The cyber insurance market is being set up for continued strong growth, propelled by an increasing number of severe cyber-attacks, more competition and price declines, a new Moody’s report shows. The cyber market has seen moderate pricing declines, and some …
While describing cyber insurance as a “fashionable” and profitable business, Berkshire Hathaway’s head of insurance operations said aggregation and loss costs have kept the company away from the risk for the most part. Yes, profitability has been “fairly high” for …
Coalition Inc., a cyber-insurance provider that tries to curb digital risk, has designed technology that simulates large-scale attacks to help insurers identify potential weaknesses in their portfolios and prevent widespread losses. The San Francisco-based company’s model measures cyber risks in …
While cyber was incorporated in some general liability policies (GL) of the 1980s, the first cyber standalone policy was written in 1997 through American International Group. Though groundbreaking, as it was the first to address cybersecurity, it was a third-party …
American International Group Inc is tightening terms of its cyber insurance, noting that its own premium prices are up nearly 40% globally, with the largest increase in North America, the U.S. insurer’s chief executive said on Friday. “We continue to …
LONDON — Global cyber reinsurance rates have soared by up to 40% in the July renewal season, reinsurance broker Willis Re said on Thursday, as ransomware attacks increase in number and severity. A ransomware attack on Colonial Pipeline in May …
The U.S. Treasury Department is warning that individuals or businesses that help facilitate ransomware payments may be violating anti-money laundering and sanctions regulations. The warnings came in a pair of advisories, one from the Financial Crimes Enforcement Network (FinCEN) and …
Cyber insurers and other financial institutions that facilitate payments to hackers to end cyberattacks risk running afoul of sanctions rules, the U.S. Treasury Department warned on Thursday. The warnings, which referenced malicious programs known as ransomware, came in advisories from …
As the cyber insurance market continues to grow, it’s only natural to discuss its place in the battle against cyber-attacks, including ransomware, which has been a prevalent topic in recent months. Over the last several years, the cyber insurance market …
Despite progress, carriers are still falling short in how they approach cyber insurance and also how they cover events when they happen. How can this be? The unique makeup of cyber risks continues to hold them back, according to experts …