AXIS (AXIS Capital)’s Post

New Allianz cyber risk report notes cyber claim increases driven by ransomware attacks and ‘non-attack’ privacy-related class action litigation, resulting from incidents such as wrongful collection and processing of personal data – which has tripled in value in the past 2 years. #cyberinsurance

Ian Summerfield, Head of Cyber, speaks about how brokers and providers must work together to move the dial of SME cyber insurance in the recent Insurance Age blog. "Hard to believe it’s 10 years since the UK government launched ‘Cyber Essentials’ in its bid to help organisations protect themselves against the rising scourge of cyber attacks. In the decade since, insurance-led efforts have massively ramped up, with specialist providers investing heavily in customer-focused risk identification, mitigation and management solutions, as well as risk transfer." Read more on what Ian had to say here: https://lnkd.in/eV5ZPZEy #CyberInsurance #CyberResillience #PenUnderwriting

Don't miss out on TOMORROW's 'Cyber Insurance, Claims and Third Party Risk' webinar with Wotton & Kearney and Triskele Labs! Join us tomorrow and see what all the fuss is about. Register HERE: https://hubs.la/Q02Fx7lb0 Key Takeaways: ➡️ An overview of the current cyber threat landscape for SMEs ➡️ An update on DUAL’s newly enhanced Cyber product ➡️ An update on DUAL’s cyber claims experience ➡️ Claims case studies - with a focus on outsourced technologies ➡️ Key privacy and claims process consideration ➡️ An overview of the forensic process from Triskele Labs

Make sure to catch S&P Global Ratings' webinar on Monday discussing "Cyber Insurance Trends and Cyber Risk Pools." They will provide an overview of the changing dynamics they've seen in the cyber insurance market and how entities such as U.S. Local Governments are using risk pools as one way to address these changes. Tune in for an insightful webinar packed with valuable information! https://lnkd.in/eggWQBeU #CyberInsurance #Risk #InsuranceTrends

Curious about the biggest challenges in assessing cyber risk? A whopping 35% of insurers identify the lack of accurate, real-time cyber exposure insight as a top hurdle. 🛡 Want to know more about the constantly shifting cyber market? Our Cyber Insurance Survey, created with Intelligent Insurer, brings together invaluable insights from US insurers and brokers. Stay ahead of the game in this ever-changing digital world. Equip yourself and your clients with the knowledge to navigate the cyber insurance landscape confidently – download the survey at the link in the comments ⬇ #cyberinsurance #survey #cyberrisk #cyberinsurancemarket #cyberunderwriters

In a world where businesses of all sizes are vulnerable to cyber attacks and data breaches, cyber insurance offers financial protection and peace of mind, covering costs associated with incident response, recovery, legal fees, and even potential regulatory fines. As cyber threats continue to escalate in complexity and frequency, investing in cyber insurance is not just a prudent business decision but a strategic imperative for long-term sustainability and growth. Read more about the value of cyber insurance: https://buff.ly/3Jzh9gf #CyberInsurance #RiskManagement #BusinessResilience

Our latest whitepaper emphasises the important role of the public sector in strengthening societal resilience in the event a major cyber event occurs. The whitepaper, a collaboration between Marsh McLennan and Zurich Insurance Group, suggests ways to address the cyber protection gap, including strategies to enhance the private cyber insurance market’s functionality and risk bearing capacity, identifying areas of limited insurability and non-insurability, and outlining potential principles for public-private partnerships: https://lnkd.in/drS3duaH #cybersecurity #insurance

Cyber attacks remain a very real risk to society. A future systemic event could hamstring public and private sector organisations, impacting our economy and communities. Business and government need to collectively come together to close the cyber risk protection gap and foster a society that can resist, withstand and recover quickly from cyber incidents

RELEASE: Marsh McLennan and Zurich Insurance Group have released a new whitepaper that emphasizes the important role of the public sector in strengthening societal resilience in the event a major cyber event occurs. The whitepaper suggests ways to address the cyber protection gap, including strategies to enhance the private cyber insurance market’s functionality and risk bearing capacity, identifying areas of limited insurability and non-insurability, and outlining potential principles for public-private partnerships: https://lnkd.in/drS3duaH #cybersecurity #insurance

The insurance industry will continue to face significant cybersecurity risks as it increasingly relies on digital systems and data. Cyber threats such as data breaches, ransomware attacks, and phishing schemes pose serious risks to sensitive customer information and financial assets. Insurance companies must invest in advanced cybersecurity technologies, implement stringent security protocols, and foster a culture of cybersecurity awareness among employees. #Insurance #Cybersecurity #Data #CyberThreats #Compliance