Ransomware attacks “skyrocketed” by 105% in the first quarter of 2019, according to notifications collated by insurer Beazley’s Breach Response Services team. Beazley said there was also a change in style of ransomware attack, with perpetrators targeting larger organisations and demanding higher ransomware payments to unlock systems. Banking trojans have been “increasingly problematic” for companies in the first quarter of…
The British Insurance Brokers’ Association (BIBA) has defended the London and UK cyber market, stating that although there is room for improvement, decent cover is available, particularly for larger firms. However, the association is working on guidance to help its members support SMEs to understand their cyber risk better and improve cyber protection.
The British Insurance Brokers’ Association (BIBA) and Pool Re have collaborated with a number of government departments and other industry experts to launch a new guide on terrorism insurance. It is designed to improve brokers’ understanding of this fast-growing risk class and boost sales of this line of insurance among small and medium-sized enterprises (SMEs) in the UK. Pool Re…
Growth in the US cyber insurance market is slowing, according to Fitch Ratings, but US property/casualty insurers continue to view cyber insurance coverage as a significant growth opportunity. The industry’s total direct written cyber premiums grew 8% in 2018 to $2bn, down from 37% growth in 2017. “After several years of brisk growth, US cyber insurance segment revenue moderated in…
London-based international insurer Beazley has launched a new cyber policy and risk management service for shipowners and operators, as they prepare to meet new International Maritime Organization (IMO) cyber risk measures. Beazley said its Cyber Defence policy is aimed at vessel owners and operators, to cover physical damage and loss of hire caused by a cyberattack. Buyers in the maritime…
Third-party supply chains have been increasingly targeted by sophisticated cyberattacks in the past year, according to research by Carbon Black that warns cybercriminals’ use of ‘island-hopping’ techniques are a “serious and complex threat”. Island hopping sees cybercriminals infiltrate smaller companies with more vulnerable security systems, to then access larger, target companies. In an article on the risks of third-party supply…
A proposed legal case in Hong Kong could give a significant insight into one of the most debated issues around liability – namely, who do you blame when a robot goes wrong? Hong Kong investor Samathur Li Kin-kan is suing Italian fund manager Raffaele Costa over losses incurred through the latter’s robo-advisory service, where investment decisions are made entirely through…
There is growing interest in the c-suite about using alternative risk transfer (ART) and capital markets tools to tackle emerging risks such as cyber, according to fresh research published by RIMS and Marsh, released at the society’s annual conference in Boston this week. But a lack of understanding about what ART has to offer among executives and risk managers, coupled with concerns about costs, is holding back this potentially game-changing development…
Brit has boosted its cyber insurance product by offering physical damage cover alongside business interruption, data privacy and cyber liability, with limits up to $150m. The update to Brit’s five-year-old Cyber Attack Plus policy also offers $100m limits for standalone, non-physical damage cyber cover, which the company said are the highest offered globally. The policy covers first- and third-party risks.…
