Hacking Mostly a Matter of ‘Jiggling Door Handles’

Like many criminals, most hackers commit opportunistic attacks.

Chris Novak, co-founder and director of the Verizon Investigative Response Unit, said most hackers are like a home burglar “jiggling door handles” as he walks through a neighborhood.

“They go after whatever they can get into,” said Novak on a cyber claims and loss panel from the NetDiligence Cyber Risk & Privacy Liability Forum. Oftentimes, he added, hackers “don’t know who they hacked in to.”

Read more at http://www.advisenltd.com/2016/06/28/hacking-mostly-matter-of-jiggling-door-handles/

Chad Hemenway, Hacking mostly a matter of ‘jiggling door handles’ (June 28, 2016), available with subscription at Advisen Cyber Front Page News.

Quarterly D&O Claims Trends: Q2 2016

July 28, 2016

11:00 am - 12:00 pm EDT 

Advisen will host a webinar that examines the D&O claims trends for the second quarter of 2016. On July 28, Advisen’s Jim Blinn and a panel of experts will discuss the frequency and severity of securities suits in Q2 2016 and share their insights on emerging trends on securities litigation.

For more info and registration for the webinar, visit http://www.advisenltd.com/events/webinars/2016/07/14/quarterly-do-claims-trends-q2-2016/

Advisen Ltd. (2016). Quarterly D&O Claims Trends: Q2 2016 [Webinar].

OnDemand Benchmarking Reports Make Brokers’ Lives Easier

July 14, 2016

11:00 am - 12:00 pm EDT 

When it comes to automating the Benchmarking process ahead of renewals or client meetings, Advisen’s on-demand offline report-generating facility makes your prep work a cinch. Why spend hours navigating the DIY way on our website or prodding colleagues to assist when, in just a few simple clicks, you can request a summary e-report sent to your inbox to illustrate premiums, limits, retentions, and indicative losses?

Advisen’s new Client Insight tools – including Limit Adequacy, Loss Benchmarking, Placement Analytics, and Indicative Loss Event data – export easily to Word docs which then get pushed to your inbox via email.

For more info and registration for the webinar, visit http://www.advisenltd.com/events/webinars/2016/07/14/ondemand-benchmarking-reports-make-brokers-lives-easier/

Advisen Ltd. (2016). OnDemand Benchmarking Reports Make Brokers’ Lives Easier [Webinar].

Bridging the Insurance/InfoSec Gap: The SANS 2016 Cyber Insurance Survey

Cyber security insurance has become increasingly popular as significant data breaches have become more common. Unlike other information security (InfoSec) preparations, however, the purpose of cyber insurance is not defense; rather, it is the transfer of financial risk to a third party. The field is young, dynamic and multifaceted. InfoSec professionals, underwriters and brokers each have different roles in negotiating or implementing policies, as well as different metrics with which to gauge the value of a cyber insurance contract.

In a recent report published by SANS, it was highlighted that conceptual gaps often make it difficult for members of the cyber security and cyber insurance communities to find a common basis on which to develop reasonable standards of security and insurability.

Read more and download the white paper at http://www.advisenltd.com/2016/06/21/bridging-the-insuranceinfosec-gap-the-sans-2016-cyber-insurance-survey/

"Bridging the Insurance/InfoSec Gap: The SANS 2016 Cyber Insurance Survey" Advisen Ltd. 2016 21 Jun. SANS | PivotPoint Analytics. 2016.

D&O Insurance Needs are Growing for Small & Medium Enterprises

June 2016

While companies of all sizes have faced increasing exposure to Directors and Officers (D&O) losses in the past decade, research shows that small Private and Non-profit businesses have had the largest share of D&O losses and loss increase in terms of company size.

Are small and mediums enterprises (SMEs) ready to face this increasing exposure?

This infographic, which forms part of a series of infographics released by Advisen and Hiscox, shows the different claims types for private and not-for-profit SMEs. It also highlights the importance of D&O insurance in protecting an organization.

