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Marriott hotels hack designated as PCS Global Cyber loss event

Last weeks announcement of a major cyber hack attack and resulting data breach of one of the Marriott hotel chain's reservation systems is expected to lead to a significant cyber insurance and possibly reinsurance market loss, leading Property Claim Services (PCS) to designate the event.Our sister publication Reinsurance News was read the full article →

Silent cyber has potential to cause ILS fund losses, scenario shows

A cyber attack scenario where hackers targeted a U.S. hydroelectric dam causing significant property damage through flooding, could clearly result in losses flowing through to the insurance-linked securities (ILS) market thanks to so-called silent cyber exposure.Insurance and reinsurance broking specialist Aon worked with Guidewire Software's Cyence Risk Analytics team to read the full article →

Cyber is the new property: Niklaus Hilti, Credit Suisse ILS

Cyber risk offers the ILS markets a massive opportunity, albeit one with plenty of challenges attached, thinks Niklaus Hilti, Head of Credit Suisse’s insurance-linked securities (ILS) division.Speaking at the Rendez-Vous de Septembre he said cyber risk is now as important as property risk in a world that is increasingly reliant read the full article →