Article archive

If Santa Claus did not have a Data Protection Officer

05/12/2017 07:20
  Santa Claus had been the victim of a significant cyber-attack by hackers who do not love Christmas in order to control the naughty list he maintains with the reasoning for not sending the gifts.  The hackers went further by publishing the list on various websites, blackmailed Santa...

Ransomware, malware attacks to continue in 2018 as hackers advance to machine learning, analytics

01/12/2017 07:10
It's been a pretty scary year where cybercrime is concerned, with words like ransomware, malware and spyware becoming a part of our daily lexicon. Over 27,000 cyber security incidents were reported in the first half of the year alone-at least one cybercrime reported every 10 minutes-according to...

Cyber Insurance v GDPR - The Myths, the Maths and the Law

30/11/2017 07:09
We rarely switch on our computers without an email containing the latest guidance, opinions, dos and don'ts, risks, or the undeniable fact that the harsh penalties which are likely to flow from the GDPR from 25 May 2018 could be eye-watering. It is also true that during 2016, the purchase of cyber...

SMEs remain underprepared as cyber threat grows

26/11/2017 08:23
Small-medium sized enterprises (SMEs) remain particularly vulnerable to cyber attacks, with just half of SMEs surveyed by Argo Group having purchased protection despite the drastically rising threat of cyber crime. Nearly two-thirds of SMEs surveyed have already been victims of a cyber incident,...

Cyber coverage to grow fastest in retail and manufacturing industries

19/11/2017 10:49
The cyber insurance market has been forecast to reach almost $17 billion by 2023, growing over 20% CAGR between 2017-2023, according to P&S Market Research Global. The Banking Financial Services and Insurance (BFSI) sector has been the largest consumer of cyber insurance, as these companies are...

Fraudulent e-mail a ‘real big deal’ in cyber risk

17/11/2017 16:24
There is plenty of competition in the cyber insurance market but placing a cyber product suitable for a client “can be a challenge” because different insurers offer different products, the author of a recent report suggested Thursday. International Risk Management Institute announced Thursday the...

Enisa Report : Commonality of risk assessment language in cyber insurance

15/11/2017 13:40
Commonality of risk assessment language in cyber insurance While several risk assessment languages and frameworks exist in cyber-insurance, the industry has yet to take steps in the direction of harmonisation.    This report aims at further investigating this issue by identifying the...

Intensifying cyber-attacks prompt major expansion of Beazley’s insurance coverage and services

15/11/2017 07:32
New York, Nov. 14, 2017 (GLOBE NEWSWIRE) -- Responding to a fast mutating cyber threat that has significantly raised the risks faced by small and mid-sized businesses, specialist insurer Beazley has redesigned its market-leading Beazley Breach Response (BBR) cyber policy.   Launched in 2009,...

Cyber influence on insurer ratings mostly gradual: Fitch

15/11/2017 07:29
The influence of cyber risk on insurer ratings is likely to be gradual, Fitch Ratings has reported. Cyber insurance represents a relatively small percentage of insurers’ business and insurers are taking a cautious approach to growing coverage, given the uncertainty about cyber claims...

Reported costs of cyberattacks are ‘tip of the iceberg’ – QBE

09/11/2017 07:50
The mass media only reports the tip of the iceberg when it comes to cyberattacks. The real cost of a cyber claim remains drastically underreported, according to Scott Pidduck, senior underwriter at QBE Insurance Group.   If a small to mid-sized company is exposed to a ransomware...
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