Cyber

Public-private partnerships and (re)insurance pools in Europe

Guy Carpenter’s Europe CEO Julian Enoizi on the need for greater collaboration between the public and private sectors.

Kroll recruits Marsh’s Keefe to be new global cyber insurance industry lead

Kroll has appointed former Marsh executive Katherine Keefe as managing director and global cyber insurance industry lead for Kroll’s cyber insurance capabilities worldwide, Cyber Risk Insurer can reveal.

Pen launches large corporate cyber offering

Gallagher’s UK-based MGA Pen Underwriting has launched its cyber proposition for large corporate clients.

DeNexus closes $17.5mn Series A funding round, adds Axa XL CUO as board observer

Cyber risk quantification and modelling firm DeNexus has secured $17.5mn in a Series A funding round that included participation from Axa XL.

Pierson Ferdinand adds Rivers as partner in cyber risk, privacy, data security practice

New York-based startup law firm Pierson Ferdinand LLP has appointed Rachel Rivers as a partner in its cyber-risk, privacy, and data security practice.

Coalition recovers £1.4mn under new UK ‘clawback’ service

Cyber insurer Coalition has recovered £1.4mn ($1.8mn) for a UK policyholder under its new service dedicated to recovering funds stolen in a cyberattack.

Cybersecurity firm Stellar Cyber and Converge partner on insurance program

Stellar Cyber, a provider of Open XDR security solutions, has partnered with Converge Insurance to launch the RiskShield Cyber Insurance Program for managed security service providers and their customers.

Extreme malware attack would not exhaust deployed limit in cyber market: study

The cyber insurance market could withstand a “plausible yet remote” malware event, according to the calculations of three cyber realistic disaster scenario models by Beazley, Munich Re and Gallagher Re.

Allianz calls for “step up” in cyber mitigation as large claims jump 14% in H1

The volume of cyber claims is expected to stabilise in 2024 following a rise in frequency last year, driven by an increase in data and privacy breach incidents, according to Allianz Commercial’s latest cyber risk outlook.

AI-related annual global premiums to reach up to $4.7bn by 2032: Deloitte

Increased deployment of AI technologies and emerging risks could generate $4.7bn in annual global premiums from AI-related insurance by 2032, although global premiums are expected to moderate at an annual increase of 3.1 percent next year, according to Deloitte’s latest industry outlook.

BHSI launches DACH PI and cyber offering through Hamburg office

Berkshire Hathaway Specialty Insurance has begun offering professional indemnity and cyber insurance lines in the DACH region, led by new recruit Thomas Pache.

Beazley launches $100mn cyber consortium

Beazley has launched a $100mn cyber consortium named “Beazley Quantum” for large corporates with turnover in excess of $1bn.

PwC: Only 15% of firms understand financial impact of cyber risks

Cyber cat modeling innovates to overcome limitations

Customization and collaboration can help to address gaps in cyber modeling outputs, according to Guy Carpenter’s Erica Davis and Anthony Cordonnier.

Beazley’s Wice, Marsh’s Patel, Pondurance’s Swann receive NetDiligence awards

Cyber risk readiness and response services firm NetDiligence has announced the winners of its 2024 Toby Merrill Awards.

NetDiligence panel: “Better framework” needed for adjusting cyber BI losses

A better approach is needed for adjusting large cyber business interruption losses with clients frustrated by continuous questions from excess carriers amid a lack of clarity around forensics reports, according to Westfield Specialty’s Jeff Kulikowski and Aon’s Matt Chmel.

Ferma calls for reduced EU cyber reporting burden as WTW underlines insurance implications

The Federation of European Risk Management Associations has called on EU institutions to simplify cyber reporting requirements and to consider the insurance implications of cyber-related legislation.

Brown & Brown’s Owad: AI is a double-edged sword in cyber risk

Brown & Brown senior vice president Anju Owad has raised concerns about the balance between efficiency and security when using AI, particularly when handling sensitive client data.

Cyber Monitoring Centre partners with Parametrix on cloud outage risk

The UK’s Cyber Monitoring Centre (CMC) has partnered with cyber modelling firm and parametric-focused MGA Parametrix Analytics to investigate the impact of cloud outages on UK organisations.

Beazley: Demand for cyber insurance will treble in next six years

Beazley has forecast an 18 percent compound annual growth rate in the cyber insurance sector between now and 2030, with international expansion set to outpace growth in the more mature North American market.