Zurich teams with cybersecurity firm to offer new cyber service

Zurich teams with cybersecurity firm to offer new cyber service

Zurich teams with cybersecurity firm to offer new cyber service

Zurich has teamed with cybersecurity expert CYE to offer a new global cyber risk management service. Available across the world, Zurich Cyber Security Services combines the insurer’s specialist cyber insurance and risk engineering capabilities with CYE’s artificial intelligence-based technology, services and expertise. Zurich said the service addresses the full spectrum of cyber risks by helping businesses define and deploy effective…

Organisations losing confidence in ability to manage cyber risk finds Marsh/Microsoft survey

Organisations losing confidence in ability to manage cyber risk finds Marsh/Microsoft survey

Organisations losing confidence in ability to manage cyber risk finds Marsh/Microsoft survey

A survey by Marsh and Microsoft finds that organisations are losing confidence in their ability to manage cyber risk and highlights a gap between concern and approach to the threat. Startlingly, the global survey of 1,500 organisations reveals that the majority of board members and business leaders responsible for cyber risk management spent less than a day in the last…

Growing demand for multinational insurance despite headwinds

Growing demand for multinational insurance despite headwinds

Growing demand for multinational insurance despite headwinds

Demand for multinational insurance programmes continues to rise despite mounting anti-globalisation sentiment and protectionism, with captives, mid-sized companies and firms from emerging markets driving growth. Some companies in mature markets have scaled back programmes as they reduce their global footprint, but are generally looking at covering a wider range of risks in international programmes. According to brokers and insurers, demand…

Clashes over silent cyber likely at 1 January renewals

Clashes over silent cyber likely at 1 January renewals

Clashes over silent cyber likely at 1 January renewals

Risk managers and brokers will have to work doubly hard during the coming months, as a concerted effort by the insurance market to tackle silent cyber will lead to heated discussions at the year-end renewals, potentially leaving some customers with serious coverage gaps. Despite buyer representatives welcoming the clarity that work to tackle silent cover will bring, a leading broker…

RIMS paper says risk managers and IT must boost collaboration

RIMS paper says risk managers and IT must boost collaboration

RIMS paper says risk managers and IT must boost collaboration

A new whitepaper from RIMS says risk managers and IT professionals still struggle to communicate on digital risks. It lays out ways for the two functions to better collaborate and speak the same language to close the protection gap. The Bridging the Digital Risk Gap paper by RIMS and ISACA, an international association focused on IT governance, says risk management and…

Aon warns many companies not doing enough on cyber risk

Aon warns many companies not doing enough on cyber risk

Aon warns many companies not doing enough on cyber risk

With annual global cyber losses expected to reach $6trn by 2021, according to research conducted by Cybersecurity Ventures, a new report from Aon urges companies to develop cyber resilience and says cyber risk should now be at the top of all c-suite agendas. But it warns that many companies are simply not doing enough. Aon’s report – Prepare for the…

AIG to affirm or exclude cyber cover in P&C policies from January 2020

AIG to affirm or exclude cyber cover in P&C policies from January 2020

AIG to affirm or exclude cyber cover in P&C policies from January 2020

AIG announced yesterday that, as of January 2020, virtually all of its commercial property and casualty policies will begin affirmatively covering or excluding physical and non-physical cyber exposures. The US-based international insurance group said this move will address “market concerns” that traditional commercial insurance policies across the industry – from property to general liability – are often silent about cyber…

Britam launches first cyber cover for Kenya

Britam launches first cyber cover for Kenya

Britam launches first cyber cover for Kenya

Britam General Insurance has launched cyber insurance cover for Kenya, to allow businesses to protect themselves against the increasing trend of cybercrime. The Kenyan insurer said it is responding to the needs of corporates, which are facing increasingly sophisticated and aggressive cyberattacks. The product, which is among the first in the Kenyan insurance market, comes hot on the heels of…

Ransomware attacks ‘skyrocket’ in 2019 as large firms targeted, warns Beazley

Ransomware attacks ‘skyrocket’ in 2019 as large firms targeted, warns Beazley

Ransomware attacks ‘skyrocket’ in 2019 as large firms targeted, warns Beazley

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…

Businesses need to warn employees of dating risk

Businesses need to warn employees of dating risk

Businesses need to warn employees of dating risk

With businesses being warned that cyber threats are often greatest from within, there is a new warning for employees to watch their internet activity. Shared by Munich Re of Africa, the warning comes as spring brings a surge in activity in online dating services. However there could be trouble ahead as consumers looking for romance ignore the threat of hackers,…

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