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.…
FM Global is looking to bolster its expertise in first-party cyber solutions for the benefit of its mutual policyholders with its move to form integrated engineering and underwriting units dedicated to doing just that. The move seeks to address the…
The Insurance Institute of Canada (IIC) announced on Thursday that it has launched CE OnDemand, a new catalogue of online courses based on a survey of brokers’ continuing education needs. The IIC said in a press release that CE OnDemand…
SAN DIEGO — Catastrophe modelling firm AIR Worldwide has launched what it calls the first open source deterministic cyber risk scenario, a move meant to help individual companies and the insurance industry as a whole better understand aggregated risk from…
Failure to comply with the Payment Card Industry (PCI) Data Security Standard can potentially result in a host of “nasty things” happening to those without coverage, attendees to the 2016 International Cyber Risk Management Conference (ICRMC) heard last week. Matthew…