Coalition, Inc.’s Post

Detailed & important analysis of the recent Crowdstrike outage from Coalition, Inc. on the potential impact to the cyber insurance industry: “Our own modeling, leveraging our Active Cyber Risk Model, suggests a $0.96 billion industry-wide loss experienced by US cyber insurance policyholders at the upper bound prior to consideration of coverage limitations. Of course, any model of this event will also be highly sensitive to the least credible assumption (most likely, the share of impacted systems), which if reduced, would decrease our estimate to $0.27 billion (or lower).”

Guy Carpenter's recent report reveals that the CrowdStrike IT outage, caused by a flawed update, might result in insured losses ranging from $300 million to $1 billion. The incident highlights the growing importance of robust cyber insurance in managing digital risks. Read the full article here: https://lnkd.in/eqt3ugid Contact us today to learn more about Synergy2: https://lnkd.in/eJd_4V_W #CrowdStrike #GuyCarpenter #InsuranceNews #Reinsurance #ITOutage #Synergy2 #Eurobase

Have you ever wondered how prepared your business is to face a cyber threat? If you use the most basic of online tools such as email or internet banking, you could potentially be at risk. NFU Mutual’s latest article explores just some reasons why it is important to consider cyber insurance ⬇️ https://orlo.uk/YWLq1

The financial consequences of facing a cyberattack are enough to keep any organization up at night: 💰 Cyberattacks are predicted to cost $9.5 trillion USD globally this year  💰 Cyber insurance premiums in the US rose by 50% in 2022 💰 The average cost of responding to a ransomware attack was $1.82M in 2023 But what about the impacts a #cyberattack can have on your #brand? Check out our latest blog post for more on understanding brand abuse and how a #DigitalRiskAssessment can safeguard your organization against bad actors. https://bit.ly/3xlIsrw

Surging competition is one of the main factors driving price falls across the board, but the extent of the rate decline depends on many things, author Jairo Ibarra Martinez writes in Insurance Insider US. While many are experiencing a decrease in spend, cyber expert David Anderson, CIPP/US cautions that smaller, less sophisticated insurance buyers are actually not seeing the same type of decreases as larger enterprises. https://lnkd.in/eKiVptth #wsinthenews #cyberinsurance #ratedecreases

Link below. The recent Forbes article shedding light on how two former spies cracked into the cyber insurance market underscores the dynamic intersection of cybersecurity, technology, and risk management.   In an era where cyber threats loom large, the need for robust insurance coverage has become increasingly evident. As highlighted in the article, traditional insurance models often fall short in addressing the evolving nature of cyber risks. However, the innovative approach of utilizing intelligence-driven insights and cutting-edge technology to assess and mitigate cyber threats brings a refreshing perspective to the table.   One key takeaway from this article is the critical role of technology in reshaping the cyber insurance landscape. By leveraging advanced advisory, data & analytics, artificial intelligence, and machine learning algorithms, insurers can gain a deeper understanding of cyber risks and tailor policies to meet the specific needs of businesses across various industries.   Moreover, the article emphasizes the importance of collaboration between insurers, cybersecurity consultants, and technology providers to develop comprehensive solutions that effectively address the complex challenges posed by cyber threats. I mean… have you met #aon? We do it all.   As we navigate an increasingly digital world, the demand for cyber insurance will continue to surge. However, it's not just about offering coverage; it's about delivering value-added services that empower businesses to proactively manage and mitigate cyber risks. By embracing innovation and leveraging technology-driven insights, insurers can play a pivotal role in safeguarding businesses against the ever-evolving cyber threat landscape.   Let's harness the power of technology to strengthen cyber resilience and ensure a safer digital future for all.   #cyberInsurance #technology #cybersecurity #riskmanagement #aon 🚀🚀

Be proactive, stay protected! Safeguard your tech endeavors with Errors and Omissions Insurance – your armor against liabilities stemming from software mishaps, data breaches, and cyber incidents. Learn more: pciaonline.com/tech-firms #PCIA #Insurance #professionalliability #certified #Technology #dataprotection

As we know, the rapidly changing landscape of IT is ever-evolving and will always present a myriad of challenges and opportunities. One significant change that is poised to shape the future is the transformation of cyber insurance. In a Technology First blog post, Seth Marsh of TMG shares the changing dynamics of cyber insurance in 2024 and how the effects of these changes will impact organizations of all sizes. Read his analysis here: https://lnkd.in/gG-6BFMi #WednesdayWisdom #UniteDaytonTech #connectstrengthenchampion

Thank you, Technology First , Always happy to share information that we run into... this topic, Cyber Insurance, is foremost in the mind of all organizations... terms, conditions, coverage...all these changes... Just like the changing landscape of technology, the insurance industry is struggling to keep up with the evolving landscape... to the point where for some it will be out of reach...just a sneak peek at what is below!