Cyber & Technology
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Companies will look elsewhere if insurers do not deliver on cyber, say German buyers
Commercial insurers need to be careful that they do not limit their ability to help companies manage cyber risk and…
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Cyber email attack predicted to cost $3.25bn in UK insured lossesCRE
UK businesses would only be insured for $3.25bn of $44bn total economic losses from a major cyberattack on an email…
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US cyber insurers profitable but market is ‘rapidly evolving’
Cyber insurers in the US are currently profitable, but are wary of tomorrow’s risks, according to AM Best. Overall, underwriting…
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Belgium’s Asco confirms ‘large-scale’ ransomware attack
Belgian aviation manufacturer Asco has confirmed a “large-scale” ransomware attack that has taken down all business activities and its communications.…
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Hiscox rolls out cyberattack calculator
Specialist insurer Hiscox has developed an online calculator to quantify businesses’ exposure to cyberattack and boost mitigation. The Cyber Exposure…
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Cyber premiums in US growing but at a lower pace, says Aon report
Cyber premiums for US insurers have more than doubled in the last four years, from $993m in 2015 to more…
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Singapore and UK join forces in fight against cybercrime
The Monetary Authority of Singapore (MAS), the Bank of England and the UK Financial Conduct Authority (FCA) have announced that…
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Carriers reviewing cyber contracts to recalculate rates
Insurers are asking to review cyber contracts in a bid to adjust premium rates as risks evolve, according to the…
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Test the strength of the fintech bridge before you cross: Lagarde
Fintech theoretically offers huge opportunities for the insurance and wider financial services sector to open up its products and services…
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China fears US will wage cyber assault in tandem with trade war
Most cyberattacks on Chinese networks last year originated from the US, according to an annual report released by China's National…
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Vector premiums increase as demand for cyber BI grows
Vector, the high-limit cyber insurance joint venture from Beazley and Munich Re, has experienced a sizeable jump in premium as…
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London market issues cyber risk exclusion clauses to tackle silent cover
New model exclusion clauses have been issued by the London market to make it easier for insurers to exclude cyber…
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Growing demand for global cyber insurance programmes to counter cross-border threat
Multinational cyber insurance programmes are in their infancy, but interest is growing and longer term they should help companies manage…
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Retention strategies crucial as market hardens, hears AGERS congress
Companies must focus on risk retention strategies, through captives or higher deductibles, to mitigate the effects of what is now…
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Hiscox launches new Lloyd’s cyber policy for large commercial buyers
Specialist insurer Hiscox has launched a new cyber product in the London market for large commercial buyers. Hiscox said the…
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AI creates new risks one year on from GDPR: Marsh
The EU’s General Data Protection Regulation (GDPR) has amassed €56m in fines and brought 200,000 cases in 31 countries during…
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Swiss Re report highlights emerging risks for insurers
The latest Swiss Re Institute SONAR report has highlighted a number of key risks including digital technology's clash with legacy…
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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…
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BIBA defends London and UK cyber market but plans SME guide
The British Insurance Brokers’ Association (BIBA) has defended the London and UK cyber market, stating that although there is room…
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Pool Re and BIBA launch terrorism insurance guide for brokers and SMEs
The British Insurance Brokers’ Association (BIBA) and Pool Re have collaborated with a number of government departments and other industry…