7th ASTIN Cyber Working Group Meeting
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Cyber Insurance Market
Perspective by Tom Johansmeyer: The Case Against Cyber Warfare: Bang for Buck
Cyber weapons are easy to reload, right? There’s seemingly no shortage of ammunition, since they are fed with bits and bytes. If this is true, then cyber conflict would stand cyber weapons in stark contrast to the kinetic alternative, with ammunition shortages on the horizon due to the depletion of stores due to the conflict
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5th ASTIN Cyber Workshop (ACW) Meeting: An Overview of Current Topics in the Cyber Insurance Market
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
Guest Blog by Dr. Daniel Woods: “Cyber Insurance Should Cover Psychological Support”
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,
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Marsh Q4/2021 Update: Cyber Insurance Prices double Y/Y, Higher Ransomware Demands, Strong emphasis on Security Controls by Carriers
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
Allianz Risk Barometer 2022: Cyber most pressing Risk before Business Interuption & Pandemic Risks
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.
Is the Incident Response Pool deep enough for a major cyber accumulation event and will third party providers be able to fulfill their contractual obligations?
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
Interview with Mark Camillo: CyberAcuView, a new industry initiative to combat Cyber Accumulation and data sparsity
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
H1/2021 Suggested Reading: Cyber Insurance Market undergoing massive transformation; Reports by Coalition, Howden, Verizon DBIR
After the surge of cyber crime during the COVID 19 pandemic, spearheaded by a surge in ransomware attacks, the renewals on January 1st 2021 were the by far most anticipated in the history of cyber insurance. With year-over-year price increases of roughly 30% across the board on 1/1 (), the market has indeed entered a