Cyber

The carrier’s Singapore business has become the latest insurance company to be impacted by cyber criminals.

Reinsurance market tightening and loss ratio deterioration are two factors fueling momentum in cyber rates.

The broker said it was possible that certain personal details were accessed during the hack.

The carrier has restructured its cyber business with stringent underwriting conditions.

The latest funding round was co-led by Icon Ventures and Lightspeed Venture Partners.

The carrier said on business written since the autumn, cyber claims frequency was 20% lower by policy count.

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.

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