A “misconfigured cloud-based file repository” exposed the names, addresses, account details and account personal identification numbers (PINs) of as many as 14 million U.S. customers of telecommunications carrier Verizon, according to a recent blog from computer security company UpGuard. The…
Cyber risks should be on the radar of every type of business. Manufacturing has lagged other sectors in buying insurance, revealing vulnerabilities that have not, until recently, been fully appreciated, but could lead to enormous costs. Considering all vulnerabilities is essential to building towers of coverage that provide meaningful protection.
The global insurance industry’s ability to confront structural and technological changes is now the greatest risk it faces, according to a new survey of insurers and close observers of the sector, released on Tuesday. The Centre for the Study of…
There is a “slow but steady” trend in take-up rates among cyber insurance clients and prices continue to stabilize, according to a recent survey from the Council of Insurance Agents & Brokers (CIAB) in Washington, DC. When it comes to…
Medical professional liability insurers who retain cyber risk need to limit their exposure “through strong policy language,” A.M. Best Company Inc. warned in a report released Wednesday. The ability to “identify emerging risks in areas such as cyber security,” is,…
Nine in 10 global cybersecurity and risk experts believe that cyber risk is systemic and that simultaneous attacks on multiple companies are likely in 2017, according to a study issued on Wednesday by global insurer American International Group, Inc (AIG).…
Cyberattacks, natural disasters and supply chain failure are three of the most pressing risks to global business performance in the 21st century, according to the 2017 FM Global Resilience Index. The online, interactive annual index ranks 130 countries and territories…
Cyber security is more of a human resources issue than a technological issue, while cyber security threats are often detected more than six months after they occur, speakers told insurance professionals at a conference last week. “The nature of IT…
There is an increased interest in using captives to cover cyber risk. With cyber risk changing so rapidly, contributing to making the risk difficult to underwrite, some industry experts expect that interest to grow.
Assessing the threat and understanding the consequences of cyber breaches
Canada’s property and casualty insurance industry must look farther ahead in its strategic planning than it may be used to ensure it fully grasps developing conditions and can address related changes, Philip Cook, CEO of Omega Insurance Holdings Inc., suggested…
Munich Re has posted a profit for 684 million euros in the third quarter of 2016 ending Sept. 30, up from 525 million euros in the same quarter last year. For the first nine months of the year ending Sept.…