RSA launches its first cyber policy for large corporates
RSA is launching its first standalone cyber insurance offering for large corporates…
UK Government advises firms to prepare for data disruption in no-deal Brexit
A Brexit no-deal would obstruct the free flow of personal data from the European Union (EU) to the UK, the UK Government has warned, going on to urge its firms to proactively address potential disruptions. The European Commission (EC) has said it will not agree to put in place, or enter discussions over, arrangements that would allow the continued flow…
UK firms failing to grasp GDPR’s reporting deadlines, warns regulator
The UK data protection regulator has warned that some companies are “struggling” to fully understand that General Data Protection Regulation (GDPR) breaches must be reported within the first 72 hours. While the UK Government has warned that a no-deal Brexit would obstruct the free flow of personal data from the European Union (EU) to the UK, going on to urge its firms to proactively address potential disruptions…
Insurers expect rise in silent cyber losses, finds Willis Re survey
More insurers across the globe are expecting to report silent cyber losses across all lines of business except workers’ compensation in the next 12 months, according to a new survey by Willis Re. This year’s survey revealed that more than 60% of insurers believe they are likely to incur more than one silent cyber-related loss for every 100 non-cyber-covered losses…
Little or no sign of market-wide hardening in Nordics
Nordic risk and insurance managers see no sign of a general hardening in the commercial market and can get capacity for most of their risks, but there are some pockets where things are tricky for buyers. According to Tapio Huovinen, director of risk management at renewable wood biomass company UPM, there is still adequate capacity in the Nordic market. “It…
IUA drafts broad exclusion to tackle silent cyber exposures
The International Underwriting Association (IUA) has drafted a broad clause to address silent cyber risk. The clause can be inserted into almost any P&C insurance policy to totally exclude cyber exposures, although it includes a provision that would allow the contractual parties to agree to include cyber-related exposures on a case-by-case basis…
FM Global rolls out cyber risk review for clients
FM Global is launching a cyber risk assessment for its clients, helping buyers to measure their resilience to cybersecurity threats and account for cyber risk. The new service will also help policyholders assess mitigation measures and asses their organisations’ ability to respond and recover from a cyber incident. FM Global said its cyber risk assessment is the first comprehensive review…
Cyberattacks hit German manufacturers for €43bn
Cyberattacks have struck two thirds of German manufacturers, costing them €43bn, according to findings of a survey by IT association Bitkom reported by Reuters. The survey of more than 500 executives at manufacturing firms found that small and medium-sized companies were especially vulnerable to cyberattacks. Achim Berg of Bitkom said: “With its worldwide market leaders, German industry is particularly interesting…
UK’s cyber agency challenges boards to get more technical
The UK’s cybercrime agency has directed five questions at company boards to help them defend organisations against cyber risk ahead of a more in-depth toolkit to be released later this year…
Cyber cover moving in right direction but room for improvement remains
Cyber cover has improved, according to Nordic risk managers, and there is enough capacity for the needs of those taking part in our European Risk Frontiers survey. However, there is still room for improvement, which requires insurers to do their bit but also risk managers to better understand their risks and articulate their needs. Most Nordic risk managers we spoke…