Insurance Journal

JULY 31, 2024

Verisk’s Property Claim Services unit confirmed reports it has designated the recent global information technology outage as a cyber catastrophe event. With the designation, PCS Global Cyber believes what has come to be known as the CrowdStrike event will cause …

Cyber 251

Cyber Claim Insurance Insurer 251

Insurance Journal

OCTOBER 8, 2024

Specialty insurer Beazley announced the launch of a cyber consortium that provides comprehensive cover for large corporates with a turnover in excess of $1 billion, infusing $100 million of new capacity into the cyber market. Called Beazley Quantum, the consortium …

Cyber 246

Cyber Insurance Insurer Insured 246

Insurance Journal

JANUARY 8, 2025

Consumers may soon be able to buy electronic products with a label indicating they are “cyber secure,” according to US officials. The White House on Tuesday announced the launch of a new US Cyber Trust Mark, indicating designated items follow …

Cyber 213

Cyber 213

Insurance Journal

JANUARY 7, 2025

said it is forming a new subsidiary for cyber and technology errors and omissions insurance products. Old Republic Cyber Inc. Old Republic International Corp. will be led by CJ Pruzinsky, formerly of Resilience. He will serve as president of the …

Cyber 218

Cyber Insurance Insurer Insured 218

Insurance Journal

AUGUST 1, 2024

Coalition, the San Francisco-based cyber managing general agent and cyber-security firm, announced the launch of its Active Cyber Insurance in Germany through its subsidiary, Coalition Insurance Solutions GmbH. Coalition’s offerings became available on Aug. Cyberattacks and IT system …

Cyber 233

Cyber Insurance Insurer Insured 233

Insurance Journal

AUGUST 25, 2024

Cyber companies — including … Microsoft Corp. is planning a meeting next month with cybersecurity companies that operate at the core of its Windows systems to discuss ways in which they can keep last month’s worldwide computer crash from happening again.

Cyber 265

Cyber 265

Insurance Journal

NOVEMBER 4, 2024

Vienna Insurance Group has launched a specialist cyber security company focused cyber risk management for small and medium-sized companies. Called Cyber Risk Solutions GmbH (CyRiSo), the company provides comprehensive support to help companies reduce cyber risks and to prevent and …

Cyber 220

Cyber Risk Insurance Insurer 220

Insurance Journal

AUGUST 12, 2024

UK spies are stepping up efforts to tackle cyber and artificial intelligence threats from hostile foreign states, including the sort of online manipulation that helped foment rioting across the country in the past 10 days. GCHQ, the UK’s national security …

Cyber 261

Cyber 261

Insurance Journal

OCTOBER 18, 2024

Coalition, the San Francisco-based cyber managing general agent and cybersecurity firm, has become the first cyber insurance provider in the UK to launch a service dedicated to recovering funds stolen by cyber attackers. The cyber insurer’s new UK “clawback” service …

Cyber 239

Cyber Agents Insurance Insurer 239

Insurance Journal

AUGUST 4, 2024

Insurers continue to grapple with elusive and ever changing cyber risks in the critical infrastructure sector, and Matthew McCabe, managing director for Guy Carpenter’s Cyber Center of Excellence, said he sees a three-party system emerging between insurers, policyholders, and the …

Cyber 225

Cyber Risk Policyholder Insurance 225

Insurance Journal

OCTOBER 29, 2024

The Hartford and cyber-MGA Coalition announced a strategic, long-term capacity partnership in response to growing customer and broker demand for Coalition’s active cyber insurance approach in the UK market. The new capacity agreement combines the established strength of The Hartford …

Cyber 229

Cyber Broker Insurance Insurer 229

Insurance Journal

SEPTEMBER 11, 2024

A Ridgefield Park, New Jersey-based labor union for longshoremen, healthcare, maintenance and other workers has reported a cyber incident that may have exposed some members’ private information. The office for Local 1964, International Longshoremen’s Association, Local 1964 ILA Health & …

