The global cyber insurance market is predicted to double in size in the next four years according to a new analysis released by analytics company GlobalData.
Sydney-headquartered Emergence Insurance, an underwriting agency specialising in cyber insurance, has established a company in Auckland in New Zealand.
Despite the recent material inflow of capacity into the market, cyber (re)insurance's greatest challenge lies in attracting sufficient levels of capital, says Gallagher Re, global reinsurance broker, in a newly released white paper.
Even as ransomware attacks doubled in frequency in the last quarter of 2022 and into the first quarter of 2023, majority of organisations hit by the attacks recovered data and systems without paying a ransom according to the first edition of cyber risk firm Resilience annual report.
The rate of ransomware attacks in South Africa has increased, with 78% of organisations polled in a survey stating that they were hit by ransomware in the past year, according to a report released by the UK IT security company Sophos.
Global specialty (re)insurer Canopius has announced it is the first carrier on the Lloyd's Asia platform to underwrite its digital asset custody product from Singapore, and provide coverage regionally.
Combatting the increased exploitation of software vulnerabilities with a layered 'defence in depth' cyber security strategy is essential to protect organisations according to a new report by specialty insurer Beazley.
Despite the steep increase in pricing, stricter terms and conditions, intensive underwriting scrutiny and other challenges in the cyber insurance market over the past two years - the number of clients buying cyber insurance continued to surge in 2022 according to Marsh US Cyber Purchasing Trends released in May 2023.
A new survey has revealed that in over three fourth of ransomware attacks against surveyed organisations, adversaries succeeded in encrypting data and when organisations paid a ransom to get their data decrypted, they ended up additionally doubling their recovery costs.
Most organisations deploy at least five basic account monitoring and protection controls according to a new cyber resilience report.