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See all the news storiesOnly 50 years ago, the idea of sending a letter, reading the news or making a payment without the use of paper would have seemed implausible at best.
Fast forward to today and we can do all these things and more, with access to information from all over the world at just the tip of our fingers via smartphones and tablets. The new possibilities enabled by technology come with a level of risk which increases with the growing complexity of our highly digitized world.
For as long as computers have existed, so too has the threat of cyberattacks, whether it be a data breach or the installation of a virus. One of the first prominent cybercriminals was Kevin Mitnick. From 1970 until 1995, Mitnick compromised some of the most guarded and secure networks in the world, including Motorola and Nokia. He used complex social engineering schemes that tricked key personnel into providing him with the information needed to penetrate their internal computer systems.
This experience showed that even with state-of-the-art security, supported by the buttresses of technical expertise at world-leading telecommunications firms, things can go wrong.
Cyber evolution
While the internet was launched January 1st, 1983, the market for cyber insurance did not take shape until the 2010s.
Shortly after TMHCC entered the international cyber market in 2016, it was faced with a series of ransomware claims in 2018 and 2019. These events tested the market’s resolve, but TMHCC continued to deliver best-in-class service and communicated risk appetite clearly.
The world was just starting to feel the exposures of cyber risk, and TMHCC knew it had to continue to strengthen its position in the marketplace.
In April 2019, TMHCC acquired NAS Insurance Services,LLC, a California-domiciled managing general underwriter focused on cyber and professional risks. The move provided much needed cyber protection to businesses across every industry in the US.
With the Covid-19 pandemic hitting later that year, so did the reality of cyber security vulnerabilities across the country and the world. In 2020, the average cost of a data breach in the US totalled $8.64 million as delays in the detection and response to cyberattacks and the rise in the number of cyber criminals was exacerbated by remote working.
TMHCC’s strengthened cyber offering positioned it to address these challenges head-on, helping clients navigate an increasingly treacherous threat landscape.
New solutions for new risks
As the cyber market evolves, TMHCC is constantly looking to innovate and develop its capabilities against these ever-changing threats. The significant rise in cyberattacks, proliferated by business’ ever-growing reliance on technology, means we must partner with service providers and develop comprehensive insurance solutions to protect clients from threat actors.
The cybercriminals of today are growing in number and level of expertise. No longer are they simply lone actors, operating from a basement and attempting to steal money. They are now sophisticated criminal organizations, with a plethora of complex motivations. High net worth individuals and families have increasingly found themselves as targets of these groups as they are often susceptible to blackmail with tactics such as data harvesting, social engineering and ransomware. With their unique set of needs in mind, TMHCC launched NetGuard® Select, a cyber solution dedicated to this group, which provides identity protection, fraud alerts and broad cyber insurance coverage.
But it is not just innovative products that maintain TMHCC’s edge in the market. However, the importance of staying with an insurance partner that has shown strong commitment to client’s risk through market softening and hardening cannot be understated.
If you require a premier insurance carrier with the financial firepower to provide broad cyber coverage, get in touch to see how you can get access to our market-leading teams.
US contact: Kareen Boyadjian, Vice President Underwriting, Cyber and Professional Lines Group (CPLG): [email protected]
FL contact: Simon Calderbank, Cyber UW Manager - UK, APAC & RoW: [email protected]
Gülsah Dagdelen, Cyber UW Manager - EMEA & LatAm: [email protected]
