Chubb has appointed Michael Kessler as division president of its global cyber risk insurance business. Moving from his current post as vice-president and chief reinsurance officer at Chubb, Mr Kessler will now oversee the insurer’s cyber strategy, product and business development, underwriting and service operations, and profit and loss performance. Mr Kessler will report to Paul Krump, vice-chairman of Chubb…
Willis Towers Watson (WTW) has launched two cyber risk assessment services to help clients deal with people risk and ransomware, which were flagged as two big areas of concern in a recent report by the broker. WTW’s said its new Workforce Cyber Culture Assessment (WCCA) service provides an “innovative” cyber risk methodology specifically designed to assess people risk and the…
Deep-fake videos will pose a major cyber risk to businesses within two years, according to CyberCube. In a new report, the cyber analytics specialist says the use of AI and machine learning to create fake audio and video will impact businesses and individuals with an online presence. This risk has increased during the Covid-19 pandemic, which has seen an increase…
Despite a turning of the tide in the EMEA property market, overall price rises at the 1 Jan 2021 reinsurance renewals were less severe than first expected, as abundant capacity and an increased willingness from reinsurers to deploy capacity in certain sectors held bigger increases at bay, according to brokers. Guy Carpenter said a slower and more complicated quoting process,…
Clyde & Co has warned that cyber litigation from data breaches could be the “new PPI” in the UK during 2021. In a series of predictions for the new year, Clyde & Co’s Seaton Gordon said claims management companies and claimant law firms have been “circling” the potentially lucrative market of group data privacy claims, as legal barriers to individuals…
Ransom payments doubled in the first half of 2020, according to specialist insurer Beazley. The specialty insurer added that ransomware attacks have also increased in severity to become the biggest cyber threat facing businesses today. In its latest Beazley Breach Insight report, the insurer’s BBR Services team estimates that the amount of ransomware extortion paid this year will be double…
The EC has proposed a range of new rules to govern the digital economy that would carry huge fines for big tech firms under a new Digital Markets Act, and penalties up to 2% of global turnover for those in other sectors through a revamped NIS Directive. The Digital Markets Act proposes tougher sanctions for social media sites that publish…
Google has been fined €100m by French data regulator CNIL for placing advertising cookies without consent on search engine google.fr, and dished out a further €35m penalty to Amazon Europe for similar breaches of national law. The fines are based on breaches of French law before the introduction of Europe’s General Data Protection Regulation (GDPR), but CNIL has since amended…
Chubb has updated its package for SME life science companies in the UK, including new cyber protection. Chubb’s MasterPackage for the life sciences sector features first- and third-party cover and, in response to changing risks faced by life sciences firms, will now tailor cyber coverage. In particular, products and services liability will be extended to include bodily injury from cyberattacks.…
Global losses from cybercrime now total more than $1trn and are up over 50% in two years, according to new research from McAfee Corp, which also reveals a lack of understanding when it comes to cyber risk. Based on a survey of 1,500 IT and business decision makers, McAfee’s loss figure is based on $945bn from cybercrime and more than…