The Council of Insurance Agents & Brokers released its sixth biannual Cyber Market Watch Survey this week. Results were consistent with responses from the first and second halves of 2017: cyber insurance take-up rate remained low at 32 percent, and 89 percent of respondents saw premium pricing stay flat or decrease over the past six months. Respondents also agreed that market capacity was plentiful, and some even noted an increase in capacity due to an influx of insurers moving into the cyber market space.
The latest in cyber security and risk news.
There are a fair number of emerging tech-focused MGA’s supplementing traditional underwriting practices with real-time analytics and using tech-focused approaches for risk management.
Publicly traded U.S. broker firms are focusing more of their attention to cybersecurity & cyber insurance, as mentions of “cyber” in earnings calls increased in 2017.
The Council had the opportunity to attend the annual DC Blockchain Summit, hosted by the Chamber of Digital Commerce. While it is clear blockchain remains in its infancy, especially for commercial uses, the technology has the potential to increase transparency, cut costs and streamline inefficiencies along the insurance value chain.
Intel’s Massive Microprocessor Vulnerabilities: Meltdown & Spectre Computer security experts discovered last week what’s to be the largest cybersecurity vulnerability disclosure to date, potentially affecting nearly every computer across the
The European Union’s (EU) General Data Protection Regulation (GDPR) comes into play on May 25, 2018, and does not solely affect companies operating in the EU. Learn more.
Recent cyber regulations including the NYDFS Cybersecurity Rule, the EU’s General Data Protection Regulation, and the recently adopted NAIC Cybersecurity Model Law, have initiated the conversation regarding cybersecurity legislation.
The National Association of Insurance Commissioners (NAIC) adopted its Insurance Data Security Model Law, plus select studies on Cyber Risk.
InsureTech Connect Conference recap, NAIC cyber news, a House bill on data breach standards and more.
Despite consistent growth in the cyber insurance industry over the last two years, the industry faces a key underwriting obstacle that could potentially limit growth in the market: data.