Cyber Risk News

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 …

Chubb Offers Cyber Bullying Cover for Canadian Homeowner Clients

Chubb has added cyber bullying coverage to its Canadian Masterpiece Family Protection policy to help cover clients and their families from the expenses associated with a cyber bullying incident. Chubb’s cyber bullying coverage provides up to $60,000 in compensation to clients and …

ThinkRisk Transfers Converging Risk Program to Lloyd’s, Expands Offerings

Ryan Specialty Group’s (RSG) ThinkRisk Underwriting Agency has entered into a new underwriting partnership for its Converging Risk program with Lloyd’s of London. ThinkRisk will transition its existing Converging Risk program – specialized errors and omissions insurance for media, advertising, …

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 …

Aspen Insurance Names Nazir as Head of International Cyber Risk, Lang as U/W

Aspen Insurance, the insurance segment of Aspen Insurance Holdings Ltd., has appointed Raheila Nazir as head of International Cyber Risk. Joining Aspen in the summer, Nazir has more than 16 years’ experience as an underwriter across different product lines, including …

Berkley FinSecure Adds Cyber Breach Services to Management Liability Policies

Berkley FinSecure, a W. R. Berkley Company, has enhanced its management liability coverage for policyholders with the electronic banking option to include access to CYBER Carry*Thru, powered by NetDiligence. CYBER Carry*Thru is a private mobile-friendly portal containing information and technical …

RIMS 2016: What’s the Biggest Risk for Cyber Insurers?

Nobody really knows what the biggest cyber risk is. But Scott Stransky, senior scientist at risk modeling firm AIR Worldwide, has thought a lot about a cloud breach and the business interruption ramifications. Listen as he describes the “Hurricane Andrew” …

BAE Uses Cyber Skills Developed in British Intelligence Services to Help Clients

In January, BAE Systems Plc got a routine call from a new client: The health-care company’s computer systems were mysteriously crashing. BAE’s sleuths soon discovered a dangerous new strain of a virus called Qbot. Using skills honed via years of …

LIU Adds Cyber Extortion Endorsement to Product Recall Policies

Liberty International Underwriters (LIU), part of Liberty Mutual Insurance, has launched a cyber extortion endorsement to its Product Recall and Contamination insurance policy for food and beverage companies. This endorsement offers coverage to food and beverage policyholders for cyber extortion …

Chubb Adds Cyber Bullying Insurance for U.S. Homeowners

Chubb has added cyber bullying coverage to its U.S. Masterpiece Family Protection policy to help cover clients and their families from the expenses associated with a cyber bullying incident. According to Christie Alderman, vice president, Client Product & Service, Chubb …