cyber risk management News

Aspen Insurance Launches Cyber Risk Management Platform ‘SSIMPLE’

Aspen Insurance, the insurance segment of Aspen Insurance Holdings Ltd., announced the launch of its cyber risk management platform, SSIMPLE, which was developed to assist clients in the prevention and detection of, and response to, privacy and network security incidents. …

London Market Broker BMS Partners with BitSight to Provide Cyber Risk Analysis

BMS Group, the London-based independent specialist re/insurance broker, has partnered with BitSight, a cyber security ratings company, to provide cyber risk analysis services to BMS clients across all lines of business. More than 1,500 organizations are using BitSight Security Ratings …

Norsk Hydro’s Core Profit Plunges 82% After March Cyber Attack, Brazilian Spill

Aluminum producer Norsk Hydro, the victim of a cyber attack in March that paralyzed its IT systems, posted an 82% drop in first-quarter core profit on Wednesday and said a rise in global uncertainty could impact its markets. The Norwegian …

CFC Designs New Broker Platform for Its Cyber Insurance Products

Specialist insurer CFC is debuting a new broker platform designed to facilitate the sale of its cyber insurance products to small- and medium-sized businesses. The idea is that London, UK-based company’s cyber insurance platform will enable brokers to instantly access …

Ransomware Attacks Skyrocketed in Q1: Beazley

Ransomware attacks skyrocketed in the first quarter of 2019, according to the Beazley Breach Response (BBR) Services team, which reported a 105% increase in the number of ransomware attack notifications against clients compared to Q1 2018. In Q1 2019, the …

EU’s Landmark Data Privacy Law, GDPR, Already Providing Global Standard

A landmark European privacy law is making waves worldwide a year after it came into force, fundamentally changing the way data are handled as Facebook, Apple and Google face increasingly frequent complaints. Adopted on May 25 last year, the General …

UK Risk Managers List Brand Damage, Brexit, Cyber Attacks as Top 3 Business Risks

The top three risks facing UK risk managers are reputational damage, Brexit and cyber attacks, according to Aon’s 2019 Global Risk Management Survey of thousands of risk managers across 60 countries and 33 industries. In comparison, survey respondents globally ranked …

Beazley Launches Affirmative Marine Cyber Cover

Specialist insurer Beazley has created a marine cyber insurance product to meet the rapidly developing needs of vessel owners and operators. Should a cyber incident impact a vessel’s operational capabilities, “Beazley Cyber Defence for Marine” provides insurance for physical damage …

CNA Hardy Enhances Cyber Proposition for UK Clients

CNA Hardy, a specialist commercial insurance provider for clients within the Lloyd’s and company markets, announced significant enhancements to its cyber proposition with a new pre-breach service and additional coverages. “Our latest cyber proposition reflects the changing risk environment. Technology …

Norsk Hydro Cyber Attack Cost It Nearly $52M in First Quarter

Norsk Hydro said the March cyber attack that paralyzed its computer networks would cost the aluminum maker up to 450 million Norwegian crowns ($52 million) in the first quarter. The Oslo-based firm, one of the world’s largest producers of the …