cyber

The adoption of cyber insurance is on the rise. According to a recent Marsh & McLennan survey, 47% of organizations indicated that they have cyber insurance, up from 34% in 2017*. In addition, 89% of them were confident that their policies would cover losses caused by a cyber event. But, although cyber insurance has gained significant momentum, investment in traditional cyber prevention technology has far outpaced cyber insurance spending.... Read More >
To quickly grow their business in a highly competitive market, insurers frequently consider adding a new insurance line or entering a thriving new market. Why not do both? For example, they can launch an insurance product that covers new and evolving cyber risk specifically for the underserved market of small and medium-sized enterprises (SMEs).... Read More >
Guidewire Cyence™ Risk Analytics recently announced the general availability of the fourth-generation update to our risk model (Model 4) for Guidewire Cyence™ for Cyber Risk Management. While developing this new model, our team collected additional data and reviewed a significantly larger set of claims.... Read More >
Cyber-attacks are hardly new news, but they are an ever-changing threat. The cyber landscape does not stand still for long, and with each new technological innovation, hackers find new vulnerabilities to exploit for their benefit. Even with existing technology, hackers never cease to find new ways or loopholes for intrusion. The threat is coming from everywhere: past, present, and new technologies.... Read More >
When the European Union General Data Protection Regulation (GDPR) came into effect in May 2018, we in the cyber insurance industry all wondered how zealously each national enforcement agency would levy fines for the inevitable infringements.... Read More >
According to the Allianz Risk Barometer 2018 business owners consider cyber incidents to be the second greatest threat to their organisations. Cyber threats were second only to business interruption, with respondents citing a cyber incident as the most feared cause of business interruption.... Read More >
Cyber attacks have become the most prominent threat or disruption to business entities in recent years. Corporate entities are concerned about damages to their brands, the stability of revenues, and the safety and privacy for their employees and customers because criminals have become more sophisticated at figuring out standardized security and evading defenses. Specifically, cyber attacks present unprecedented challenges to 21st century enterprises because of the speed of occurrence and severity of damage, along with the enterprise’s vulnerability to keep up with the evolving complexity and volume of cyber threats. ... Read More >
Bug bounty programs are growing at an incredible rate. According to the 2018 Hacker Power Security Report, almost every statistic about bug bounties has increased: from a 54% increase in new programs launched to a 49% increase in the number of reports submitted and vulnerabilities disclosed publicly. This is a positive sign for the future of the disclosure industry, in contrast to a troubled beginning when companies and governments pursued legal action against those who reported vulnerabilities (such actions, however, are still happening). ... Read More >
At the time of the announcement, the Cyence Cyber Risk model was predicting that Marriott had a probability of 83% of having any incident and a probability of 43% of having a data breach specifically. Perhaps more relevant, our model estimated a 12% probability of having an insurance relevant incident. ... Read More >
As the new year gets into its stride, I can see the insurance industry heading in some exciting directions. The starting point is how the past year has witnessed InsurTech and Data Analytics make big inroads. However, the year ahead will be about how those ideas and blueprints are turned into more concrete outcomes for insurers. Data listening monetises managing 21st Century risks ... Read More >