European risk managers ranked cyber and uncertain economic growth as the biggest short-term threats facing their organisation in the 2020 Ferma survey, while digital transformation and climate change are the top medium- and long-term concerns. It also finds that insurance risk managers are turning to captives and loss prevention as the insurance market hardens. The poll of 764 risk managers…
The EC’s GDPR review has found that harmonisation across member states and cross-border cooperation need improving, but concludes it is too early to revise the regulation. The mandated evaluation report was published just over two years since the introduction of the GDPR. It is based on feedback from EU member states, the European Data Protection Board (EDPB) and a wide…
The cost of cyberattacks to businesses has spiked almost six-fold to an average $57,000 per event in the past year, according to a new global study from Hiscox. Total cyber losses reported by almost 5,600 companies polled rose to $1.8bn from $1.2bn. But the proportion of surveyed businesses targeted by cyberattacks also fell significantly from 61% to 39%. Some 51% of…
Allianz Global Corporate & Specialty (AGCS) has launched a new cyber product in the UK to protect companies from third-party and first-party losses caused by data breaches and cyberattacks. Allianz Cyber Protect offers buyers protection for the costs associated with a cyber incident as well as giving access to expert partners in IT forensics, cyber extortion and business interruption forensic…
US cyber premiums grew to $2.26bn in 2019, an 11% increase from the previous year, with similar rates of growth observed for both package and standalone cyber products, according to Aon. In the fifth edition of its US Cyber Market Update: The 2019 US Cyber Insurance Profits and Performance, Aon states that a total of 192 US insurers reported direct…
Honda has been hit by a cyberattack that affected operations around the world, with most experts blaming ransomware. The Japanese carmaker confirmed to the BBC on Tuesday that “a cyberattack has taken place on the Honda network”. It said the issue was affecting its ability to access computer servers, use email and make use of its internal systems. The company…
Beazley has reported a 25% increase in ransomware attacks during the first quarter of this year compared to Q4 2019, and predicted that Covid-19-related phishing scams are likely to dominate the second quarter of 2020. Ransomware incidents reported to Beazley Breach Response (BBR) Services in Q1 affected all industries, but manufacturing was hardest hit with a 156% increase quarter over…
Beazley said it has enhanced three cyber and media and technology policies for Spanish buyers. The company said in line with its commitment to provide more straightforward, user-friendly policies, its “flagship” cyber policies Beazley Breach Response (BBR) and InfoSec, as well as MediaTech, have been “streamlined”. On BBR, first-party covers, such as cyber extortion, data recovery loss, business interruption, contingent…
A class-action lawsuit potentially worth about £18bn has formed against airline easyJet after it revealed a data breach last week. Law firm PGMBM said it will sue the airline and is rallying the support of nine million affected easyJet customers in a no-win, no-fee promise. PGMBM is seeking £2,000 per customer. It said customers had only just been informed of…
Insurance brokers are ideally positioned to help organisations address the problems that are hindering their adoption of cyber insurance, according to a new report from cyber risk analytics specialist CyberCube.