Cyber Risk News

Cyber Attack on Britain’s TalkTalk Telecom Cost $115M and 101,000 Customers

A cyber attack on Britain’s TalkTalk Telecom Group in October cost the company as much as 80 million pounds ($115 million) but fewer customers than feared opted to end their subscriptions. Chief Executive Dido Harding went on television and radio in the …

Chubb Launches Cyber Response Partnership with Crawford for Clients in Europe

Chubb has launched a new partnership with Crawford & Co., as it continues to invest in building its cyber enterprise risk management capabilities. A global leader in claims and crisis management, Crawford & Co. will provide Chubb’s clients with a …

‘Smart’ Appliances, Ventilation Systems Are New Hacker Targets: Cyber Experts

Hijacking “smart” toasters and refrigerators and hacking corporate ventilation systems are among the new threats envisioned by cyber security experts as an increasing array of items are connected to the internet. The Internet of Things, a movement that seeks to …

Firms Look at New Tools Designed to Foil Hackers as Firewalls Prove Inadequate

With firewalls no longer seen as enough of a defense against security breaches, companies are looking at new tools to foil hackers trying to enter a computer network. U.S. and Israeli startups are leading the way, with new approaches such …

Marsh Launches Global Excess Cyber Risk Facility Called ‘Cyber ECHO’

Marsh has launched “Cyber ECHO”, a global excess cyber risk facility that provides more reliable insurance coverage for organizations around the world. Following a series of high-profile cyber losses, underwriters have become more selective and may actually reduce the amount …

Lloyd’s Develops Standardized Data Requirements for Cyber Risks

Lloyd’s of London announced that a set of common core data requirements for cyber risks has been agreed by collaborating with modeling firms AIR Worldwide and RMS, along with RMS’ partner, the Cambridge Centre for Risk Studies. Both AIR and …

Climate Change, Migration Top List of Global Risks: WEF Survey

Climate change and large-scale forced migration are the greatest risks facing the world according to a survey by the World Economic Forum, the organizer of next week’s meeting in Davos. The 2016 report, published Thursday, highlighted the most significant threats …

Main Street America Launches Commercial Lines Cyber Risk Coverage

The Main Street America Group has launched a cyber risk protection offering designed for “Main Street” businesses in 19 states across the country. The coverage, available through Main Street America’s Main Line Business Owners Policy (Main Line BOP), is currently …

Cyber Attacks on Private Sector a Growing Corporate Credit Risk: Moody’s

Cyber attacks on the private sector are an increasingly important risk in corporate credit analysis, U.S. ratings agency Moody’s Investors Service said this week. The threat of computer hacking varies from sector to sector and remains hard to measure because …

London Insurance Market Vulnerable to Major Cyber Attack: Xchanging Survey

Only one-third of insurers in the London market believes their firm could withstand a major cyber attack, and almost half felt they were underprepared, according to a survey conducted by Xchanging plc, the U.K. business technology and services provider. Insurers, like many …