cyber risks News

Nepal Bank Latest Victim in String of Global Cyber Heists

A bank in Nepal is the latest victim in a string of cyber heists, though most of the stolen funds have been recovered, two officials involved in the investigation confirmed on Tuesday. [Editor’s note: Reuters issued a clarification to say …

XL Catlin Taps Allianz’ Broodryk as Cyber Product Leader, APAC Financial Lines

XL Catlin’s insurance operations announced the appointment of Max Broodryk as product leader of Cyber Risk, International Financial Lines for Asia Pacific, based in Sydney. In this role, Broodryk will be responsible for underwriting management and development of the Cyber …

Canada Concerned About Cyber Attacks Targeting Critical Infrastructure: Source

The Canadian government is “really worried” about cyber attacks that have targeted critical infrastructure and has helped companies improve their defenses without disclosing hacks to the public, a senior intelligence official said on Monday. The comment by Scott Jones, an …

Marsh Taps Saunders from UK National Crime Agency as Cyber Risk Consultant

Marsh announced the appointment of Dr. Jamie Saunders as a strategic adviser on cyber risk management within its UK specialist cyber security and risk team, part of the firm’s Client Advisory Services division. Saunders will be based in London. One …

May 2018 Deadline for EU’s Cyber Rule, GDPR, Spurs Corporate Action: Marsh

The upcoming implementation of the European Union’s General Data Protection Regulation (GDPR), which takes effect in May 2018, has elevated cyber risk to the top of the corporate agenda for organizations doing business in Europe according to a survey conducted …

Beazley to Manage Data Breaches for Generali Brazil’s Cyber Insurance Clients

Beazley, a specialist in data breach response insurance, has partnered with Generali Brazil to manage data breaches for Generali’s corporate and commercial cyber insurance customers. Beazley will coordinate the breach response for policyholders, including IT experts, legal services, identity monitoring, …

Top Challenges for London’s Re/Insurers Are Soft Market, Brexit, Regulations: IUA

The top three challenges facing London market companies are the soft market, Brexit and regulatory compliance, according to a survey of International Underwriting Association (IUA) members. In an online questionnaire, members also cited the IT/cyber revolution, the challenge of innovating …

Allianz Partners with Cyence to Expand Capabilities in Cyber Risk Analysis

Allianz Global Corporate & Specialty SE (AGCS), Allianz Group’s specialist carrier for corporate insurance business, has teamed up with San Mateo, Calif.-based cyber risk analytics and modeling firm Cyence to boost its global cyber risk analysis capabilities. Cyence’s cyber analytics …

Banks Seek More Insurance Protection Against Cyber Attacks, Rogue Traders

Banks are increasingly turning to insurance to protect their capital from “operational risks” like cyber attacks and rogue traders, and insurers say they can help safeguard lenders by providing an extra layer of expertise. After a spate of expensive court …

Demand for Cyber Insurance in China Expected to Rise After WannaCry Attack: AIG

Demand for cyber insurance from firms in Greater China and elsewhere in Asia is poised to soar, based on inquiries received after the “WannaCry ransomware” attack earlier this year, executives at American International Group Inc. said. The American insurer saw …