk transfer is one of the biggest challenges faced by corporate insurance buyers across the world. Assessing the complex and evolving exposures, and…

Cyber set to become number one purchase for corporates

Cyber set to become number one purchase for corporates

Cyber set to become number one purchase for corporates

Cyber insurance is likely to become the single most important insurance purchase for most large corporates, according to Lucien Mounier, a cyber underwriter at Lloyd’s insurer Beazley. He predicts that standalone cyber insurance will become the backbone of many corporate insurance programmes, rather than just an extension to tradi-tional property and casualty coverages. “Companies are becoming more dependent on data…

Risk managers urged to tackle dominant employee cyber threat

Risk managers urged to tackle dominant employee cyber threat

Risk managers urged to tackle dominant employee cyber threat

Willis Towers Watson has urged risk managers to look at the threat posed by employees when managing cyber risk and launched a new tool to help firms deal with the problem. The broker said that while many businesses focus on technological cyber defences, employees are the largest source of data breach claims. According to data collected by Willis Towers Watson,…

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