SCOR has partnered with German digital-risk managing general agent Baobab Insurance through the SCOR Syndicate at Lloyd’s to increase underwriting support for Baobab’s CyberSafe policies in Germany and Austria. Under the arrangement, the French reinsurance company has added capacity to Baobab’s existing binder, widening eligibility to companies generating up to €1bn in annual revenue across the two countries. The move brings SCOR alongside several Lloyd’s syndicates that are already backing Baobab and f ...

Core Viewpoint - Arch Insurance International has launched a new event cancellation cyber coverage to address the increasing risks of cyber incidents affecting events [1][3]. Group 1: Product Overview - The new coverage acts as a cyber extension to event cancellation policies, protecting against various disruptions such as cancellation, abandonment, curtailment, interruption, postponement, or relocation due to unauthorized cyber acts or system failures [2]. - Coverage also includes protection for third-party infrastructure, addressing failures or interruptions in communications and utilities [2]. Group 2: Support Services - The coverage provides access to security incident response consultants, including services for forensic investigation, legal counsel, and public relations support to help event organizers manage cyber incidents effectively [3]. - The product aims to simplify the placement of complex event coverage, making it accessible on the open market and through Arch IQ [4]. Group 3: Market Demand - The development of this coverage is a response to the growing demand for cyber insurance among event organizers, as the risk of malicious cyber activities continues to rise [3].

Core Insights - The report by Akamai Technologies highlights that organizations implementing microsegmentation can significantly reduce ransomware containment times and improve their cyber insurance terms [1][5] - A majority of organizations recognize the importance of microsegmentation, with half of non-adopters planning to implement it within two years, and over two-thirds of current adopters intending to increase their investment [3][6] Adoption of Microsegmentation - While 90% of organizations have some form of segmentation, only 35% have fully implemented microsegmentation, leaving many exposed to cyber threats [3] - Security organizations with over $1 billion in annual revenue reported a 33% reduction in ransomware containment time after implementing microsegmentation [4] Benefits of Microsegmentation - 79% of organizations experienced at least one ransomware attack in the past 24 months, with 63% of microsegmentation adopters implementing it to contain such attacks [6] - 56% of organizations aim to respond more quickly to security incidents through microsegmentation [6] - 74% of organizations are adopting microsegmentation to protect high-risk assets from potential threats [6] - 57% of organizations are using microsegmentation to safeguard against internal threats and to meet regulatory requirements [6] Cyber Insurance Impact - 75% of organizations report that insurers assess segmentation posture during underwriting, indicating its growing importance in cyber insurance [5] - 60% of surveyed organizations have received premium reductions tied to their segmentation maturity [7] - 74% believe that stronger segmentation increases the likelihood of insurance claims being approved [7] Challenges of Adoption - Despite rising awareness, many organizations remain stalled in early adoption stages, relying on legacy segmentation approaches [8] - Common challenges include network complexity (44%), visibility gaps (39%), and operational resistance (32%) [9] - Organizations that successfully implement microsegmentation report fewer compromised systems and lower recovery costs [9]

Group 1 - The Hartford has launched its comprehensive cyber product, CyberChoice First Response, available nationwide for small businesses, excluding Alaska, Louisiana, and Vermont [1] - The product can be quoted and bound quickly through ICON, the company's quoting and binding system, allowing agents and brokers to provide tailored cyber coverage alongside other coverages [1] - The Hartford's Spectrum Business Owners Policy (BOP) is also mentioned in relation to the new cyber product [1]

Core Insights - Lockton Re has appointed Ed Le Flufy as the global head of cyber, based in London, to enhance its cyber capabilities and support clients globally [1][4] - The appointment is part of Lockton Re's strategy to develop a multi-disciplinary global cyber team that integrates innovative risk transfer solutions and advanced cyber analytics [2] - The cyber insurance market is experiencing significant growth, and Lockton Re anticipates this trend to continue, making cyber an increasingly important business segment [3] Company Developments - Ed Le Flufy will lead the cyber team and focus on delivering seamless services to clients worldwide, regardless of their location [2] - Lockton Re has recently made additional leadership appointments, including Peter Rapciewicz as US Casualty leader and Jessica Cullen as head of Excess Casualty and Operations [4][5] - Rapciewicz brings over 20 years of experience and will oversee the expansion of Lockton's casualty business in the US [5]

