The total direct financial loss facing the US Fortune 500 companies, excluding Microsoft, from the CrowdStrike outage on July 19 is $5.4 billion, modeling and insurance services firm Parametrix estimates. The portion of the loss covered under cyber insurance policies …
Insurers are nervous that militant attacks or AI-generated fake images could derail the Paris Olympics, risking event cancellations and millions of dollars in claims. Insurers faced losses after the 2020 Tokyo Olympics were postponed for a year due to the …
Cyber insurance premiums are falling globally as businesses become more adept in curbing their losses from cybercrime, even as ransomware attacks are rising, broker Howden said in a report on Monday. Insurance premiums to protect companies against cyber-attacks rocketed in …
On June 18 and 19, 2024, CDK Global (CDK), a leading provider of cloud-based software to auto dealerships in North America, fell victim to a two-tiered cyberattack. 15,000 dealerships are potentially impacted, with multiple departments affected, including sales, financing and …
InsureTrust, an Atlanta-based specialty broker specializing in cyber risk, has named Sonja Kozel as senior vice president. Kozel, with 10 years in the business, previously led sales for Cowbell, a cyber insurance company, and for Markel Specialty. She graduated from …
S&P Global Market Intelligence weighed in on the U.S. cyber insurance marketplace, reporting that premium dipped in 2023 to end several years of rapid growth. The overall 0.7% decline in cyber insurance direct written premiums was driven by a 3.2% …
Coalition, the San Francisco-based cyber managing general agent and cyber-security firm, announced it entered the excess cyber insurance market in Australia, enabling businesses to add a layer of risk management to their cyber towers. Australian brokers can now sell coverage …
While describing cyber insurance as a “fashionable” and profitable business, Berkshire Hathaway’s head of insurance operations said aggregation and loss costs have kept the company away from the risk for the most part. Yes, profitability has been “fairly high” for …
Marsh, the insurance brokerage business of Marsh McLennan, announced an additional $25 million layer of capacity to its existing $100 million Cyber ECHO facility. Available to Marsh clients globally, Cyber ECHO now offers up to $125 million of excess cyber …
A simulated cyber catastrophe highlights the benefits and problems cyber insurance carriers will encounter as a result, according to a report released by Lockton Re. The report, “A Kaleidoscope of Possibilities: Preparing for Ivan Wiper,” focuses on the consequences of …
