Advisen Announces 2018 Cyber Risk Award Winners

NEW YORK— June 7, 2018 – Arthur J. Gallagher’s Adam Cottini received the Cyber Risk Champion of the Year award at Advisen’s fifth annual Cyber Risk Awards event. INSUREtrust’s Christiaan Durdaller, AXIS Insurance’s Dan Trueman, and AIG’s Tracy Grella were each named Cyber Risk Industry Person of the Year in the USA, London, and International markets respectively.

Winning companies – determined by People’s Choice voting – included Beazley as Insurer of the Year and Willis Towers Watson as Broker of the Year.

Over 400 P&C Professionals who care about Cyber Risk attended this gala awards dinner emceed by Jeremy Gittler of XL Catlin, and Shannon Groeber of JLT Specialty USA, Scott Kannry of Axio Global, Graeme Newman of CFC Underwriting, and Jon Laux of Aon.

Read more at https://www.advisenltd.com/about/press-releases/2018-cyber-risk-award-winners-announced/

Advisen Ltd. (June 2018). Advisen Announces 2018 Cyber Risk Award Winners [Press Release]. Retrieved from Advisen Press Releases.

2018 Big Nasty Claims Conference – New York

New for 2018, Advisen will host a half-day conference, focusing on the phenomenon of big, nasty claims in the casualty sector.

Mass torts and class actions with the potential to exceed $100 million take years to settle, tax corporate resources disproportionately, and often bring out the liability sharks.

Aimed at risk managers and claims professionals along with carriers, brokers, and attorneys, this inaugural event seeks to help all parties keep the sharks at bay.

For more info and registration about this upcoming event, visit the link below:

https://www.advisenltd.com/09/20/2018-big-nasty-claims-conference-new-york/

Ransomware Evolves to Affect Severity; BI Remains ‘Complicated’

CHICAGO—There is “no honor amongst thieves” when it comes to ransomware.

During a panel on claims developments here at Advisen’s Cyber Risk Insights Conference, CNA Insurance cyber industry leader Brian Robb said ransomware attacks have evolved. At the start of the ransomware trend, organizations that paid up would receive encryption keys to get data back.

Now, said Robb, there have been situations in which the thieves only returned a partial encryption key following payment, and then asked for more cryptocurrency.

Read more at https://www.advisenltd.com/ransomware-evolves-to-affect-severity-bi-remains-complicated/

Chad Hemenway, Ransomware evolves to affect severity; BI remains ‘complicated’ (May 24, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Cyber Front Page News.

US Supreme Court Upholds Arbitration in Employee Contracts

A deeply divided U.S. Supreme Court ruled yesterday that employers may include arbitration clauses in employment contracts requiring employees to settle disputes individually rather than joining together to fight wage-and-hour violations.

Plaintiffs in the cases argued that the National Labor Relations Act (NLRA) supersedes the 1925 Federal Arbitrations Act. The 1935 NLRA allows employees “the right to self-organization, to form, join, or assist labor organizations, to bargain collectively . . . , and to engage in other concerted activities for the purpose of collective bargaining or other mutual aid or protection” and the National Labor Relations Board ruled in 2012 that the NLRA nullified the earlier law.

Read more at https://www.advisenltd.com/us-supreme-court-upholds-arbitration-in-employee-contracts/

Erin Ayers, US Supreme Court upholds arbitration in employee contracts (May 22, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Professional Front Page News.

Amid Flat or Lower Cyber Prices, Brokers See Demand for Coverage Soar

The first quarter of 2018 showed either average decreases or flat prices for cyber insurance coverage, according to recent survey from the broker community.

Marsh, in its Global Insurance Market Index, found renewal prices for cyber in the United States to be trending downward in the fourth quarter out of the last five quarters. The average decrease of 1.7 percent comes after 0.6 percent rise in the last quarter of 2017, down from a high of an average 20 percent on renewal in the second quarter of 2015.

