Premiums for cyber insurance have climbed sharply along with global rates of ransomware. But signs of increased competition and capital inflows suggest the cyber insurance market may be softening, Marsh executive Sarah Stephens told a U.K. parliamentary committee.
A periodic stress test assessment of U.K. insurers by the Bank of England found underwriters mostly withstood extreme cyber events. Still, underwriters may not be operating from the same set of assumptions when it comes to the likelihood of having to manage an actual extreme cyber event.
Valuations are down, some companies have left the market altogether, and some even have announced deep rounds of layoffs. Yet, Alberto Yépez of Forgepoint Capital retains optimism for the cybersecurity marketplace in 2023 and says now is the ideal time to be ramping up investments in innovation.
In this episode of "Cybersecurity Unplugged," David Derigiotis of insurtech Embroker discusses the complex world of cyber liability insurance, including the collapse of crypto exchange FTX, recent breaches, and improvements in the cyber insurance industry.
An Ohio software developer that attempted to use business insurance to pay for a 2019 ransomware attack was stymied by the Ohio Supreme Court. The justices unanimously decided for Owners Insurance Company against greater Dayton-based EMOI, writing that the developer didn’t experience physical loss.
Cookie and cracker giant Mondelez International settled litigation launched in 2018 against Zurich Insurance after the underwriter denied a claim for property damages stemming from the NotPetya malware wave. Similar litigation initiated by pharmaceutical giant Merck against its insurers continues.
The Department of Treasury and the Cybersecurity and Infrastructure Security Agency are soliciting comments on whether risks to critical infrastructure from a catastrophic cyberattack - and the concurrent potential for ruinous financial exposure by insurers - should lead to a new federal approach.
Coalition has secured $250 million on a $5 billion valuation to grow in the United Kingdom and accelerate its executive risk coverage business. The money will allow Coalition to push beyond the United States and Canada into the U.K. by the end of 2022 and cover additional executive risk segments.
How can companies make their cybersecurity posture more transparent to stakeholders? That's a question being asked by both boards of directors and potential investors, says Stephen Boyer, founder and CTO of BitSight. He discusses the impact of new regulations and guidance from agencies.
Crum & Forster CISO Chris Holden has helped organizations respond to many breaches over the years, and through this experience he has developed an excellent sense of who companies should call first and have on their response team if they suspect that a security incident has taken place.
Cyber insurance is getting much tougher to obtain, and coverage for security incidents is not guaranteed even when policies are issued, says attorney Steven Teppler, chair of the privacy and cybersecurity practice of law firm Sterlington PLLC.
The world is a much different place since the previous in-person RSA Conference - and so is the cybersecurity marketplace. Alberto Yépez of Forgepoint Capital shares his view of the state of the industry and the market forces that may cause further change in 2022.
Lynn Peachey, the director of business development at Arete Incident Response, says that insurance companies have made "a pretty quick turnaround in terms of trying to respond to the ransomware epidemic." She discusses the changes they are making, which include leveraging data quantification.
A surprising improvement in loss ratios for cyber insurance providers in 2021 means the rapid rise in premiums might at last subside later this year. The loss ratio declined for the first time since 2018 despite the frequency and severity of claims filed for cyberattacks increasing again in 2021.
In the latest weekly update, four ISMG editors discuss the state of cyber insurance today and why its future is uncertain; applying a security-by-design reliability model to analyze vulnerabilities; and how Russia takes down members of the REvil ransomware group as cyber aggressions in Ukraine rise.
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