silent cyber exposure News

Cyber Lessons for the Insurance Industry Continue Three Years After NotPetya

This summer marks three years since the NotPetya malware attack, which has been called the most devastating cyber attack in history. While cyber experts say cybersecurity and prevention strategies have since evolved in many ways, they also warn another crippling …

Canopius Launches Cyber Property Product to Address Silent Cyber Gap

Canopius, the London-based specialty re/insurer, announced the launch of a set of cyber property products for medium-to-large corporations across all sectors across the globe. In light of the ever-evolving cyber threat, the Canopius Cyber Property Damage Product Range (PDPR) will …

Guy Carpenter Partners with RiskGenius to Expand Silent Cyber Analysis

Reinsurance broker Guy Carpenter & Co. has entered into a strategic relationship with RiskGenius to expand the detection and qualitative analysis of silent cyber exposure across various lines of business. RiskGenius utilizes artificial intelligence to evaluate a variety of emerging …

Cyber Attack on Asia-Pacific Ports Could Cost $110B, Hitting Global Supply Chains

A single cyber attack that affects major ports across Asia-Pacific could cost $110 billion, which is roughly equivalent to half of all losses from natural catastrophes globally in 2018*, according to research from Lloyd’s of London. These losses could occur …

Reinsurers Look at Cyber’s Massive Growth Possibilities-With Caution

Reinsurers are aware they must constantly invent new solutions in order to stay relevant for their clients. Yet, they admit they are sometimes challenged to close the protection gap for new and emerging risks such as cyber. Cyber is actually …

Cyber Risk Modeling Company Kovrr Raises $5.5 Million

Kovrr, a Tel Aviv-based predictive cyber risk modeling company, announced a $5.5 Million financing round. The funding round was led by StageOne Ventures, Mundi Ventures and Innocells (the corporate venture arm and digital innovation hub of Banco Sabadell), and other …

Two New London Market Model Cyber Exclusion Clauses Published by IUA

Two new London Market model clauses to help underwriters manage cyber losses have been published by the International Underwriting Association (IUA). The wordings have been developed in order to address issues of non-affirmative or “silent” cover, where traditional insurance policies …

2019 Cyber Insurance Predictions: Strong Drivers for Growth Ahead

Cyber insurance is trending upward, the industry is growing, and the technology around it is evolving at a very quick pace. While predictions are always hard to make, here are five trends that are likely to catapult the cyber insurance …

AIR Worldwide Develops Probabilistic Model for Global Cyber Risks

Catastrophe risk modeling firm AIR Worldwide announced it has developed a probabilistic model for cyber risk, which is capable of accounting for security breach and cloud service provider downtime incidents for insurance portfolios worldwide. AIR’s probabilistic cyber model estimates the …

Verisk Company PCS Adds Global Cyber Industry Loss Index

Property Claim Services (PCS), a Verisk business, has enhanced its PCS Global Cyber service with coverage for cyber catastrophe events. The inclusion of events with multiple insureds spanning both affirmative and silent cyber addresses industrywide insured losses of at least …