Major shortcomings exist in cyber security readiness for nearly three-quarters (73%) of more than 4,100 organizations in five countries, despite keen awareness of the threat, according to a study commissioned by specialist insurer Hiscox. Indeed, almost half, or 45 percent, …
Business interruption (BI) and cyber incidents interlink as the major threat facing companies, according to a report published by Allianz Global Corporate & Specialty (AGCS). Allianz revealed that BI — including supply chain disruption — ranks as the most important …
Bitcoin’s popularity and the emergence of about 1,500 other digital coins or tokens have drawn more hackers into the red-hot cryptocurrency space, expanding opportunities for crime and fraud, cyber security firm Digital Shadows warned in a report on Thursday. “Cyber …
Major global insurers are starting to offer protection against cryptocurrency theft, willing to tackle daunting challenges it brings rather than miss out on this volatile and loosely regulated, but rapidly growing business. So far only a few insurers sell such …
A more coherent, consistent recording of cyber incidents would help the insurance industry better understand the frequency and cost of cyber claims, according to a report published by the International Underwriting Association (IUA) in London. To help raise awareness of …
Willis Re, the reinsurance business of Willis Towers Watson, the global advisory and broking company, has upgraded its cyber risk portfolio modeling tool PRISM-ReTM to include “silent cyber.” Willis Re defines “silent cyber” as potential cyber-related losses resulting from insurance …
Travelers Europe announced it has enhanced its offering for technology businesses in the United Kingdom and Ireland with a packaged product to provide improved protection against the unique cyber risks facing IT, communications and electronics manufacturing and assembly companies. The …
UK banks still aren’t telling regulators about all the cyber attacks on the financial services industry despite a ten-fold increase in reports to the Financial Conduct Authority over the last four years. “Our suspicion is that there’s currently a material …
Britain’s cyber security agency has told government departments not to use antivirus software from Moscow-based firm Kaspersky Lab amid concerns about Russian snooping. Ciaran Martin, head of the National Cyber Security Centre, said: “Russia is acting against the U.K.’s national …
Global banks need to do more to protect themselves from cyber attacks after a “significant evolution” in the threat level in the last 18 months, according to the SWIFT global payments network. Hackers are deploying increasingly sophisticated ways of breaching …
