Tag: cyber insurance coverage

New active cyber insurance launched by Coalition in Australia

Nordstrom
Cyber Insurance - Australian Flag

Allianz Australia is providing the capacity for this new business solution for digital protection. Coalition, a company that defines itself as the first provider of Active Insurance in the world, has announced the launch of its new cyber insurance solutions in Australia. The solutions are composed of a suite of digital risk products that complement its prevention services. The cyber insurance product is more than simply a transfer of risk. It is differentiating itself by working with organizations so that they will better understand their own risk profiles. This will…

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Swiss Re seeks creation of cyber insurance linked securities marketplace

Nordstrom
Cyber insurance - Protection Security

The global reinsurance giant has stated that the industry needs a new approach to underwriting cyber risk. Swiss Re has issued a call to the industry saying that a new approach is required to underwrite cyber risk while repeating is recommendation for the development for a cyber insurance linked securities (ILS) marketplace. The reinsurance company released a new Institute report including its insights and suggestions. The reinsurer stated in a new Institute report that the cyber risk model is still in its early days and that it has become evident…

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Cyber insurance market is stalling as risk rises

H. Cutner
Cyber Insurance - Reinsurance

Insurers are facing tighter margins and larger losses as they place a greater reliance on reinsurance. As risks rapidly rise, cyber insurance companies are watching their losses rise and their margins tighten. At the same time, insurers are placing a heavier reliance on reinsurance to mitigate their own risks. Though the coverage is becoming essential for businesses, it is dropping in appeal for insurers. For many businesses, cyber insurance is becoming harder to find. In fact, even compared to just one year ago, it’s more difficult to find affordable coverage.…

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Cybersecurity insurance popularity but some companies face denials

H. Cutner
Cyberattacks insurance companies

There are a number of common reasons that are causing insurers to deny coverage to a business. While it has become clear to the majority of companies that cybersecurity insurance can provide vital protection against financial hardships caused by cybercriminals. As a result, demand for coverage has skyrocketed in recent years. Unfortunately, many interested companies have found themselves denied coverage. Despite increasing interest in cybersecurity insurance, the simultaneous rise in threats have forced insurers to be more hesitant to provide coverage. There are several common reasons that a business might…

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Cyber attack insurance claims increasingly involve CEOs as victims

H. Cutner
Cyber attack insurance - Phishing Scam

BOXX Insurance has found that C-level executives are easy “spear-phishing” targets. Cyber attack insurance company, BOXX Insurance, based in Toronto, Canada, has found that CEOs and other C-level executives are increasingly victims of spear-phishing scams. Credentials for execs at this level are sold as cheaply on the dark web as $250 per user. The cyber attack insurance provider has cautioned that executives are increasingly filing claims after having been targeted by fraudulent emails which appear to have come from a source they trust. The emails request confidential email, which is…

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