Latest Cyber Headlines
All the headlines from our Cyber Topic Page, ordered by recency.
Federal Court Rules CGL Insurance Covers Data Breach
Apr 12 2016 // A federal appeals court in Virginia has upheld a lower federal court in ruling that a commercial general liability policy (CGL) may cover a data breach. In a case involving the publication of private medical records on the...
Cyber Criminals Reap Billions of Dollars via Email Scams Across the Globe
Apr 11 2016 // Businesses have lost billions of dollars to fast-growing scams where fraudsters impersonate company executives in emails that order staff to transfer to accounts controlled by criminals, according to the U.S. Federal...
Beazley & Munich Re to Offer Broad Cyber Cover for Large Global Companies
Apr 11 2016 // Beazley, a pioneer in data breach response insurance and the largest insurer of cyber liability risks in the Lloyd’s market, has partnered with the Corporate Insurance Partner unit of Munich Re to offer broad...
Lloyd’s America Chief Says E&S Sector ‘Best Kept Secret’
Apr 7 2016 // If insurance is the best kept secret in the business world, then the E&S sector is the best kept secret in the insurance industry. That’s according to Hank Watkins, president of Lloyd’s America, who talked...
LIU Adds Cyber Extortion Endorsement to Product Recall Policies
Apr 7 2016 // 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...
Negative Outlook for Energy Insurers May Force Sector Exit: Willis Towers Watson
Apr 7 2016 // Energy insurers continue to feel the pressure caused by over-supply of capital and falling demand from buyers, which may lead them to exit or scale back their participation in the energy sector, according to a report...
Hospitals Warned on Surge in Ransomware Attacks
Apr 6 2016 // U.S. hospitals should brace for a surge in “ransomware” attacks by cyber criminals who infect and shut down computer networks, then demand payment in return for unlocking them, a non-profit healthcare group...
Chubb Adds Cyber Bullying Insurance for U.S. Homeowners
Apr 5 2016 // 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,...
Vehicles ‘Increasingly Vulnerable’ to Hacking, Warns FBI
Apr 4 2016 // The FBI and U.S. National Highway Traffic Safety Administration issued a bulletin last month warning that motor vehicles are “increasingly vulnerable” to hacking. “The FBI and NHTSA are warning the...
Growth in Cyber Coverage Expected as Underwriting Evolves
Apr 4 2016 // With cyber insurance premiums expected to grow from around $2 billion in 2015 to an estimated $20 billion or more by 2025, insurers and reinsurers are continuing to refine underwriting requirements, according to industry...
Uncertainties Outweigh Growth Benefits When P/C Insurers Take On Too Much Cyber Risk, Rating Agency Warns
Apr 4 2016 // If they are not careful, property/casualty insurers could jeopardize their credit ratings with their expansion into standalone cyber insurance, a rating agency has warned. Cyber attacks pose dangerous risks and uncertainty...
Islamic Militants Could Target Nuclear Industry, Security Experts Warn
Apr 1 2016 // Meter-thick concrete walls and 1950s-style analog control rooms help protect nuclear plants from bomb attacks and computer hackers, but Islamist militants are turning their attention to the atomic industry’s weak...
Beazley Provides Data Breach Response Insurance in Canada
Mar 31 2016 // Beazley announced the launch of the company’s flagship Beazley Breach Response (BBR) product in Canada, which is data breach response insurance that protects the personal data of up to five million individuals per...
Company Passwords for Sale?
Mar 31 2016 // Employees don’t see it as their responsibility to safeguard corporate security processes and one in five would go so far as to sell sell their company’s passwords to an outsider. Of those who would sell their...
Markel International Launches Fintech Business Protection Cover
Mar 31 2016 // Markel International, the London-based specialist insurance subsidiary of Markel Corp., has launched a policy offering comprehensive protection for businesses in the financial technology (fintech) sector, which includes...
Top Exposures Facing Global Middle Market Firms Vary by Region: Assurex Survey
Mar 30 2016 // While all middle market businesses across the world have concerns about cyber risk, few of these firms view it as their biggest exposure, according to a global survey* of 68 leading independent insurance brokers, which...
Hedge Funds Settle Press Release Hacking Claims for $18M
Mar 29 2016 // A Moscow-based hedge fund manager, his investment firms and two Paris-based funds have agreed to pay nearly $18 million to resolve a U.S. regulator’s claims that they engaged in insider trading using hacked press...
Former U.S. Security Specialist’s MGA Ridge Global Tackling Cyber Risks
Mar 23 2016 // It may be surprising to some that a former governor and head of National Security started an insurance company focused on cyber risk, but Tom Ridge, president and CEO of Ridge Global says it shouldn’t...
Chubb Global Cyber Practice Launches Service to Combat Ransomware Attacks
Mar 23 2016 // In response to a 430-percent growth rate in Chubb’s criminal-related cyber losses over the past five years, Chubb’s Global Cyber Risk Practice has launched a service to assist policyholders with ransomware...
Rating Agency Warns P/C Insurers on Taking On Too Much Cyber Risk
Mar 21 2016 // If they are not careful, property/casualty insurers could jeopardize their credit ratings with their expansion into standalone cyber insurance, a rating agency has warned. Cyber attacks pose dangerous risks and uncertainty...
