cyber insurance News

Small Businesses That Ignore Lessons from Cyber Attack Likely to Suffer Another: Hiscox

While 47 percent of small businesses suffered at least one cyber attack in the past year, only 35 percent of them took action following a cyber security incident to mitigate against another. Forty-four percent of small businesses that reported a …

Insurtech MGA Corvus Insurance Launches ‘Smart’ Cyber Coverage

Corvus Insurance, an insurtech managing general agent, has released a new cyber insurance offering for organizations with up to $1 billion in annual revenue. The new Smart Cyber Insurance product includes the features of a conventional cyber insurance policy along …

CFC Underwriting Offers Cover for Financial Institutions, Investment Managers

Specialist insurance provider, CFC Underwriting, has launched its first insurance solution for financial institutions. CFC’s Investment Management Insurance (IMI) policy is the first in a suite of products designed to address the challenging risk environment faced by investment managers. Combining …

Cyber Business Interruption Remains Area of Uncertainty for Insurance

Although the insurance industry may have had plenty of time to wrap its mind around managing physical property threats, what about the newly growing area of non-physical threats? Panelists at the 2018 PLUS Cyber Symposium, held in May in Chicago, …

XL Catlin Adds Cyber Solution to UK Casualty Insurance Offering

XL Catlin’s insurance operations in the UK announced the extension of its casualty insurance offering to include a cyber solution. The endorsement – which is designed for mid-sized and large companies that don’t require a stand-alone cyber solution – is …

Europe’s New Data Privacy Law Boosts Cyber Insurance Sales

Data privacy rules coming into force this week are giving Europe’s fledgling cyber insurance market a boost as they make companies more aware of the risks caused by customer information breaches. Europe’s General Data Protection Regulation (GDPR), which takes effect …

U.S. Cyber Market Grew 32% in 2017 But Most Small-Medium Firms Opted Out: A.M. Best

The U.S. market for cyber insurance grew significantly in 2017, as direct premiums written rose nearly 32 percent year over year to $1.8 billion, and policies in force jumped 24 percent to 2.6 million, according to an A.M. Best special …

GDPR Insurance: Coverage for Fines Hard to Find But Other Non-Compliance Costs Insurable

The civil fines for non-compliance with the European’s new data privacy law can be steep but organizations across Europe should not expect to have their insurance cover them. Unless the business or organization is in Norway or Finland. A “price …

Ohio Chocolate Company: Hacker Stole Customer Info

Malley’s Chocolates is warning 3,400 online customers that their credit or debit card information might have been compromised by a computer hacker in March, during the Ohio candy company’s busy weeks before Easter. The company based in suburban Cleveland says …

How UK Brokers View Cyber Insurance

The majority of UK brokers see cyber as an important and growing market yet nearly one-third admit to a “poor” or “very poor” understanding of cyber risks and cyber insurance, according to research from DAS UK Group, a UK legal …