Cyber & Technology
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CrowdStrike outage to drive cyber insurance adoption – Moody’s
Business interruption (BI) rather than property damage will be the main driver of cyber insurance claims resulting from the recent…
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“Room for improvement” concludes ECB cyber stress test
Financial institutions in Europe could do better when it comes to cyber security, according to the results of a stress…
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Chaucer warns UK utilities over cybersecurity after breaches increase 586%
UK utility companies were hit by 48 successful cyberattacks in 2023, a 586% increase on the seven cases in 2022,…
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SentinelOne pushes out AI cybersecurity to risk managers
US-based cybersecurity vendor SentinelOne has announced a new sales initiative designed to help insurers deliver an AI security platform to…
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WTW reports stable or softening market in key lines
WTW saw its revenue rise 5% in both the second quarter and first six months compared to prior year periods,…
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CyberCube pegs global CrowdStrike loss at $1.5bn
Modelling firm CyberCube estimates that insured losses from the CrowdStrike outage will cost the standalone cyber insurance market between $400m…
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Big jump in cyberattacks ‘overwhelming’ business, warns cybersecurity firm
There has been an exponential increase in cyberattacks so far this year that is “overwhelming businesses”, with at least 12.6%…
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TikTok fined in UK over child safety data failures
Ofcom, the UK’s telecommunications regulator, has fined social media platform TikTok £1.88m for failing to disclose accurate information about its…
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Insured losses from CrowdStrike outage could reach $1.8bn at biggest US firms: Parametrix
Parametrix Insurance Services, a provider of technology downtime insurance, believes insured losses among US Fortune 500 companies caused by last…
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Rates moderate further in Europe and fall in UK
Insurance price increases have continued to moderate in Europe, with rates increasing by just 1% in the second quarter of…
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Global cyber insurance market tops $16bn in premiums
Global cyber insurance gross direct premiums written (GDPW) in 2023 totalled $15.7bn, according to estimates by Insuramore, rising to more…
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AI and disruptive tech named as top emerging risk by risk managers
Artificial intelligence (AI) and other disruptive technologies have been identified as the top emerging risk by a survey of risk…
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CrowdStrike set to be biggest cyber loss since NotPetya with early estimate up to $9bn
Insured losses from the CrowdStrike outage are likely to be the biggest from a single cyber event since NotPetya in…
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Report shows ransomware groups disrupted by law enforcement
The ransomware-as-a-service market has faced serious disruption due to successful law enforcement efforts that took down two major groups, according…
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CrowdStrike problems threaten significant supply chain disruption and secondary impacts
The Crowdstrike outage could cause significant global supply chain problems and impact secondary firms, underscoring how Single Point of Failure…
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Ferma calls for regulatory simplification from Hungarian Presidency of EU Council
Ferma has called upon the Hungarian Presidency of the Council of the EU to help simplify the regulatory maze and…
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Cyber risk ‘most significant threat to insurance industry’ finds GlobalData poll
Cyber risk is reported to be the most significant threat to the insurance industry, surpassing natural catastrophes and political risks,…
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Insurers braced for deluge of cyber and BI claims after worldwide IT outage
The IT outage that affected companies around the world last week could lead to an “insurance catastrophe”, according to brokers,…
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EU’s DORA looms nearer with release of technical standards
Europe’s financial services supervisors have dropped their second batch of policy products behind the bloc’s new cyber risk rules, Digital…
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Europe’s timetable now clear for AI Act
Europe’s new rules on the development and use of artificial intelligence systems in the bloc will come into force on…