Aon report reveals US cyber market growing and profitable in 2017

Aon report reveals US cyber market growing and profitable in 2017

Aon report reveals US cyber market growing and profitable in 2017

The US cyber insurance market continued to grow in 2017, with 170 US insurers reporting writing cyber insurance, compared to 140 in 2016, and 119 in 2015, according to Aon’s third edition of its US Cyber Market Update report. Aon says last year was an “unprecedented year” for ransomware attacks. Nevertheless, the 2017 US Cyber Insurance Profits and Performance report…

Marsh appoints global head of cyber risk consulting

Marsh appoints global head of cyber risk consulting

Marsh appoints global head of cyber risk consulting

Kevin Richards has been appointed to the newly created role of global head of cyber risk consulting at Marsh. He will be based in Chicago and report to Michael Poulos, president of Marsh Risk Consulting and global head of client advisory services. Mr Richards will be responsible for leading the strategic development and delivery of Marsh’s cyber risk consulting business…

Aon, Chubb and Lloyd’s team up for $500m global terrorism policy

Aon, Chubb and Lloyd’s team up for $500m global terrorism policy

Aon, Chubb and Lloyd’s team up for $500m global terrorism policy

Aon, Chubb and Lloyd’s have collaborated to bring a new terrorism and political violence insurance product to multinational buyers. The companies said the new Platinum policy offers buyers “unprecedented” limits of up to $500m per policy on standalone terrorism coverage. Insureds can also add liability, non-damage business interruption and cyber cover. Aon said the policy will provide globally-admitted cover using…

ACORD publishes first cyber data breach standard to improve cover options

ACORD publishes first cyber data breach standard to improve cover options

ACORD publishes first cyber data breach standard to improve cover options

Global insurance standards body ACORD has published a new standard for cyber data breach after developing the wording with Aon and Beazley in a move to help develop cover. ACORD said today’s level of cyber risk has driven demand for standardised cyber risk data that can be exchanged within the insurance market to improve cyber cover. ACORD Cyber Data Breach…

CNA Hardy appoints Buege to head new specialty unit

CNA Hardy appoints Buege to head new specialty unit

CNA Hardy appoints Buege to head new specialty unit

Commercial insurer CNA Hardy has appointed Rhonda Buege to head up a new unit that will focus on specialty business and healthcare. The new division will house all of CNA Hardy’s existing healthcare and specialty lines products from the Lloyd’s and London company market, including medical malpractice, technology, life science, cyber and financial lines. Ms Buege will head the specialty…

Chubb expands cyber response network

Chubb expands cyber response network

Chubb expands cyber response network

Chubb has expanded its global network of cyber incident response firms, increasing service to cover more than 50 countries in Europe, North and South America, Asia-Pacific and Africa. Chubb said the expansion will meet the growing threat of cyber risks faced by commercial policyholders. The insurer has launched a mobile app and a website for policyholders to report cyber breaches…

Use hackonomics to ensure your business is less enticing cyber target than competitors, advises Centre for Risk Studies

Use hackonomics to ensure your business is less enticing cyber target than competitors, advises Centre for Risk Studies

Use hackonomics to ensure your business is less enticing cyber target than competitors, advises Centre for Risk Studies

Experts from the University of Cambridge advise corporates to use hackonomics to assess whether they are likely targets for cybercriminals and ensure their own security is at least on par, or preferably better, than protection in place at competitors. Laying out the cyber risk landscape for 2018, the experts said supply chain attacks are the most worrying trend facing companies,…

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