Latest news with #cyberinsurance
Yahoo
4 days ago
- Business
- Yahoo
Mosaic Insurance unveils new coverage for digital asset sector
Mosaic Insurance has introduced a new product suite targeting the digital asset market, combining cyber and financial institutions (FI) crime coverage to address the needs of this industry. The offering provides tailored protection for businesses navigating complex risks in a sector that has often faced limited insurance options, said Mosaic. Mosaic has partnered with Native, a specialist broker in digital assets, to support the launch. Through the Native Risk Collective, businesses that adopt approved vendors and services to enhance their risk profile can access improved coverage terms and more competitive premiums. The modular suite delivers stand-alone or integrated coverage for cyber, technology errors and omissions (E&O), and crime risks. It offers up to £/$/€10m in capacity for cyber and tech exposures and up to £/$/€5m for crime exposures, the insurer said. Mosaic cyber global head Brian Bonkoski said: 'Mosaic is bringing the first comprehensive Lloyd's A+-rated cyber, tech E&O and crime capacity to the digital asset space – it is a true differentiator, delivering a level of trust and financial strength that has been lacking in this space. 'With global regulatory licences and underwriting hubs in London, the US, Bermuda, Canada, Europe, Dubai, and Singapore, we offer seamless coverage to clients, regardless of domicile or the jurisdictions they serve.' Underwritten through Mosaic's global agency network on behalf of its Lloyd's Syndicate 1609, the product is said to be supported by its A+-rated global carrier partners. Designed to serve a wide range of digital asset businesses, the solution caters to entities such as blockchain analytics companies, custodians, exchanges, exchange-traded funds structures, miners, real-world asset platforms, trading platforms and wallet providers. These companies have historically encountered challenges in securing comprehensive coverage due to perceived market volatility or regulatory uncertainties, stated Mosaic. The product mirrors the line sizes and policy structures available to Mosaic's non-digital asset clients, providing seamless cyber, tech and crime coverage through a single underwriting platform to eliminate common coverage gaps. Mosaic cyber underwriter vice-president Kieran Quigley said: 'Digital asset clients have long needed insurance that understands their risks, offers meaningful capacity and brings a long-term view. 'We have listened to clients and brokers and built solutions that reflect the ambition and growing sophistication of this space. We are proud to support innovators driving the next wave of global economic change.' Cyber and financial institutions liability represent two of Mosaic's seven specialty business lines, alongside environmental liability, transactional liability, political risk, political violence and professional liability. "Mosaic Insurance unveils new coverage for digital asset sector" was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Finextra
4 days ago
- Business
- Finextra
DynaRisk raises $4.7m to shape the future of cyber insurance
London-based cyber risk management firm DynaRisk has today announced a $4.7million funding round led by YFM Equity Partners (YFM) to accelerate product innovation and fuel international expansion. 0 DynaRisk was founded in 2016 by ex-banking cybersecurity specialist - and self-taught hacker - Andrew Martin, who recognised that the insurance industry needed more tools and data to help them tap the fast growing cyber insurance and cyber assistance market. The market lacked simplified and accessible cybersecurity solutions backed by advanced threat intelligence for individuals, families and SMEs. As demand for cyber insurance and digital risk mitigation intensifies, this round of funding will help DynaRisk expand its operations across EMEA, North America and Asia-Pacific, scaling its commercial and technical operations. Commenting on the investment, Andrew Martin, CEO of DynaRisk, said: 'Brokers, MGAs and (re)insurers are rushing to tap the fast growing cyber insurance market as cyber risk is now one of the most pressing challenges for consumers and SMEs globally. While working with global banks, I saw how larger corporations were using expensive and complex enterprise-level software and services and wanted to put these in the hands of more people. 'DynaRisk bridges that gap for the insurance sector, helping them protect their policyholders with industry-leading threat intelligence backed risk management and underwriting software, along with cyber incident response services. YFM quickly understood our vision and their support will be critical as we scale globally and continue to evolve our platform to meet growing demand.' Meanwhile, the business has appointed to its board serial entrepreneur Phil Zeidler, who has a proven track record in setting up and running successful InsurTech businesses. Today, DynaRisk works with (re)insurers, brokers and MGAs to help them empower individuals and businesses with the tools they need to protect themselves online, with a suite of threat intelligence driven SaaS products, portfolio-level monitoring and helpline services. It does this by embedding its cyber risk solutions into insurance offerings, with its software providing vulnerability scanning, dark web monitoring, cybersecurity scores, training and education, and tailored remediation guidance. DynaRisk's solutions allow brokers, underwriters and claims teams to grow premiums, enrich underwriting, boost policyholder engagement, and help reduce claims and loss ratios by helping to prevent cyber-attacks. Matt Gordon-Smith, Investment Director at YFM Equity Partners, added: 'DynaRisk has built impressive platforms and a client base in one of the fastest-growing segments of the insurance market. With cyber threats escalating and insurers and brokers under pressure to add more value to their policyholders, DynaRisk's embedded intelligence platforms and services are ideally positioned. We are delighted to back Andrew and his team as they grow their international footprint and continue to lead innovation in cyber risk management.' DynaRisk currently supports more than 25 insurance customers worldwide, covering approximately 2.4 million consumers and 800,000 SMEs. Recent client wins include Beazley's Turnkey Reinsurance team, Arthur J. Gallagher, REEOIC and SCOR, who join existing insurance firms including Chubb, SPB UK & Ireland, Aspire Insurance Advisers, Ridge Canada and BOXX Insurance Inc., reflecting the rising demand for scalable cyber risk solutions as embedded insurance grows globally. The YFM deal team comprised Matt Gordon-Smith, Alex Neale and David Wrench. YFM Advisers on the deal included Broadfield Law (Legal), HMT (Financial), RPL (Commercial) Leckie Kershaw (Technology), Fortius (GTM) and Catalysis (Organisational). PwC acted as lead financial advisor to Dynarisk.
