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Fifteen cyber products score Marsh Cyber Catalyst designation

spike 3 days ago

Insurance broker and risk adviser Marsh has announced a second group of Cyber Catalyst-designated solutions that leading cyber insurers believe can be effective in fighting cyber risks, including ransomware and data management.

The Cyber Catalyst by Marsh program, now entering its third year, brings together insurers Allianz Global Corporate and Specialty, AXA XL, Beazley, CFC, Munich Re, Sompo International, and Zurich North America to evaluate cybersecurity products and award the Cyber Catalyst designation to those they believe can meaningfully address cyber risk.

In this round, the program encouraged vendors to submit products and services that addressed the top five current

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Shipping insurers ready to raise rates after Red Sea attacks

spike 3 days ago

Insurers may raise rates to cover merchant ships passing through the Red Sea after a series of attacks on vessels around Saudi Arabian waters.

The threat of further attacks on ships carrying oil and commodities is growing following the outgoing Trump administration’s move to designate Yemen’s Iran-aligned Houthi movement as a foreign terrorist group, according to a Reuters report.

“We are seeing increased rates for vessels making port calls in the Red Sea due to concerns over risk of attack by militia groups, whereas previously this was an issue of more concern in the Arabian Gulf,” Gallagher’s Mike Ingham told

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Revealed: Landmark ruling in business interruption insurance case

spike 3 days ago

The Supreme Court noted that the case was brought forward by the FCA to appeal certain issues on which it did not succeed in the High Court cases, along with HAG. Six insurance companies also appealed the decision of the High Court on other issues and also responded to the FCA’s appeal. The insurers were Arch Insurance (UK) Ltd, Argenta Syndicate Management Ltd, Hiscox Insurance Company Ltd, MS Amlin Underwriting Ltd, QBE UK Limited and Royal & Sun Alliance Insurance Plc (RSA). Zurich Insurance Plc was also a respondent to the FCA’s appeal, but did not separately appeal the decision

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SolarWinds trojan hack could cost cyber insurers SG$120 million

spike 3 days ago

A recent worldwide hacking incident – one that even managed to compromise government systems – will likely cost cyber insurers US$90 million (around SG$120 million) for incident response and forensic services, experts project.

Russian state-sponsored hackers are believed to be behind the cyberattack that exploited a vulnerability on the latest update of SolarWinds’ IT management software. As many as 18,000 SolarWinds customers – which include several US-based Fortune 500 companies and some agencies of the US and British governments – downloaded trojan malware hiding within the software update.

Experts say that the attack, while a national security nightmare, was fortunately

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