Cyber 241

Cyber 241

Insurance Journal

AUGUST 20, 2024

US firms have warned that parts of a proposed cyber law could grant the Hong Kong government unusual access to their computer systems, highlighting the latest challenge to Western tech giants in the city. The Asia Internet Coalition, which includes …

Cyber 236

Cyber 236

Insurance Journal

DECEMBER 29, 2024

Hackers targeted around ten official websites in Italy on Saturday, including the websites of the Foreign Ministry and Milan’s two airports, putting them out of action temporarily, the country’s cyber security agency said. The pro-Russian hacker group Noname057(16) claimed the …

Cyber 216

Cyber Claim 216

Insurance Journal

OCTOBER 31, 2024

Howden, the London-based insurance intermediary group, announced the launch of Howden Safe+, a cyber insurance solution aimed at clients with revenues between $250 million and $2 billion. Safe+ simplifies the procurement process by reducing the number of questions required at …

Cyber 237

Cyber Insurance Insurer Insured 237

Insurance Journal

OCTOBER 21, 2024

Pen Underwriting has relaunched its cyber proposition for large corporate clients with a comprehensive rebuild that sees it re-enter primary cover for this end of the market, double its excess of loss (XOL) limit and introduce a significantly broader risk …

Cyber 230

Cyber Underwriter Underwriting Risk 230

Insurance Journal

JULY 29, 2024

Euro zone banks have “room for improvement” in their cyber security, starting with how they would keep their business running after a hack, the European Central Bank said on Friday. The ECB’s first ever cyber risk stress test was launched …

Cyber 207

Cyber Risk 207

Insurance Journal

SEPTEMBER 11, 2024

Two organizations recently expressed optimism that the softening cyber market that emerged in 2023 will remain favorable into the future. In separate reports, Moody’s Ratings and Amwins Brokerage offered insights on the sector’s landscape. Moody’s shared that the market is …

Cyber 211

Cyber 211

Insurance Journal

OCTOBER 11, 2024

Economic and financial challenges (43%), cyber threats (39%) and people-related risks (38%) are the top three concerns facing UK businesses over the next 12 months, according to new research by Marsh McLennan. The findings come from Marsh’s UK Business Risk …

Cyber 226

Cyber Risk 226

Insurance Journal

DECEMBER 16, 2024

The state of Rhode Island is dealing with a cyber attack that has shut down a portal citizens use to access health insurance and other social services. Governor Dan McKee said that on December13, the state was informed by its …

Cyber 209

Cyber Insurance Insurer Insured 209

Insurance Journal

SEPTEMBER 8, 2024

A new report from Marsh McLennan and Zurich titled “Closing the cyber risk protection gap” is calling for a closer collaboration between the insurance industry and the public sector as cyber insurance coverage gaps remain. “Both the insurance industry and …

Cyber 196

Cyber Insurance Industry Protection Risk 196

Insurance Journal

NOVEMBER 14, 2024

Chinese state-sponsored hackers perpetrated a “broad and significant cyber-espionage campaign” in which they breached multiple telecommunications companies, US officials said in a statement on Wednesday, confirming additional details about cyberattacks with major national security implications.

Cyber 207

Cyber 207

Insurance Journal

AUGUST 6, 2024

The City of Columbus said an investigation into a July 18 cybersecurity incident has found that a foreign cyber threat actor attempted to disrupt the city’s IT infrastructure, in a possible effort to deploy ransomware and solicit a ransom payment …

Cyber 233

Cyber 233

Insurance Journal

DECEMBER 11, 2024

Envelop Risk, the data-driven cyber reinsurance and analytics specialist, announced it has just completed a capacity agreement with MS Reinsurance for a further three years. Further to that, MS Reinsurance recently became a client of Envelop’s new Solutions Business with …

Cyber 209

Cyber Risk Insurance Insurer 209

Insurance Journal

SEPTEMBER 12, 2024

agreed to buy cyber-defense firm Recorded Future for $2.65 Mastercard Inc. billion to boost its ability to protect the card company’s massive global-payments system. The purchase from private equity firm Insight Partners will expand Mastercard’s ability to use artificial intelligence …