Yahoo
21-07-2025
- Business
- Yahoo
Cyber insurer CFC weighs potential UK listing with £5bn valuation
Cyber insurance company CFC is in the process of evaluating options including a potential UK listing at a valuation of more than £5bn ($6.74bn), reported the Financial Times. Owned by private equity firms EQT and Vitruvian Partners, CFC is in discussions with investment bankers over potential avenues such as a sale or an initial public offering (IPO). However, sources close to the matter have indicated that no definitive decisions have been made at this point. CFC, a London-based company specialising in cyber insurance, is also contemplating listing on alternative exchanges, including those in the US. These considerations are still in the preliminary stages, and any potential deal is not expected to materialise before the latter half of next year, the report said. The company, which was valued at just over £2.5bn following EQT and Vitruvian's investment in 2021, operates as a managing general agent (MGA). Originally established as CFC has diversified its offerings to include insurance products that protect companies against a wide array of risks such as medical malpractice and product recall. The group has recently completed a significant debt refinancing of $1.7bn and has developed an insurance service for small businesses involved in mergers and acquisitions. With an expansion into more than 20 specialist insurance classes, CFC now operates nine offices worldwide and employs more than 950 individuals. The company's customer base has grown to approximately 150,000, as stated on its website. Last month, CFC appointed Nick Line as its new chief underwriting officer (CUO). Line will join CFC in 2026 following a 28-year tenure at Markel, where he has served as CUO since 2018. Line began working in the insurance industry in 1997, serving in roles such as chief actuary and CUO. "Cyber insurer CFC weighs potential UK listing with £5bn valuation " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
15-07-2025
- Business
- Yahoo
CyberCube and Munich Re: Joint experts publish report to advance the insurance industry's understanding of systemic cyber risks
Cybersecurity experts deem widespread malware incidents and severe impact from cloud outage events to be tangible scenarios, judging the effectiveness of mitigation measures. LONDON, July 15, 2025--(BUSINESS WIRE)--CyberCube and Munich Re, both leading providers in their field of cyber risk, analytics and insurance, have published the main findings of a joint study on severe cyber accumulation events and the relative resiliency of organizations to systemic events due to effective mitigation measures. The survey gathered insights from 93 seasoned cybersecurity professionals. The results provide a nuanced view of how systemic cyber events might unfold and of the factors that drive wide variation in risk exposure across firms: Widespread Malware Risk According to the majority of responding experts, a severe malware event could infect a quarter of all systems worldwide, but they agreed in that case only 15% may be fully compromised. Experts do not see an event where more than 50% of the world's systems are completely compromised. Based on the experts' judgement, another event on the scale of WannaCry and NotPetya would not be seen as surprising. Patch management, network segmentation, and data backups are identified as the most effective mitigations that organizations have against widespread malware attacks. When done effectively, such mitigations can reduce the chance of being affected by a widespread malware attack by 50% to 80% and reduce the financial impacts from such an event by a similar amount. Cloud Risk Cybersecurity experts expect broad cloud outages to last hours to days; outages beyond 72 hours are considered unlikely but not impossible. Findings show at least a medium level of dependency on cloud services across most industries with companies' business-critical operations increasingly reliant on them. Reliance tends to decrease with increasing company size. Financial losses scale with cloud outage duration: Respondents reported that a single-day outage of their most critical Cloud Service Provider (CSP) would likely result in a financial loss equal to 1% of their yearly revenue. Variation in losses reflect differences in dependency on the cloud, based on an organization's size, sector, and contingency planning. The most effective mitigation against cloud outages is to establish a multi-region architecture with the CSPs used for critical business applications. Having multiple CSPs was not found to be effective; the option to transfer service from one CSP to another during an outage was seen as unfeasible. Cyber Experts surveyed rate Azure, AWS and Google as the best prepared to mitigate against a major cloud outage and to recover from such an event. Emerging and Systemic Risks Experts believe that new technologies will begin to affect the threat landscape at about the same pace that they are being adopted in cybersecurity practices. According to cybersecurity experts, in the near term Industrial and Consumer Internet of Things (IoT) devices pose the biggest concern. Large Language Models (LLMs) are regarded as having an impact now while Artificial General Intelligence (AGI) is seen as a greater concern in five or more years. A fundamental challenge in cyber risk modeling is the deficiency of concrete tail-risk events, such as systemic malware or multi-region cloud outages. The joint survey represents the best attempt to parameterize plausible worst-case scenarios and establish expert consensus. Its