Cyber

Russia-based Revil group is reported to be behind the ransomware attack on the US IT service provider.

Broking giant Marsh McLennan suffered a data breach in April that lasted more than a week and involved the exposure of the personal information of current and former staff, among others, this publication understands.

International insurance broker Howden said rising ransomware losses represented a “digital pandemic” that have helped to drive average global cyber insurance rates up 32% year-on-year.

Companies including Axa and CNA Financial have also been recent victims of cyber criminals.

Three companies were compromised and Microsoft found malware on one of its systems in an attack blamed on the Russia-backed group.

Plus the lowdown on CFC’s syndicate capacity and all the top news from the week.

The company is reducing the limits it offers to $5mn, non-renewing accounts with more than $100mn in revenues, and only quoting new business for accounts with less than $10mn in revenue.

Jennifer Quinn will be tasked with growing Liberty’s market presence in cyber and strategic assets business.

The wholesale broker’s cyber index shows 70% of clients were hit with double-digit rate hikes in April.

The broker’s cyber practice leader Tom Quy will lead the initiative.

Panellists said that improved data around aggregations could attract new cyber reinsurance players.

Expert panel explores capital constraints, ransomware attacks and hardening market at Insurance Insider’s Cyber Summit 2021.