cyber liability News

Texas Agents Group, Wingman Insurance Partner on Cyber Liability Coverage

The Independent Insurance Agents of Texas (IIAT) has entered an exclusive partnership with Wingman Insurance for cyber liability coverage. IIAT members can now access the Wingman Cyber online platform to provide cyber liability insurance for their commercial clients. Additionally, IIAT …

Great American Insurance Names Liberty Mutual’s Artin to Cyber Liability Team

Great American Insurance Group has hired Kelli Artin as divisional vice president of Cyber Liability. Artin will focus on the distribution strategy and marketing of the company’s cyber risk insurance offerings. Artin most recently served as a vice president with …

Shepherd Joins Ohio’s Great American Insurance as Sr. VP, Cyber Liability

Cincinnati, Ohio-based Great American Insurance Group has hired Betty Shepherd as divisional senior vice president of Cyber Liability. She will oversee the company’s cyber initiatives and existing cyber underwriting operations. Shepherd will also coordinate product management and development for all …

Commercial Cyber Liability Market to Reach $6.2B in Written Premium by 2020: Verisk

The total commercial cyber liability market will reach $6.2 billion in written premium by 2020 after annual growth rates of 20-30 percent, Verisk predicts in a market analysis. “Cyber liability risk is rapidly permeating every business that has any dependence …

Equifax Breach Could be Costliest Yet at $439M; Insurance to Cover $125M

Equifax Inc. said it expects costs related to its massive 2017 data breach to surge by $275 million this year, suggesting the incident at the credit reporting bureau could turn out to be the most costly hack in corporate history. …

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 …

$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. …

Is Equifax’s Cyber Insurance Enough to Cover Breach?

Equifax Inc.’s insurance against cyber breaches is likely inadequate to cover the credit-reporting company’s costs tied to one of the biggest hacks in history, according to people familiar with the coverage. The company holds a policy that would probably cover …

Texas Stamping Office: Surplus Lines Cyber Growth Keeps Up with Demand

In Texas and across the nation, the surplus lines insurance market is keeping up with the increase in demand for cyber liability protection, according to the Surplus Lines Stamping Office of Texas (SLTX). Surplus lines insurers have evolved over the …

At Least 60 Chipotles in Minnesota Hit by Malware

Chipotle says customers at more than 60 of its fast food restaurants in Minnesota are among hundreds across the country exposed to possible credit or debit card fraud. Chipotle says many of its locations were victims of the malicious software …