cyber crime News

Credit Suisse Sells Operational Risk Bonds, Insuring Rogue Trading, Cyber Crime

Credit Suisse Group AG sold 220 million Swiss francs ($222 million) of bonds designed to offload potential losses on events like rogue trading, with some investors sidestepping the issue because of the incalculable risk. The second-largest Swiss lender initially planned …

Urgent Action Needed to Tackle Systemic Threat of Cyber Risk: Marsh & TheCityUK

Firms across the financial and related professional services industry need to take urgent action on their cyber risks, which present a “real and present danger” to the financial system, according to a new report published by TheCityUK and Marsh. Only …

Russian Hackers Moved Ruble-Dollar Rate at Regional Bank: Cyber-Security Firm

Hackers used malware to penetrate the defenses of a Russian regional bank and move the ruble-dollar rate more than 15 percent in minutes, according to a Moscow-based cyber-security firm hired to investigate the attack. Russian-language hackers deployed a virus known as …

Russia Cracks Down on Financial Hacking Ring, Raiding Moscow Office: Sources

Russian authorities in November raided offices associated with a Moscow film distribution and production company as part of a crackdown on one of the world’s most notorious financial hacking operations, according to three sources with knowledge of the matter. Cyber …

HSB Engineering Insurance Launches Cyber Insurance Cover for UK SMEs

HSB Engineering Insurance has launched a new cyber insurance product aimed directly at small to medium-sized businesses in the U.K. In response to the growing demand for insurance solutions to cover cyber risks, HSB’s Cyber Insurance product provides computer, data …

ABI Notes UK Government Report Shows Rising Cyber Crimes

The Association of British Insurers (ABI) has noted that the latest UK Government crime figures, released on Monday, “show a rise in recorded crime due to cyber offences being recorded for the first time. Matt Cullen, the ABI’s Head of …

It’s a Tough Time for Reinsurers, but Their Defensive Strategies Are Working: S&P

It’s a tough time for reinsurers — “pricing is soft, regulators continue to raise the bar, capital is at record highs, competition is increasing, and reinsurers are constantly looking for ways to remain relevant to cedants’ changing demands for protection,” …

Insurers Respond Slowly to Growing Demand for Cyber Insurance: Timetric Report

The cyber risk insurance market is experiencing rapid development, with the size of global gross written premiums growing from US$850 million in 2012 to an estimated US$2.5 billion in 2014, according to a new report by London-based business intelligence company, …

Competition, Customer Demand Worry Global SMEs but Optimism Rises: Zurich

Small and medium-sized enterprises (SMEs) around the world are increasingly concerned about the impact of competition on margins and lack of consumer demand, according to Zurich Insurance Group’s third annual global SME survey. The survey* polled 3000 C-suite executives and …

Beazley, Aspen and Brit Launch ‘International Cyber Consortium’ at Lloyd’s

Beazley has joined forces with Lloyd’s syndicates managed by Aspen and Brit Global Specialty to launch the International Cyber Consortium. The consortium will focus on providing robust data breach cover to businesses domiciled outside the United States with revenues in …