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THE MORNING EDITIONInsurance. Risk. A changing world.
Morning edition / 29 October 2026Two editions a day, wire updated in between · How we report · The team

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Risk & Catastrophe · Survey

CFC study finds 74% of small firms do not know cyber cover pays for human error

A CFC study of small and midsize firms found that 74% did not know cyber insurance covers incidents caused by human error, Insurance Business reported. Respondents also underrated the causes behind CFC's own claims: only 28% saw human error as a significant risk, although it contributes to 75% of CFC's cyber claims.

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AI-assisted brief · Source checkedPublished · Source dated
Included in the morning edition of 23 October 2026
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Three in four small businesses in a new CFC study did not know that a cyber policy responds to incidents caused by staff mistakes, Insurance Business reported on 22 October. The specialist insurer's report, The Cyber Insurance Disconnect, covers firms with revenue below $25m; the article does not give the sample size or the countries surveyed.

The study sets respondents' views against CFC's own claims. Human error, which 28% of firms rated a significant risk, contributes to 75% of CFC's cyber claims. Ransomware, named by 30%, makes up 64% of CFC's cyber claims costs.

Holding cover went with greater confidence: 94% of insured firms said they could manage cyber risk, against 61% of uninsured ones. CFC said insured firms were also far more likely to have a formal cyber strategy, a link the article presents as an association, not proof of cause.

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Insurance Business (UK) ↗

News publisher · 22 Oct 2026

This is an original brief based on the linked publication. Company statements and forecasts are attributed to their source.

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Risk & Catastrophe

AM Best warns the PHP flaws could become a systemic cyber event, with losses reaching D&O cover

Rating agency AM Best says the critical PHP vulnerabilities disclosed this month could become a systemic event for cyber insurers, Carrier Management reported. It says insured losses could extend into directors' and officers' cover, because regulators in the EU and the US set reporting and patching requirements. AM Best also expects claims to emerge over a long period and a large gap between economic and insured losses.

2 min read

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Risk & Catastrophe

CyberCube expects PHP2Shell claims to arrive slowly, and Crawford warns that patching outages may not be covered

Cyber risk modeller CyberCube has sent clients a security incident report on the PHP2Shell flaws. It expects insurable losses from medium and large companies breached through unpatched servers, with claims that may appear weeks or months later, Insurance Edge reported. Separately, claims firm Crawford warned that taking systems offline to patch does not automatically create a covered loss.

3 min read

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Risk & Catastrophe · In context

Background: Coface lowers Saudi Arabia, UAE and Qatar country risk grades on energy and Hormuz exposure

Background: in its October risk review, published on 13 October, trade credit insurer Coface downgraded Saudi Arabia from A3 to A4, the UAE from A2 to A3 and Qatar from A3 to A4. It expects economic activity to contract across the GCC in 2026. It also downgraded the agri-food sector in the UAE and Saudi Arabia because of their reliance on food imports.

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