To help manage its cyber risk portfolio worldwide, AXA XL has named Elizabeth Benet to the newly-created role of global chief underwriting officer for Cyber. Benet will help the insurer monitor its cyber risk portfolio and exposure from an aggregated …
Travelex’s UK international money transfer service and wire offering is fully operational again, it said on Tuesday, almost a month after a crippling ransomware attack forced staff to use pen and paper to calculate foreign currency exchanges. The cyber attack …
U.S. insurers are ramping up cyber-insurance rates by as much as 25% and trying to curb exposure to vulnerable customers after a surge of costly claims, industry sources said. The changes follow a challenging year of hackers using malicious programs, …
U.S. virtual currency firm Gemini Trust Company announced on Thursday that it has launched its own insurance unit to boost coverage against theft of crypto assets. Gemini’s new in-house insurer, Bermuda-based Nakamoto Ltd, provides a total of $200 million in …
An A.M. Best report released in June gave a comprehensive look at the state of the cyber insurance market for 2018, the most recent year data was available, stating that it has seen continued growth and underwriting performance in this …
The ransomware attack against U.K. foreign exchange firm Travelex is just a taste of what’s to come with cyber crime, according to experts at CyberCube, the cyber risk analytics firm. Travelex announced this week that cyber hackers were holding its …
Specialist insurer Beazley and reinsurer RenaissanceRe have jointly launched a product that provides Beazley with additional catastrophe cover for cyber events. The majority of the security behind the deal will be provided by capital market sources structured by RenaissanceRe. This …
Staff at foreign exchange firm Travelex are using pen and paper to serve thousands of customers after the company said cyber hackers were holding its systems to ransom, leading to a global blackout on its online currency exchange services. The …
Climate change and cyber warfare risks are two key London market issues highlighted by the International Underwriting Association (IUA) in its business plan for 2020. The association said it is establishing a new market group to examine the growing impact …
New Jersey’s largest hospital system said Friday that a ransomware attack last week disrupted its computer network and that it paid a ransom to stop it. Hackensack Meridian Health did not say in its statement how much it paid to …
