AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL is reviewing its policies to tackle non-affirmative, also known as silent, cyber cover wherever possible, the insurer told Commercial Risk Europe. The company’s head of international cyber, James Tuplin, said AXA XL will then decide product by product whether and how cyber cover is included in its range of insurances. A growing number of insurers and insurance markets,…

Reinsurers must up cyber modelling game

Reinsurers must up cyber modelling game

Reinsurers must up cyber modelling game

The reinsurance market faces a massive opportunity to grow the cyber market by teaming up with governments and the insurance-linked securities (ILS) market, in a similar manner to the property catastrophe reinsurance market in recent times. But to realise this potential, reinsurers must improve quantitative modelling and data quality to dodge the “iceberg threat” of silent cyber, according to a…

Cyber cover creates false sense of security among CFOs, says FM Global

Cyber cover creates false sense of security among CFOs, says FM Global

Cyber cover creates false sense of security among CFOs, says FM Global

A big proportion of UK-based senior financial executives wrongly believe that cyber insurance will help repair a company’s brand and reputation, cover against increased scrutiny from the investment community, and shore up falls in revenues and profits caused by a cyberattack, according to FM Global. Risk and insurance managers clearly have some explaining to do about what is and, more…

New global head of FINEX cyber risk for Willis Towers Watson

New global head of FINEX cyber risk for Willis Towers Watson

New global head of FINEX cyber risk for Willis Towers Watson

Willis Towers Watson has appointed Peter Foster as chairman of global FINEX cyber and cyber risk solutions. Mr Foster has been with Willis Towers Watson for more than 14 years and the broker said he has been instrumental in building the company’s global cyber capabilities. According to a recent report from Willis Towers Watson and independent researcher ESI ThoughtLab, annual…

Norsk Hydro adds to cyberattack losses in Q2 as total approaches €80m

Norsk Hydro adds to cyberattack losses in Q2 as total approaches €80m

Norsk Hydro adds to cyberattack losses in Q2 as total approaches €80m

The cyberattack that halted production at aluminium producer Norsk Hydro in March is estimated to have cost the firm a further NOK250m-NOK300m (€26m-€31m) in Q2, adding to the NOK400m-NOK450m (€41m-€47m) already booked in the first quarter. Norsk Hydro’s combined losses from the cyberattack for Q1 and Q2 total up to €78m. Disclosed as part of its second-quarter results, Hydro said…

Beazley’s profits triple on back of higher than expected rate rises

Beazley’s profits triple on back of higher than expected rate rises

Beazley’s profits triple on back of higher than expected rate rises

Beazley has tripled profits in the first half of this year, on the back of higher than expected rate increases. The big Lloyd’s player saw pre-tax profits rise to $166.4m in the first half of 2019, compared to $57.5m in the same period last year. This is despite claims driving the company’s combined ratio up to 100% from 95% in…

GDPR fines wakeup call for risk managers who must retest plans: Airmic

GDPR fines wakeup call for risk managers who must retest plans: Airmic

GDPR fines wakeup call for risk managers who must retest plans: Airmic

The two record GDPR fines proposed last week prove that companies must take this risk seriously and are a wakeup call for risk managers to test processes and responses, according to Airmic. Julia Graham, the association’s technical director and deputy CEO, also told Commercial Risk Europe that she is not surprised by the size of the intended fines. It was…

UK cyber action takes down 140,000 phishing attacks

UK cyber action takes down 140,000 phishing attacks

UK cyber action takes down 140,000 phishing attacks

The UK government’s Active Cyber Defence (ACD) programme took down more than 140,000 phishing attacks and 190,000 fraudulent websites, most within 24 hours, during its second full year of operation, according to a report from GCHQ’s National Cyber Security Centre (NCSC). The report, Active Cyber Defence – The Second Year, also reveals that intervention in an email scam by criminals…

Lawyers divided over insurability of GDPR fines

Lawyers divided over insurability of GDPR fines

Lawyers divided over insurability of GDPR fines

Lawyers are divided over whether data protection fines under the General Data Protection Regulation (GDPR) are insurable, with Herbert Smith urging caution against the position that all such fines cannot be covered by insurance in the UK. Last week, UK regulator the Information Commissioner’s Office (ICO) proposed GDPR fines against British Airways for £183.4m (€204.8m) and Marriot International for £99m (€110m).…

Insurability of GDPR fines limited across Europe, says DLA Piper

Insurability of GDPR fines limited across Europe, says DLA Piper

Insurability of GDPR fines limited across Europe, says DLA Piper

Updated analysis from DLA Piper confirms that General Data Protection Regulation (GDPR) fines are only insurable in two European countries and are a grey area in several others, with the majority prohibiting such cover. The second edition of the The Price of Data Security: A guide to the insurability of GDPR fines across Europe by DLA Piper and Aon Cyber Solutions…

1 2 3 70