cyber attacks News

New York Cyber Conference Panelists Stress Importance of Unified Cybersecurity Plan

As cyber attacks become a growing concern with advances in technology, firms should be working to establish a cybersecurity plan that is cohesive across business operations to effectively reduce damage and cyber insurance claims, according to panelists at the 2016 Professional …

SWIFT Expects Cyber Attacks on Banks to Increase

SWIFT, whose messaging network is used by banks to send payment instructions worth trillions of dollars each day, said three clients were hacked over the summer and cyber attacks on banks are set to increase. The theft of $81 million …

Business Interruption Tops List of Risks Facing Global Organizations: Survey

Business interruption, property damage and general liability are the top three risks faced by businesses, non-governmental organizations and governmental agencies operating outside the U.S., according to the Summer/Fall edition of “Clements Worldwide Risk Index.” In fact, business interruption and property …

New York Proposes ‘Flexible’ Cybersecurity Regulation for Insurers, Banks

The New York State Department of Financial Services (DFS) has proposed cybersecurity regulation for financial services companies that aims to protect New York state’s financial services industry from an increasing risk of cyber attacks, Governor Andrew Cuomo announced. The proposed regulation …

U.S. Intelligence to Help Companies Thwart Supply-Chain Hacking

U.S. intelligence officials are planning to provide information including classified threat reports to companies about the risks of hacking and other crimes tied to the supplies and services they buy. The effort is part of a new campaign by the …

Sciemus’ Move into Specialty Underwriting: A Case of ‘Adapt and Thrive’

It was a case of adapt and thrive when modeling and analytics company Sciemus made a big strategic leap this year into underwriting space, power, mining, renewable energy and cyber—as a managing general agent. Despite the ongoing soft market, CEO …

Zurich Offers Post Cyber Attack Response Service in APAC

Zurich Insurance has launched DigitalResolve, a coordinated incident response service to help businesses in Asia Pacific (APAC) mitigate and recover from cyber attacks. Offered through Zurich’s partner Crawford & Co., DigitalResolve helps organizations coordinate and manage resources so they can …

Ongoing Soft Market Tops Reinsurers’ Concerns: Xuber Survey

Soft market conditions continue to be the biggest concern for the industry, followed by regulation, competition from third party capital, low investment returns, cyber crime and maintaining underwriting discipline, according to a survey completed by Xuber, the insurance software business …

UK’s Allianz Insurance Offers Free Cyber Risk Assessment Tool for SMEs

Allianz Insurance plc, the U.K. subsidiary of Allianz SE, has partnered with global cyber security consultancy, IT Governance Ltd., to offer commercial customers a free online cyber risk assessment. The Allianz Cyber Risk Assessment tool is designed to help businesses …

EU Members Should Run Stress Tests for Banks’ Cyber Risks: EU Banking Chief

Domestic authorities in European Union member states should stress-test their financial institutions for cyber risks, a top EU supervisor said, saying banks might be required to hold extra capital as a buffer against what is an emerging threat. Speaking to Reuters in …