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Incredible graph tracking the price of cyber insurance
from the Economic Report of the President.
It could just as easily track the cybersecurity level required of policyholders.
Are hard insurance markets better for society? 🤔
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Imo the market needs to mature.
Some cyber insurers used harder market of 2021 to start tightening security conditions on policyholders.
This is a *good thing*, why would govt policy seek to unwind this.
Not to mention that investors are willing to take these risks, and the govt should see how far that can go before jumping in.
E.g. Tom Johansmeyer writes about appetite for ILS investors for cybe
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🔥 Top post: Why a cyber insurance backstop is premature tl;dr There's no evi · 4 likes + reposts
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#weis2024 is on an accelerated timeline this year.
The Submission deadline is 30 November 2023.
Details: https://weis.utdallas.edu/call-for-contributions/
It is somehow worse when a strong paper that you reviewed is rejected than when a paper you wrote is rejected. I wrote a gushing review and it was lost to another reviewer with fair but imo pretty minor quibbles. RIP
Microsoft announce an IR panel "designed to work with cyber insurance vendors".
The idea that BigTech firms would design their offering to interface with insurance would've been ridiculous just 5* years ago.
*the exact number is debatable
…
Incredible graph tracking the price of cyber insurance
from the Economic Report of the President.
It could just as easily track the cybersecurity level required of policyholders.
Are hard insurance markets better for society? 🤔
Beazley launched a $45m cyber cat bond [1].
HannoverRe just tapped ILS investors for $100m of capital [2].
Coalition secured $300m of capital from private equity to launch an independent reinsurer [3].
It's premature for governments to rus…
Imo the market needs to mature.
Some cyber insurers used harder market of 2021 to start tightening security conditions on policyholders.
This is a *good thing*, why would govt policy seek to unwind this.
Not to mention that investors are …
UK Treasury considering a similar policy option, in addition to discussions in the US
https://www.ft.com/content/84221be3-2beb-4710-9970-5bccac2a98ed
Exclusions halting economic activity at scale has been the typical justification for govt insurance backstops. That is just not happening with cyber insurance, especially while firms continue to do more and more economic activity online
(Touch wood) I have an article coming out soon about how weird a cyber backstop would be compared to historical examples of govt backstops related to political conflict.
Post 9/11, construction projects in urban centres were halted by ter…
Reinsurance renewals increasing by 200% due to Ukraine war + extreme weather. New exclusions/restrictions related to Russia/Ukraine/Belarus.
This is what uninsurable looks like and the kind of thing that motivates govt backstops, not FUD r…
FBI advisory on business email compromise being used to fraudulently order food shipments.
Reports on attempted frauds and a successful theft of $160k of powdered milk.
I'm curious how cyber insurance would respond to this kind of loss.
ht…
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