cyber insurance News

FedEx Goes Cyber Insurance Shopping After Profit Takes Hit from Attack

Package delivery company FedEx Corp. said on Tuesday a June cyber attack on its Dutch unit slashed $300 million from its quarterly profit, and the company lowered its full-year earnings forecast. The company said the cyber attack slashed 79 cents …

Sciemus Partners with HSCM Bermuda and Is Renamed Argon Underwriting

Sciemus, a specialty Lloyd’s MGA, is forming an investing partnership with HSCM Bermuda, a firm that invests in reinsurance and insurance-linked assets across all lines of business. The deal also calls for Sciemus to change its name as it evolves …

Banks Seek More Insurance Protection Against Cyber Attacks, Rogue Traders

Banks are increasingly turning to insurance to protect their capital from “operational risks” like cyber attacks and rogue traders, and insurers say they can help safeguard lenders by providing an extra layer of expertise. After a spate of expensive court …

Demand for Cyber Insurance in China Expected to Rise After WannaCry Attack: AIG

Demand for cyber insurance from firms in Greater China and elsewhere in Asia is poised to soar, based on inquiries received after the “WannaCry ransomware” attack earlier this year, executives at American International Group Inc. said. The American insurer saw …

Canada’s Economical Offers Cyber Cover for Business Losses After Data Breaches

Economical Insurance has launched cyber coverage that is available to commercial policies to support Canadian businesses in the event of a data breach. Called “EXPERT Cyber,” the Economical product provides response services and coverage for both first- and third-party losses …

JLT Re Appoints Ed’s Gray as Cyber Treaty Specialist, London & International Team

JLT Re, the global reinsurance broker and consultant, has appointed Ben Gray as a partner in JLT Re’s London & International Markets (LIM) team with a focus on cyber treaty. Gray joins from UK-based broker Ed where he was a …

XL Catlin Offers Cyber & Data Protection Policy in Asia Pacific

XL Catlin announced it has launched its Cyber and Data Protection insurance policy in Asia Pacific. With cyber risk ranking in the top 10 in today’s emerging risks, the new policy is designed to protect businesses from the increasing exposures …

BHSI Taps AIG’s Maxwell, Chubb’s Dilley for Exec. & Professional Lines in S. Europe

Berkshire Hathaway Specialty Insurance (BHSI) announced the appointments of Vanessa Maxwell as head of Professional Indemnity & Cyber Insurance and Tom Dilley as head of Financial Institutions in Southern Europe. “Vanessa will focus on building our professional indemnity and cyber …

Major Cyber Attack Could Cost Global Economy $53 Billion: Lloyd’s

A major, global cyber attack could trigger an average of $53 billion of economic losses, a figure on par with a catastrophic natural disaster such as U.S. Superstorm Sandy in 2012, Lloyd’s of London said in a report on Monday. …

Looming EU Cyber Rules to Provide ‘Shot in Arm’ for Cyber Market: A.M. Best

The European Union’s looming General Data Protection Regulation (GDPR) will require mandatory notification of serious data breaches and potentially massive fines for failure to comply. That’s the bad news. The good news is that the GDPR, to be rolled out …