Read more at https://www.advisenltd.com/amid-flat-or-lower-cyber-prices-brokers-see-demand-for-coverage-soar/

Erin Ayers, Amid flat or lower cyber prices, brokers see demand for coverage soar (May 21, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Cyber Front Page News.

Telemedicine & Cyber Risk: Time for a Check-Up

Telemedicine, the use of telecommunication and information technology to provide clinical healthcare from a distance, has revolutionized the delivery of healthcare services in recent years. However, with great technical advances come a wider spectrum of cyber threats, including telemedicine security risks.

While external threats coming from malicious actors are widely acknowledged, healthcare service providers must also pay attention to other sources of threats including employee error, unintentional disclosure, and insider threat.

In addressing telemedicine security risks, it is important to look for policies that combine the appropriate mix of professional liability, general liability and privacy and network security (cyber liability).

Visit https://www.advisenltd.com/2018/04/26/telemedicine-security-risks-cyber/ to learn more and download the full infographic.

Aspen Insurance | CRC Group | Advisen Ltd. April 2018. Telemedicine & Cyber Risk: Time for a check-up [Infographic].

Sound the Alarm: Keeping Data and Systems Safe From Intruders

Claims data is not enough to understand cyber risks – turning to the technology and security side can present the risk in a clearer light with the use of a wider range of data sources.

Based on Symantec’s 2018 Internet Security Threat Report, there are many considerations and questions to ask regarding technology and security that can help prevent a cyber attack. The aim is to provide a summary of current vulnerabilities, likelihood of being attacked, and ways to avoid attack.

Visit https://www.advisenltd.com/media/infographics/keeping-data-systems-safe/ to learn more and download the full infographic.

CyberCube. | Advisen Ltd. May 2018. Sound the Alarm: Keeping data and systems safe from intruders. [Infographic].

Notable Hospitality Losses: 2011 – 2017

With summer approaching in the US – and after a particularly LONG winter – I’ve been dreaming of the warm sun and some sand in my toes! Which naturally got me thinking about the hospitality industry and what types of losses these service-oriented organizations experience.

As one might expect, the hospitality industry faces a broad spectrum of risks. Some of the larger losses involve lawsuits that become class actions, which continue over a number of years. We dug into Advisen’s loss data to see who, what, and where some of these losses are occurring.

Read more at https://www.advisenltd.com/blog/hospitality-travel-tourism/hospitality-losses-2011-2017/

Charlene Farside. (May 2018). Notable Hospitality Losses: 2011 – 2017 [Blog].

This blog post in an excerpt of the original. The content originally appeared in Advisen Blog.

Big Nasty Claims: What Are The Large Loss Trends in Casualty?

June 12, 2018 11:00 AM EDT

Mass torts and class actions with the potential to exceed $100 million are a constant challenge to a business and its insurers. Carriers, lawyers and other advisors need exceptional skills to manage these claims for clients.

For more info and registration of this upcoming webinar, visit https://www.advisenltd.com/media/webinars/big-nasty-claims-casualty-large-loss-trends/

Advisen Ltd. June 2018. Big Nasty Claims: What are the large loss trends in casualty? [Webinar].

Romaine Lettuce E. Coli Scare Latest Case Driving Product Recall Insurance Interest

Romaine lettuce, airbags, mobile phone batteries – these are just a few of the prominent product recalls that have occurred in recent years, driving businesses to become more prepared for the financial and reputational risks associated with defective, mislabeled, or otherwise problematic products.

Heightened attention from consumer groups and federal regulators mean information about product recalls spreads more quickly and authorities become involved in detecting problems sooner. The spike in product recalls also means that more businesses, particularly in the food and beverage industry, are looking for insurance solutions.

Read more at https://www.advisenltd.com/romaine-lettuce-e-coli-scare-latest-case-driving-product-recall-insurance-interest/

Erin Ayers, Romaine lettuce E. coli scare latest case driving product recall insurance interest (May 14, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Professional Front Page News.