On October 31st, 2022, over 80 participants from cyber (re)insurers, policymakers, intermediaries, cyber security, and related industries, as well as academic researchers and other interested parties, gathered at the Old Library in the basement of the Lloyds’s building. Beside networking and an open exchange of ideas during lunch and after event networking drinks, the agenda […]
Cyber insurance is designed to restore many aspects of a business following an incident. An indemnity payment covers financial loss. DFIR practitioners are sent to rebuild computer networks and more niche services to restore corrupted data. Public relations advice is aimed at rebuilding the firm’s reputation and so on. Yet, corporate cyber insurance does not,
Guest Blog by Dr. Daniel Woods: “Cyber Insurance Should Cover Psychological Support” Read More »
The following article is a guest blog by Frank Cremer, currently a PHD candidate at the technical University of Cologne about his and his co-authors newest paper, systemtically tabulating and reviewing existing cyber risk and security research papers and datasets (). We highly recommend to check out the paper itself with its many interesting insights
Guest Blog: Cyber risk and cybersecurity: A systematic review of data availability Read More »
In the report Ripples Across The Risk Surface (), the Cyentia Institute investigates supply chain cyber attack. Cyentia defines Ripples as supply chain cyber attacks that have cascading effects, causing widespread damage to companies. In these attacks, the primary victim, also known as ripple generator, unintentionally spreads the cyber attack to its associated companies. These
Cyentia “Ripples” Report: Massive Increase in Supply Chain Frequency and Sophistication Read More »
Marsh has recently released its Q4/2021 Report (). In the third quarter of 2021, the cost of cyber insurance in the United States rose by an average of 96 percent year-over-year as firms and insurers have faced an onslaught of cyberattacks daily. The highest single quarter rate increase since 2015, prices for cyber insurance soared
According to this year’s Allianz Risk Barometer (), cyber risk takes the number one spot, thanks to a spate of high-profile ransomware attacks, which have pushed it up from third in 2021 behind the closely related risks of business interruption and pandemic risks. Recently, cyber thieves have become more adept at using “double extortion” strategies.
On December 6, 2021, the Superior Court of New Jersey granted partial summary judgment in the highprofile ransomware case in favor of Merck and International Indemnity, declaring that the War or Hostile Acts exclusion contended by ACE American Insurance was inapplicable to the dispute (Link to the verdict: ). Merck suffered $1.4 billion in business
Karen Andrews, the Australian Minister for Home Defence, has today announced a new Ransomware Action Plan (). Following the by Tim Watts earlier this year suggested regulatory changes (see our previous article), the new bill aims to: Introduce a new stand-alone aggravated offence for all forms of cyber extortion to ensure that cyber criminals who
Especially large cyber insurance carriers, reinsurers, and managing general agents (MGAs) have started to build inhouse cyber security and incident response capacities to handle some of their claims. Besides the obvious economic motivation of cutting out the proverbial middlemen, the increasing in-house capacities offer insurers and reinsurers more insights into the ever-evolving and still elusive
Cyber Accumulation is still a major concern for the cyber inusrance industry. While we have not yet seen the in the academic literature described “Cyber-Hurricane”, it still lingers in the back of the mind of carriers and regulators alike. We interviewed Mark Camillo, CEO of the neweley created Intiative CyberAcuView. Cyber-Economics.com: Could you tell us
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