cyber risks News

Tokio Marine Names Barn from Munich Re as Global Head of Cyber Risk

Leading international insurance group Tokio Marine Holdings (TMH) has appointed Daljitt Barn to the newly created post of global head of cyber risk. Barn, who will be based in London, joins from Munich Re and is an industry leader in …

Australia Bans China’s Huawei from Supplying Mobile Equipment, Citing Hacking Risks

Australia has banned Chinese telecoms firm Huawei Technologies Co Ltd. from supplying equipment for a 5G mobile network, citing risks of foreign interference and hacking which Beijing dismissed as an “excuse” to tilt the playing field against a Chinese firm. …

As Cyber Insurance Market Grows, Accumulation Risk Is Key Concern: Geneva Assn.

Although cyber risk premiums have expanded sizably in recent years with loss ratios that compare favorably to other product lines, the danger of accumulation risks is a key concern for the market, according to a study released by insurance industry …

Hackers Could Target Fax Machines as Backdoor into an Organization’s Network

What could be less threatening than the old office fax machine? Nothing. That’s precisely why it’s used as a backdoor for hackers to get into an organization’s network. Check Point, a cyber security firm in Israel, said Sunday that their …

Chinese Acquisitions of High-Tech Firms Pose Security Risk: German Spy Chief

Chancellor Angela Merkel’s top counterintelligence official said Chinese acquisitions of high-tech companies in Germany represent a potential national-security threat. The head of Germany’s top domestic intelligence agency, Hans-Georg Maassen, highlighted the issue in an annual report on security risks that …

Sustainable Re/Insurance Industry Vital in Uncertain World: Swiss Re’s Ojeisekhoba

Following Hurricane Katrina in 2005, former U.S. Vice President Al Gore described it as “the first taste of a bitter cup that will be proffered to us over and over again.” That devastating event killed more than 1,800 people and …

Chubb Enhances Global Cyber Incident Response Management Capabilities

Chubb announced that it has enhanced its cyber incident response management capabilities and launched two new ways of accessing the service: a mobile application and a dedicated website. As the threat of cyber risks facing commercial enterprises increases, Chubb has …

Most Global Organizations Fail to Learn from Cyber Mistakes: WTW Survey

A majority of executives around the world feel their organizations can do better when it comes to learning from their past cyber mistakes, according to the results of a global survey conducted by The Economist Intelligence Unit (EIU) and Willis …

AXIS Launches Cyber Center of Excellence to Help Mitigate Cyber Risks

AXIS Capital Holdings Ltd. has launched the AXIS Cyber Center of Excellence, which aims to provide commercial insurance products and solutions for mitigating cyber risks. The AXIS Cyber Center of Excellence is intended to address the more than $445 billion …

Barbican Launches Cyber Resilience Product Called ‘One-Step-Ahead’

Barbican Insurance Group announced the launch of a product partnership with two cyber risk management specialists to help insureds assess and improve their cyber resilience. Called Barbican Cyber “One-Step-Ahead” (OSA), the product encompasses three critical areas of cyber resilience: cyber …