Cyber
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The carrier has restructured its cyber business with stringent underwriting conditions.
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The CEO called for the US Treasury to require insureds to seek permission before paying ransoms, underscoring the importance of “unmasking” malicious actors.
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Coalition said that claims frequency among insureds with more than $100mn in revenue jumped more than 40% since the first half of last year.
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“The way it's underwritten, the way it's priced, the way it's purchased by clients and the way clients want to purchase it,” are all rapidly evolving, the executive said of the cyber insurance market.
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The latest funding round was co-led by Icon Ventures and Lightspeed Venture Partners.
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Alliant cyber experts examine how regulators and the industry are responding to the uptick in cybercrime
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Cyber MGA Resilience Insurance has recruited a pair of underwriters, the latest step in the company’s rapid buildout after launching with backing from Intact late last year.
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The broker said that the fast-evolving threat landscape and increased digitization makes companies increasingly vulnerable to cyberattacks.
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The excess capacity is backed by Arch Insurance Canada.
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Russia-based Revil group is reported to be behind the ransomware attack on the US IT service provider.
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Broking giant Marsh McLennan suffered a data breach in April that lasted more than a week and involved the exposure of the personal information of current and former staff, among others, this publication understands.
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The company also appointed Jason Rebholz as chief information security officer.
