cyber claims News

MGA CFC Underwriting Launches Tool That Calculates Ransomware Costs

CFC Underwriting, the specialist managing general agent, has released a new tool designed to help customers understand the potential cost of a ransomware attack to their business. “Ransomware threats are one of the most serious cyber threats facing modern businesses. …

Cyber Criminals Target Remote Workers and ‘Critical Infrastructure to Corner Stores’

The share of policyholders who filed a cyberattack claim jumped by 50% from the first half of 2020 compared to the first half of 2021, according to a new report by cyber insurer Coalition. An increasing number of attacks were …

As Cyberattacks Rise, Cyber Insurers Are Rethinking Their Business

The hacks came one right after another, sowing chaos at hospitals, idling America’s biggest gasoline pipeline, crippling a huge meat supplier and devastating hundreds of companies over the July 4 weekend. Now, insurers are reassessing the cyber business. With cyber …

Cyber Insurers Hike Rates But Worry About Pricing Long-Term As Losses Mount: Fitch

U.S. insurers offering cyber coverage have been implementing significant pricing and underwriting actions in 2021 in response to a spike in cyber claims, according to Fitch Ratings. Fitch predicts that immediate improvement is unlikely this year from these actions and …

With Claims Rising, Cyber Insurers Need More Than Sizable Rate Increases: Fitch

Cyber insurance underwriters are reporting substantially higher claims losses in 2020 than in prior years and as a result face increasing profit pressure. insurers will have to achieve both significant premium rate increases and tighter coverage terms in order to …

CFC Underwriting Taps Francis from Aon/Stroz Friedberg as Cyber Claims Director

CFC Underwriting, the London-based managing general agent that specializes in emerging risks, announced the appointment of Roger Francis as Cyber Claims director. Francis will lead CFC’s cyber claims and incident response organization, as well as oversee CFC’s cyber risk management …

State of the Cyber Insurance Market- Top Trends, Insurers and Challenges: A.M. Best

The cyber insurance market continues to grow and underwriting performance in this line remains strong, according to a new industry report. Direct premiums written for both standalone and packaged cyber policies grew about 12 percent in 2018 from $1.8 billion …

Chubb Launches Online Cyber Risk Index

Chubb has put two decades worth of its own commercial cyber claims data into an online index that shows the cyber threats for organizations based on their size and industry. Access to the new proprietary online Chubb Cyber Index is …

Cyber Insurance Claims from Fraudulent Instruction Scams Rise: Beazley

Organizations are being forced to deal with an increased threat to their operations from fraudulent instruction scams, according to specialist insurer Beazley’s most recent Breach Report. According to the insurer, fraudulent instruction incidents reported to Beazley Breach Response Services quadrupled …

Panensky to Lead New Ironshore Computer Emergency Response Team

Ironshore Inc. has unveiled a Computer Emergency Response Team (CERT) to manage cyber claims across all product lines. CERT-Ironshore is a dedicated computer response team comprised of cyber claims coordinators representing each specialty lines division. Howard Panensky will serve as …