Cyber
Applied Net 2015: Ex-US secretary of state Albright raises cyber concerns
Former US secretary of state Madeleine Albright described cyber risk as an inevitable consequence of global technological development amid at a period of “chronic uncertainty” around the world.
Absence of specialist underwriters sees Lloyd's cyber risk appetite shrink
Absence of a specialist underwriter and failing to recognise cyber exposure in pricing and capital models have been cited as reasons for Lloyd's potentially limiting the amount of cyber insurance it writes, as UK government data estimates 2.5 million…
European firms not doing enough to understand cyber risk, Marsh finds
Most European organisations are not doing enough to identify, analyse and understand their cyber risks, according to Marsh's 2015 Cyber Risk Survey Report.
Insurance fraud offences recorded by NFIB rise 13%
Insurance fraud offences recorded by the National Fraud Intelligence Bureau increased 13% in the 12 months to June 2015 to 9417 cases.
Adaption and innovation key themes from Ferma 2015
Insurers and brokers must be more agile to keep up with the emerging risks facing their clients, such as the sharing economy, according to commentators at the Federation of European Risk Management Associations Forum 2015.
Insurance Act: Let's pretend
Mock trial puts the Insurance Act to the test.
Cyber Security: Masked intruder
A whopping 81% of large organisations suffered a cyber-attack last year. With the number of attacks on the increase, are insurers offering new areas of coverage to protect policyholders in the event of a data breach?
CFC to offer clients free Cyber Essentials
Specialist lines underwriting agency CFC will provide its clients with free Cyber Essentials certification through its newly launched cyber portal.
IT staff unconvinced on need to invest on cyber insurance
Nearly half of IT professionals polled by a software firm thought there was “insufficient need” to invest in cyber insurance.
Impact Forum: Lloyd’s takes no nonsense approach to cyber
The Lloyd’s market is tackling cyber head-on as it aims to reduce the risk for its syndicates, according to Nick Beecroft, emerging risk and research specialist at Lloyd’s.
Lloyd's cyber consortium launched by Beazley, Aspen and Brit
Beazley has joined forces with Lloyd’s syndicates managed by Aspen and Brit Global Specialty to launch the International Cyber Consortium.
High-tech fraud: Faceless threat
Fraud has gone high tech, with the potential damage that hackers using the internet can cause becoming a real danger. Now the industry is starting to use high-tech methods to fight back.
PWC tips global cyber market to reach $5bn by 2018
The global cyber insurance market could grow to $5bn (£3.2bn) in annual premiums by 2018 and at least $7.5bn by the end of the decade, according to a PWC report.
Hackers pitched as remedy to driverless car vulnerabilities
Motor manufacturers should reward hackers for uncovering vulnerabilities in autonomous vehicle systems as cyber security remains a major stumbling block to widespread adoption of driverless cars, according to a report published this month.
AGCS predicts global cyber premiums will reach $20bn per year by 2025
Allianz Global Corporate and Specialty forecasts cyber insurance premiums will grow globally from the current level of $2bn (£1.3bn) per year to more than $20bn over the next decade, representing a compound annual growth of more than 20%.
CFC launches global cyber risk portal
CFC has extended its cyber product suite with the launch of an online hub, which it claims enables brokers to deliver an end-to-end solution to their clients.
National Crime Agency targeted in revenge cyber attack
A group of hackers who were behind previous cyber attacks on Microsoft and Sony have claimed responsibility for downing the website of the UK’s National Crime Agency in an apparent revenge attack.
Hiscox report finds one in five small businesses are not insured
One in five small business owners and managers do not have any insurance, according to a survey carried out across six countries by Hiscox.
Insurers set for Bank of England cyber security follow-up survey
The Bank of England is following up on a 2012 cyber survey to check whether management teams at insurance companies have increased how often they discuss cyber security.
Pool Re boss raises prospect of separate cyber reinsurance scheme
Funds for a potential public-private reinsurance scheme for cyber catastrophes should not be mingled with Pool Re, however, the remit of the terrorism fund's management team could be extended to operate a separate cyber initiative.
Less than 6% of SMEs have cyber insurance, says ABI Research
Global research firm ABI Research has found that less than 20% of large companies and less than 6% of SMEs have cyber insurance within the global insurance market.
Cyber attacks in Australia have tripled since 2011
Cyber attacks in Australia have tripled in three years from 313 in 2011 to 1131 last year according to the Australian Cyber Security Centre.
CFC partners with security ratings firm Bit Sight
Specialist lines underwriting agency CFC has formed a partnership with cyber security ratings agency, Bit Sight Technologies.
Europe: Opportunities in Middle and Eastern Europe despite geopolitical risks (26 Feb)
Despite the Russian-Ukraine crisis, 2014 brought hope of a revival for the regional market in Middle and Eastern Europe. Economic prospects have been positive, regardless of the continual geopo