Cyber 205

Cyber Protection 205

Insurance Journal

OCTOBER 28, 2024

A new report from Gallagher Re has found that cyber insurers could reduce loss ratios up to 16% by removing most-at-risk entities. Using independent analysis of cybersecurity performance data provided by Bitsight in combination with claims data, the study uses …

Cyber 204

Cyber Claim Risk Insurance 204

Insurance Journal

NOVEMBER 25, 2024

Cyber Command, said ongoing Chinese-linked cyber … Chinese hackers are positioning themselves in U.S. critical infrastructure in the event of a clash with the United States, a top American cybersecurity official said on Friday. Morgan Adamski, the executive director of U.S.

Cyber 180

Cyber 180

Insurance Journal

DECEMBER 4, 2024

Aon Names O’Connell as Global Cyber Strategy and Growth Leader Aon plc named Robert O’Connell as global cyber strategy and growth leader, executive managing director, within its Reinsurance Solutions business. O’Connell will be based in New York. Previously, O’Connell served …

Cyber 226

Cyber Insurance Insurer Insured 226

Insurance Journal

OCTOBER 8, 2024

New Jersey-based American Water, which runs water treatment, transmission, wells and other water facilities for 14 states, has reported a cyber incident. The company has deactivated its customer portal, MyWater, as a precaution, but does not believe any of its …

Cyber 185

Cyber 185

Insurance Journal

JANUARY 8, 2025

head of cyber and technology. Burke assumes the role after serving as the company’s executive vice president, cyber and technology, since joining Canopius in 2020. Canopius, headquartered in Chicago, appointed Laura Burke as U.S. Burke brings more than a decade …

Cyber 189

Cyber 189

Insurance Journal

DECEMBER 17, 2024

Deloitte Consulting has been hit with class action lawsuits over the cyber breach of Rhode Island’s portal for state-administered benefits known as RIBridges. The suits have been brought in Rhode Island and New York federal courts on behalf of individuals …

Cyber 184

Cyber 184

Insurance Journal

JULY 19, 2024

A software update wreaked havoc on computer systems globally on Friday, grounding flights, forcing some broadcasters off air and hitting services from banking to healthcare. An update to a product offered by global cyberscurity firm CrowdStrike appeared to be the …

Cyber 292

Cyber Risk 292

Insurance Journal

DECEMBER 17, 2024

Arch Insurance Taps Symenouh From Tokio Marine as Senior Cyber Underwriter Arch Insurance has appointed Ezechiel Symenouh … This edition of International People Moves details appointments at Arch Insurance and Chubb Overseas General. A summary of these new hires follows here.

Cyber 211

Cyber Underwriter Underwriting Marine 211

Insurance Journal

JULY 24, 2024

The portion of the loss covered under cyber insurance policies … The total direct financial loss facing the US Fortune 500 companies, excluding Microsoft, from the CrowdStrike outage on July 19 is $5.4 billion, modeling and insurance services firm Parametrix estimates.

Financial Loss 317

Financial Loss Cyber Insurance Policy Insurance 317

Insurance Journal

OCTOBER 7, 2024

Coalition, the San Francisco-based cyber managing general agent and cyber-security firm, has appointed Tine Simonsen as the company’s head of Insurance for Continental Europe. As an experienced cyber underwriter and broking leader, Simonsen will anchor Coalition’s presence and expansion in …

Cyber 268

Cyber Underwriter Underwriting Agents 268

Insurance Journal

JANUARY 5, 2025

The US Treasury Department sanctioned Chinese cybersecurity firm Integrity Technology Group for its alleged role in a state-sponsored botnet attack known as Flax Typhoon. Integrity Technology, which is traded on the Shanghai Stock Exchange, was involved in “multiple computer intrusion …

Cyber 228

Cyber 228

Insurance Journal

SEPTEMBER 9, 2024

The unique, evolving and often volatile nature of cyber risks has always lurked beneath the surface as the cyber insurance premium climbed in recent years. The recent CrowdStrike software failure underscored the dormant threats posed by aggregation risk, and the …

Risk 254

Risk Cyber Premium Insurance 254