Cyber
Cyber criminals increasingly moving from privacy breaches to extortion
Increasingly sophisticated malware and ransomware attacks are rising to the top of the cyber threat list, with industry cyber experts predicting a surge in ransomware incidents in 2016.
Data breaches caused by hacking or malware on the rise, Beazley finds
Beazley’s specialist breach response services unit responded to 60% more data breaches in 2015 compared to the previous year, the insurer has revealed.
Litigation likely to test limitation clauses in data breach cases
Litigation will test the effectiveness of companies seeking to absolve themselves of data protection and data security responsibilities via clauses in contracts as companies increasingly believe it's "worth a go", according to cyber insurance experts.
Europe: Talking Turkey on cyber risks
Following recent cyber attacks - purportedly carried out by hacktivist group Anonymous, there is growing understanding of the value of covering cyber liabilities.
Legal Update: Time for insurers to get ready
A growing number of cyber incidents means insurers must prepare strategies to deal with a range of new business interruption liabilities.
Marsh recruits ex-GCHQ director for cyber role
Marsh has appointed former UK security and intelligence organisation GCHQ director Sir Iain Lobban as a senior adviser on cyber risk.
The Post Power List 2016
In a year where regulation, natural disasters, consolidation and cyber/digital again look set to make waves, and when the country could learn if it’s in or out of the European Union, Post had a mind mapping session – with a bottle of wine – to see who…
Rank: 12 - Matthew Hogg, chair, Cyber Risk and Insurance Forum
There is no doubt 2016 will be the year of cyber and while most of the market is still finding its feet here others are learning.
UK cyber market to resemble US amid tougher EU penalty regime
The UK insurance market is expected to increasingly follow its US counterpart as incoming EU legislation substantially toughens up penalties for data breaches.
Insurers appetite for cyber risk questioned in light of HSBC hack
The capacity and appetite of insurers for covering cyber risk has been put in the spotlight once again following today’s cyber attack against HSBC.
Chubb partners with Crawford on cyber incident response platform
Global loss adjuster Crawford & Company has teamed up with Chubb to provide the insurer’s clients with a single point of contact and an around the clock response platform to report cyber incidents.
Marsh unveils global excess cyber risk facility
Global broker Marsh has launched a new global excess cyber risk facility that is designed to provide more reliable insurance coverage for organisations around the world.
Aviva survey finds widespread cyber complacency
Research from Aviva shows more than two fifths (44%) of UK businesses believe they are unlikely to be a target for cyber crime.
Lloyd's partners with modelling firms on cyber data requirements
Lloyd's has agreed a common core set of data requirements for cyber risks in collaboration with modelling firms AIR Worldwide and RMS alongside the Cambridge Centre of Risk Studies.
Biba Manifesto 2016: Brokers to be educated on cyber threat
The British Insurance Brokers’ Association is endeavouring to help members to reduce the risk of cyber-crime and to raise awareness of the benefits of suitable insurance protection.
Conventional cyber policies giving patchy cover, IUA finds
Coverage of cyber risks in conventional classes of insurance can be variable, meaning cover is not provided for cyber losses in situations where it might be expected, according to a report from the International Underwriting Association.
Gravity of cyber risk stressed as climate change tops risk list
Failure to act on climate change was named the top global risk by the World Economic Forum today (14 January), as a Marsh leader claimed cyber risk is widely underestimated outside the US.
BI remains top global risk while cyber is UK's biggest threat
Business interruption is the top global risk for the fourth year running, according to the Allianz Risk Barometer 2016, with cyber attacks, geo-political instability and technology failure identified as new possible drivers of BI losses.
Business interruption from cyber attacks a growing concern, says AGCS
Business interruption is the top risk globally for the fourth year in succession according to Allianz's Risk Barometer 2016 - an annual survey of risk managers.
Barbican Insurance group merges capabilities into single brand
Barbican Insurance Group has launched Barbican Protect, which brings together the underwriting expertise and service capabilities of Barbican Underwriting Limited, PI Protect and Barbican Channel Islands into a single brand.
PI and D&O targeted as cybercrime exposures continue to grow for insurers
Cybercrime claims are having an impact on an increasing number of business areas, with market commentators citing professional indemnity and directors' and officers' as two markets that are becoming more vulnerable to the impact of cyber-attacks.
IFB joins forces with ICO in fraud fight
The Insurance Fraud Bureau has formalised its data-sharing agreement with the Information Commissioner’s Office in a bid to track misuse of personal data in insurance fraud.
EU parties agree cybersecurity legislation
Negotiators of the European Parliament, Council and Commission have agreed on the first European Union-wide legislation on cybersecurity.
Chubb introduces cyber-bullying cover for HNW products
Chubb policyholders who become victims of cyber-bullying may claim up to £50,000 towards professional support, lost income and temporary relocation costs under their home policy following changes to the insurer’s private clients offering.