cyber insurance

Property Claim Services (PCS) has published its first estimate of the insurance industry loss due to the recent Equifax cyber hacking breach putting it at $125 million, Artemis can reveal. PCS has also designated its second Global Cyber loss event, the malware attack that hit pharmaceutical giant Merck & Co.

Having only launched PCS Global Cyber, a loss aggregation service offering industry loss estimates for individual affirmative international cyber events, just over a week ago, Property Claim Services (PCS) has already designated the first event, the recent Equifax hacking breach.

Property Claim Services (PCS) has announced the launch of PCS Global Cyber, a new loss aggregation service that offers industry loss estimates for individual affirmative international cyber events and can provide an index trigger for cyber risk transfer contracts, such as ILW’s or catastrophe bonds.

Cyber risk is the talk of the town, in insurance, reinsurance and often insurance-linked securities (ILS) circles, as it represents an emerging line of business that could bring significant volumes of new risk to market, according to Tom Johansmeyer, Assistant Vice President, PCS Strategy & Development at ISO.

The WannaCry cyber attack, also called WCry or Wanna Decryptor, that hit targets in at least 150 countries across the globe in the last week is an example of the kind of wide-ranging cyber risk exposure that the capital markets and risk transfer instruments in the insurance-linked securities (ILS) space could be a natural fit […]

Data loss from cyber breaches to corporations currently lead the insurance and reinsurance industry’s exposure to cyber risks, according to risk modeller RMS, but in the future there is the potential for cyber catastrophes of a systemic scale, the company’s research shows.

With penetration of cyber risk re/insurance increasing and seen as a huge opportunity for the market, questions turn to how best to back-stop the growth of this emerging line of business, with the help of government support or through private initiatives, including using the capital markets?

The development of innovative insurance-linked securities (ILS) vehicles could enable the capital markets to assume some of the world’s growing cyber exposure, according to the first Sigma report from the Swiss Re Institute.

The insurance-linked securities (ILS) market has a role to play in cyber risks, according to the former Secretary of the U.S. Department of Homeland Security and now Chairman of Ridge Global, Tom Ridge.

It’s time to stop waiting for a cyber catastrophe bond to magically appear in the ILS market and work to make this happen, according to Tom Johansmeyer, Assistant Vice President, PCS Strategy & Development at ISO and Rick Welsh, Chief Executive Officer (CEO) of Sciemus.