Cyber Insurance News and Industry Trends

Cyber insurance is a rapidly evolving field, with new trends and developments emerging all the time.

Cyber insurance premiums are increasing, with a 200% growth rate in the past five years, according to a report by a leading insurance research firm.

As a result, businesses are being forced to re-evaluate their cybersecurity measures to mitigate the risk of cyber attacks and reduce their insurance costs.

The average cost of a data breach is now over $3.9 million, highlighting the importance of robust cybersecurity measures and adequate insurance coverage.

Cyber attacks are on the rise, with a 586% increase in successful cyber attacks against UK utility companies in 2023, up from just seven cases in 2022.

The public sector is also seeing a significant surge in cyber attacks, with the number of attacks increasing in scale and volume. This is a major concern for businesses and governments alike.

Data outsourcing is becoming a larger target for cyber attacks as companies look to cut internal costs, making it essential for businesses to implement robust security measures.

A recent court decision highlights the complexities of cyber insurance, with a Texas court reaching a split decision in a dispute between an AIG unit and RealPage over the allocation of recovered funds from a phishing attack.

In some cases, hackers are even posting stolen data to the dark web, as was seen in a recent ransomware attack on a Rhode Island state-administered benefits portal, where some of the stolen information was posted online.

The US Cyber Industry Loss Index is playing a crucial role in the expansion of cyber insurance-linked securities (ILS). This is evident in the first cyber insurance risk transactions announced by PERILS and CyberAcuView.

Cyber insurance is becoming increasingly important for businesses, with cyber threats taking the lead as a top concern for the fourth time in six years, according to the 2024 Travelers Risk Index.

Axa XL is expanding its UK cyber team to address the growing concern of cyber threats among its clients, with the head of the team stating that cyber remains a top concern amongst their clients.

The US Cyber Industry Loss Index is playing a crucial role in the expansion of cyber insurance-linked securities (ILS). This index is being used in the first cyber insurance risk transactions by PERILS and CyberAcuView.

Cyber threats are a top concern for businesses, marking the fourth time in six years that cyber risks have taken the lead according to the 2024 Travelers Risk Index.

Axa XL is expanding its UK cyber team to address the growing concern of cyber threats among its clients.

Axa XL has expanded its UK cyber team to better serve clients' growing concerns about cyber threats.

Insurtech CyberCube has strengthened its partnership with HUB International, a leading insurance broker and financial services firm.

At-Bay has expanded its Cyber and Tech E&O Excess & Surplus coverage to businesses with up to $5 billion in revenue.

Cowbell Cyber has extended its cyber insurance coverage to mid-market businesses in the UK.

Howden has launched a new proposition backed by several insurers, offering a seamless, data-driven solution to safeguard businesses.

Brazilian insurtech Bluecyber has secured $1.5 million in funding led by venture capitalists Invisto and Bossa Invest to further develop its cyber insurance offerings.

As the dependency on software and hardware supply chains and digital services continues to rise, organizations are becoming more vulnerable to attacks.

Munich Re experts predict that hacks across networks of suppliers, manufacturers, and providers within digital supply chains will increase further.

The World Economic Forum study from 2024 found that 41% of companies surveyed had been affected by a third-party cyber incident.

Small and medium-sized suppliers are being increasingly targeted by hackers, with the aim of later hacking into their larger customers' systems.

The expected rise in costs incurred by businesses globally due to software supply chain attacks is estimated to grow from $46 billion in 2023 to $60 billion in 2025, according to Juniper Research.

Several insurers are now backing a new proposition from Howden, which promises to safeguard businesses with a data-driven solution. This is just one example of the innovative approaches being taken in the cyber insurance industry.

Howden's new product is designed to be proactive and seamless, giving businesses an added layer of protection.

The managing director of MGA has launched a clawback service to help recover money stolen in cyber attacks, providing another way to support policyholders and brokers. This service is a vital lifeline for those affected by cybercrime.

MGA's new clawback service is a testament to the industry's growing focus on supporting those affected by cyber attacks.

Cyber threats have taken the lead as the top concern for businesses, marking the fourth time in six years, according to the 2024 Travelers Risk Index.

Insured losses from the CrowdStrike incident could exceed $1 billion in the cyber insurance market, though the total may be reduced to half since it wasn't a cyberattack.

The direct financial loss for US Fortune 500 companies (excluding Microsoft) from the CrowdStrike outage is estimated at $5.4 billion.

Cyber insurance losses from CrowdStrike outages in the standalone cyber insurance market may reach $1.5 billion, according to CyberCube.

Ransomware will continue to be the dominant risk and loss driver for cyber insurance, with advances in applied technological progress and tactics pointing to a more complex and damaging ransomware landscape.

The proportion of ransomware losses by industry sector is a significant concern, but the exact breakdown is not specified in the article.

Privacy regulation will cover three quarters of consumer data worldwide by the end of 2024, but 60% of all regulated global entities will struggle to comply with intensifying data protection regulation and privacy requirements.

Data breaches will continue to be a major issue, with 5G driving mobile data growth and video traffic accounting for the majority of mobile data.

The value and criticality of data, together with governing data regulation and underlying issues regarding liability, will further push the emergence of more groups offering hack-for-hire and data theft services.

Multifaceted efforts to create awareness and implement proper defense that goes beyond technology are crucial in preventing data breaches.

The ranking in terms of the proportion of privacy claims, including wrongful disclosure and wrongful collection, by industry sector is not specified in the article, but it's an important area of focus for cyber insurance.