Cyber Risk News

CNA Adds Data Breach, Network Security Endorsement to Lawyers’ PL Policy

CNA has launched a new lawyers’ data breach and network security endorsement. The new endorsement is available as part of CNA’s Lawyers’ Professional Liability (LPL) policy. The CNA LPL policy provides coverage for client network damage claims up to the …

Level of Cyber Risk Management for Many Firms Is ‘Unsustainable’: Swiss Re

Despite increased awareness of rapidly evolving cyber threats, relatively few corporations have integrated cyber security into their mainstream risk management programs – a situation that is “unsustainable,” according to Swiss Re’s latest “sigma” report. The costs of cyber attacks have …

Chubb Expands Global Cyber Facility with Multiline Peril Endorsements

Chubb has launched a suite of multiline cyber peril endorsements for its Global Cyber Facility to helps risk managers address exposure gaps in their insurance portfolio and respond to the concerns of their c-suite and board. First introduced in 2015, …

Allied World Enhances Managed Care Cyber Liability Offering

Allied World North America has enhanced its cyber liability offerings and related services for its U.S. managed care package policy, 365Complete. The revised policy now contains heightened cyber protection and also expands the number of managed care clients who qualify …

Chubb Expands Cyber Risk Mitigation Offerings

Chubb has expanded its suite of cyber loss mitigation services for U.S. and Canadian policyholders to reduce the impact and likelihood of a cyber incident. Chubb’s expanded suite of cyber services for loss mitigation includes: Password Defense—Available to Chubb cyber …

Most Organizations Not Adequately Prepared for Cyber Attacks: Marsh & McLennan Cyber Handbook

No company is fully secure from cyber breaches, no matter how sophisticated its cyber defense mechanisms, which is why every company should develop a cyber risk management strategy, according Marsh & McLennan’s “Cyber Risk Handbook 2016.” Research reveals that that …

The Right Cyber Coverage Can Protect a Business from Financial Ruin

A recent report on cybersecurity still shows many companies are unprepared for cyberattacks. The report, conducted by KPMG and British Telecom, reveals only 22 percent of companies have a comprehensive plan in place to deal with a major cybersecurity incident. …

XL Catlin Introduces Cyber Insurance Endorsements for Specific Industries

XL Catlin’s Cyber & Technology has unveiled endorsements for financial institutions, healthcare, retailers as well as energy and utility companies that address cyber risks of each industry. “All businesses are growing more and more connected. Yet, they still have their …

Insurance Industry Collaboration Key to Facing Disruption, III CEO Says

In an increasingly connected and globalized world, the insurance industry needs to work together to understand and accommodate the many disruptions it faces today and in the future, according to Sean Kevelighan, CEO of the Insurance Information Institute (III), during …

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 …