Core Insights - Data443 Risk Mitigation, Inc. has signed a strategic licensing agreement with Trium Cyber to deploy its TacitRed™ threat intelligence platform across Trium's global portfolio of insured businesses [1][2] - The partnership positions Data443 to leverage the growing cyber insurance market, projected to exceed $50 billion globally by 2030 [2] - Data443's competitive advantage lies in its proprietary threat intelligence infrastructure, which monitors internet traffic across over 13 million companies [3] Company Overview - Data443 provides software and services for secure data management across various platforms, with over 10,000 customers in more than 100 countries [11] - The company has recently acquired TacitRed™, which has identified over 1 billion threat findings, and Cyren Threat Intelligence Services [5][10] - Data443 aims to offer a comprehensive cybersecurity platform that serves both enterprise clients and the insurance industry [4] Industry Context - The cyber insurance market is rapidly expanding, with significant losses reported annually due to preventable cyber events [5] - Trium Cyber, launched in 2023, focuses on providing risk transfer solutions and will utilize Data443's TacitRed™ to enhance its risk management capabilities [4][6] - The integration of Data443's threat intelligence with Trium's services aims to improve client protection and portfolio performance [5]

Market Risk & Insurance Adjustments - Insurers are actively assessing and adjusting terms and conditions to account for existing and potential risks in regions like the Red Sea and the Strait of Hormuz [1][2][3] - The number of Western ships transiting the Red Sea has noticeably decreased, reflecting heightened risk awareness [2] - Marine insurance rates in the region have already increased significantly, with shippers paying 60% more than a month ago [5] - Aviation insurance is also likely to rise, with potential exclusion of certain Middle East and North Africa zones from reinsurance coverage, possibly leading to flight cancellations [5] Coverage & Potential Losses - Insurers offer solutions like war risk or political risk coverage, including contingent business interruption insurance for financial losses due to geopolitical disruptions [3] - Major players like Lloyd's of London syndicates, CHUB, AIG, Alons, AXA, Swiss Re, Munich Re, and Everest Group have exposure to these risks [4] - Cyber insurance policies often exclude state-sponsored attacks, potentially leading to costly litigation if insurers deny claims [6] Supply Chain & Trade Flow Impacts - Disruptions to cargo transportation routes, airspace, and canal access significantly affect global supply chains and trade flows, creating both challenges and potential opportunities for insurance [6][7] - The cost for an oil tanker has surged to approximately $100,000 per day, a significant increase from $24,000 just 12 days prior, with expectations it could rise further to $150,000 [7] Behavioral Changes - Some shippers are proactively changing routes to avoid higher premiums, and similar behavioral changes are anticipated in aviation [8]

Core Insights - CISO Global has announced a strategic partnership with Cyber Assurance Group to launch CyberSimple, a solution aimed at providing cybersecurity and financial protection specifically for small and medium-sized businesses (SMBs) [1][4] - The CyberSimple offering combines advanced cybersecurity measures with accessible cyber insurance, addressing the gap in protection for SMBs that often lack adequate resources [2][4] Company Overview - CISO Global is a leader in AI-powered cybersecurity software and compliance services, headquartered in Scottsdale, Arizona [5] - The company’s CHECKLIGHT® platform offers 24/7 protection against advanced cyber threats, including zero-day attacks, and is designed to be affordable for SMBs [3][5] Market Context - The global cyber insurance market is projected to exceed $50 billion by 2030, with a compound annual growth rate (CAGR) of 25%, driven by increasing cyber threats and regulatory pressures [4] - There is a growing demand for integrated solutions like CyberSimple, which provide both cybersecurity and financial coverage for SMBs [4] Product Details - CyberSimple includes CHECKLIGHT®, which is an AI-powered endpoint detection and response (EDR) platform that offers continuous protection [3] - The solution is tailored to meet the specific needs of SMBs, making it simple and affordable [3]