cyber News

Beazley Taps Markel’s Tewfik as Underwriter for UK Tech & Data Breach Team

Beazley, a specialist in cyber and data breach response insurance, has appointed Michael Tewfik as a technology, media and business services underwriter focused on addressing the data breach and cyber security risks of organizations in the United Kingdom. He will …

Ukraine Blames Russian Hackers for Attacks on Power Grid, Financial System

Ukraine on Wednesday accused Russian hackers of targeting its power grid, financial system and other infrastructure with a new type of virus that attacks industrial processes, the latest in a series of cyber offensives against the country. Oleksandr Tkachuk, Ukraine’s security service …

UK Opens National Cyber Security Centre; MGA Sciemus Comments

The UK’s National Cyber Security Centre (NCSC) was officially launched this week – a government sponsored organization that is focused on improving the UK’s cyber security and cyber resilience. The NCSC will use its new offices in Victoria, London “to manage incidents, …

Gallagher Launches Manufacturers’ Cyber Solution to Close Coverage Gaps

Arthur J. Gallagher announced it has responded to the “perfect storm” facing manufacturers – a rising risk of cyber attacks, coupled with increased vulnerability and largely excluded exposures – by designing a tailor-made policy to more effectively transfer their unique …

AXIS Insurance Expands Cyber Team with Arklie and Tillett Appointments

AXIS Capital Holdings Ltd. announced that Neil Arklie has joined AXIS Insurance as vice president, Financial Lines, and lead underwriter for its London-based international cyber insurance unit. Arklie will lead a team of experienced underwriters focused on writing cyber, media, …

Tesco Bank Hack Still a Mystery – to Frustration of Other UK Lenders

British banking executives and security experts are growing frustrated at the dearth of information available more than three months after 2.5 million pounds ($3.09 million) was stolen from Tesco Bank in the UK’s biggest financial cyber heist. Security officers normally share information …

Marsh Launches Cyber Risk & Data Breach Cover for Non-US Clients

Marsh has launched Marsh CyberShield, an exclusive cyber risk and data breach insurance policy for mid- to large-sized organizations. Available globally to Marsh clients outside of the US, Marsh CyberShield can provide up to £500 million ($624 million) in cover …

UK Firms Lack Board-Level Digital Skills to Deal with Cyber Attacks: Deloitte

Only 5 percent of large U.K. companies say their boards include directors with expertise in information technology or cyber security, even though the vast majority identify hacking and other digital threats as serious risks, a report showed. In the event …

Cost of Insurance Is Top Factor in UK SMEs’ Buying Decisions: RSA Survey

The cost of insurance premiums was ranked as the top deciding factor when picking a policy by 61 percent of small and medium-sized enterprises (SMEs), according to survey data released by London-based RSA Insurance. This was followed closely by brokers’ …

Cat Simulations Test London Insurers’ Vulnerabilities to Next ‘Big One’

A major $200 billion loss from a combination of a cyber attack, U.S. hurricane and the failure of a reinsurer could strip insurers of up to 120 percent of their net capital base, tests of insurers in London showed. However, capital-raising or asset …