cyber insurance News

Cyber Risk Management Fails to Measure Up to Escalating Cyber Risks: Marsh, Microsoft

Few organizations are highly confident in their ability to manage the risk of a cyber attack, despite viewing cyber security as a top risk management priority, according to a new global survey conducted by Marsh and Microsoft Corp. In the …

Nearly 75% of Organizations in 5 Countries Fail in Cyber Security Readiness: Hiscox

Major shortcomings exist in cyber security readiness for nearly three-quarters (73%) of more than 4,100 organizations in five countries, despite keen awareness of the threat, according to a study commissioned by specialist insurer Hiscox. Indeed, almost half, or 45 percent, …

Allianz, Aon Offer Cyber Insurance Discounts for Apple, Cisco Customers

Apple Inc. and Cisco Systems Inc. have teamed up with insurer Allianz SE to offer discounts on cyber insurance to businesses that primarily use equipment from both technology companies, they said on Monday. The arrangement, which also includes insurance broker …

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. According to the insurer, fraudulent instruction incidents reported to Beazley Breach Response Services quadrupled in 2017, with policyholders …

More Hackers Target Red-Hot Cryptocurrency Space: Report

Bitcoin’s popularity and the emergence of about 1,500 other digital coins or tokens have drawn more hackers into the red-hot cryptocurrency space, expanding opportunities for crime and fraud, cyber security firm Digital Shadows warned in a report on Thursday. “Cyber …

Tokio Marine Kiln Taps Jomaa from CFC as Cyber Underwriter

Tokio Marine Kiln (TMK), the London-based provider of specialist and corporate insurance, has appointed Alex Jomaa as cyber underwriter. He takes up the role immediately and will report to Laila Khudairi, head of enterprise risk in London. Jomaa joins from …

Timeline: Growing List of Major Cryptocurrency Heists

The $500 million heist of digital tokens from Japanese exchange Coincheck Inc. on Friday is remarkable for its sheer size, but thefts in the lightly regulated world of cryptocurrencies are woefully frequent. In less than a decade, hackers have stolen …

Insurers Begin to Offer Cryptocurrency Theft Cover, Tackling Risks of Growing Sector

Major global insurers are starting to offer protection against cryptocurrency theft, willing to tackle daunting challenges it brings rather than miss out on this volatile and loosely regulated, but rapidly growing business. So far only a few insurers sell such …

International Underwriting Association Calls for EU Registry of Cyber Claims Data

A more coherent, consistent recording of cyber incidents would help the insurance industry better understand the frequency and cost of cyber claims, according to a report published by the International Underwriting Association (IUA) in London. To help raise awareness of …

$19 Billion in Potential Losses from Cloud Services Failure Mostly Uninsured: Lloyd’s, AIR

A cyber problem that temporary shuts down a top U.S. cloud computing provider could trigger as much as $19 billion in business losses, only a fraction of which would be insured, Lloyd’s of London said in a report on Tuesday. …