objective was to advance market understanding, particularly concerning risk mitigation strategies for systemic cyber events. The results add credibility to CyberCube's model forecasts and further improve Munich Re's internal model and accumulation risk understanding. Jon Laux, Vice President of Analytics at CyberCube, said: "By sharing the findings of our study on systemic cyber risks, we aim to provide a more nuanced view of how systemic cyber events might unfold and the factors that drive wide variation in risk exposure across firms." Stephan Brunner, Senior Cyber Actuary at Munich Re, said: "Our ambition is to improve the understanding of possible extreme malware and cloud events alongside the effectiveness of mitigation measures by sharing the insights of our study. In collaboration, Munich Re aims to further strengthen expertise on systemic cyber risks and advance cyber accumulation modeling." The research has contributed to a more refined understanding of the relative resiliency of organizations to systemic events and the key variables that influence an organization's ability to withstand such incidents. These findings represent an important input into CyberCube's and Munich Re's evolving view of cyber risk and help inform ongoing enhancements to their modeling approach. CyberCube has incorporated these insights into Version 6 of its risk aggregation platform, Portfolio Manager. Modeling cyber accumulation is a joint effort across the entire insurance industry. For this reason, the key findings of the survey are being published to foster dialogue in the market. This study is the third of its kind, CyberCube and Munich Re plan to conduct another study in 2026. Interested cybersecurity experts are invited to participate. Read the report summarising the full study here – Key insights into systemic cyber risk CyberCube is the leading provider of software-as-a-service cyber risk analytics to quantify cyber risk in financial terms. Driven by data and informed by insight, we have harnessed the power of artificial intelligence to supplement our multi-disciplinary team. Our clients rely on our solutions to make informed decisions about managing and transferring cyber risks. We unpack complex cyber threats into clear, actionable strategies, translating cyber risk into financial impact on businesses, markets, and society as a whole. The CyberCube platform was established in 2015 within Symantec and now operates as a standalone company. Our models are built on an unparalleled ecosystem of data and validated by extensive model calibration, internally and externally. CyberCube is the leader in cyber risk quantification for the insurance industry, serving over 100 insurance institutions globally. The company's investors include Forgepoint Capital, HSCM Bermuda and Morgan Stanley Tactical Value. For more information, please visit or email info@ Munich Re is one of the world's leading providers of reinsurance, primary insurance and insurance-related risk solutions. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. Munich Re leverages its strengths to promote its clients' business interests and technological progress. Moreover, Munich Re develops covers for new risks such as rocket launches, renewable energies, cyber risks and artificial intelligence. In the 2024 financial year, Munich Re generated insurance revenue of €60.8bn and a net result of €5.7bn. The Munich Re Group employed about 44,000 people worldwide as at 31 December 2024. For more information, please visit View source version on Contacts For media inquiries, please contact: CyberCube: Yvette Essen, Head of Communications & Market Engagement,yvettee@ +44 (0)7956 877 206 Munich Re: Irmgard Joas, Group Media Relations, ijoas@ +49(0)89 3891 6188 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-07-2025
- Business
- Yahoo
Zurich to buy cyber insurtech company BOXX Insurance
Zurich Insurance Group has agreed to acquire BOXX Insurance, a cyber insurtech company, for an undisclosed sum. Set up in 2018, BOXX Insurance has customer base of nearly one million globally. It offers products such as Cyberboxx Business Edition and Cyberboxx Home Edition, which provide combined cyber insurance and cybersecurity services for businesses and households, respectively. Additionally, BOXX has developed Cyberboxx Assist, a suite of cybersecurity tools and services. The company's recent growth initiatives include an expansion into the US market and the development of cyber solutions for markets in India, Europe, and Australia. BOXX Insurance CEO and co-founder Vishal Kundi said: "Becoming part of Zurich provides us with the resources and global reach to accelerate our mission. Combining the strengths of both organisations, will enable us to provide even more customers with the protection they need to navigate the digital world with confidence." Upon the acquisition, BOXX will remain as a standalone entity. Zurich Global Ventures CEO Cara Morton stated: "We have had a very successful collaboration with BOXX since 2021, and I am thrilled to strengthen our partnership by welcoming BOXX to Zurich Global Ventures. 'BOXX's digital-first, service-led approach will help us further enhance customer engagement and provide integrated solutions that make people's everyday life easier." Perella Weinberg Partners acted as the financial advisor to BOXX, with Osler, Hoskin & Harcourt providing legal counsel. In April 2025, Zurich invested in Ominimo Insurance, joining as distribution partner and minority shareholder. "Zurich to buy cyber insurtech company BOXX Insurance " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