Click the link to view the full infographic: http://www.advisenltd.com/2016/06/13/do-insurance-needs-are-growing-for-small-medium-enterprises/

"D&O Insurance Needs are Growing for Small & Medium Enterprises [Infographic]". Hiscox | Advisen. N.p., 2016. Web. 13 Jun. 2016.

Giving Numbers a Voice: Making Use of Cyber Data in Insurance

July 06, 2016

11:00 am - 12:00 pm EDT 

On Thursday, July 6 at 11am ET, Advisen will host a webinar that will look into cyber data trends and the role data plays in developing products used by insurers.

For more info and registration visit the link: http://www.advisenltd.com/events/webinars/2016/07/06/giving-numbers-a-voice-making-use-of-cyber-data-in-insurance/

Advisen Ltd. (2016, July 6). Giving Numbers a Voice: Making Use of Cyber Data in Insurance [Webinar]. In Advisen Events Webinar. Retrieved from http://www.advisenltd.com/

Product Recalls Impact on Business Financial Health

June 2016

In the past decade, the number of product recalls among food and non-food manufacturers has increased significantly. Advisen wrote a white paper that discusses the economic impacts of product recalls and the importance of having recall insurance. Sponsored by Allied World, the free, 5-page paper presents a number of case studies illustrating how product recalls can affect the financial health of businesses.

Minimizing the Impact of a Product Recall

Between 2010 and 2011, an applesauce manufacturer lost $21 million in direct costs associated with a product recall and the subsequent interruption of its business.

Read more and download the white paper at http://www.advisenltd.com/2016/05/26/product-recalls-impact-on-business-financial-health/

Cybersecurity Challenges in Aviation

June 2016

In recent years, the Federal Aviation Administration (FAA) has been stepping up modernization efforts that involve shifting air traffic control from ground-based technology to satellites. Airplane systems are also becoming increasingly automated and more connected to computer systems. While modernization has resulted in greater efficiency for the aviation industry, it has also made the industry vulnerable to cyber-attack. Aircraft Builders Council released a free, 5-page white paper that discusses aviation cyber security.

Responding to Cyber Challenges in the Aviation Industry

In the past decade, the Federal Aviation Administration (FAA) has been modernizing the Air Traffic Control (ATC) system through its Next Generation Air Transportation System (NextGen), an Internet Protocol (IP) based technology that will replace radio communications with satellite-based communications.

Read more at http://www.advisenltd.com/2016/06/08/cybersecurity-challenges-in-aviation/

Advisen Ltd. “Cybersecurity Challenges in Aviation,” Aircraft Builders Council, June 2016, http://www.advisenltd.com/2016/06/08/cybersecurity-challenges-in-aviation/.

Canada’s Fort McMurray Wildfire Could Be Costliest Ever

Ongoing wildfires around Fort McMurray, in Alberta, Canada have now charred an area roughly the size of Rhode Island and could become the costliest wildfire ever to insurers.

According to catastrophe modeling firm AIR Worldwide, insured losses from the wildfire will fall between $3.4 billion and $6.9 billion (C$9 billion).

Read more at http://www.advisenltd.com/2016/05/23/canadas-fort-mcmurray-wildfire-could-be-costliest-ever/

Chad Hemenway, Canada’s Fort McMurray wildfire could be costliest ever (May 23, 2016), available with subscription at Advisen Professional Front Page News.

Nine Out of 10 Businesses Experienced Hacking Attempts: HSB Survey

A new Hartford Steam Boiler study finds that 90 percent of businesses experienced a hacking attempt last year, up 21 percent from the year before, according to risk managers. Nearly a quarter of businesses (22 percent) saw more than 15 hacking attempts, the survey revealed.

“Hackers are even more relentless,” said Eric Cernak, cyber practice leader for Munich Re, parent company of HSB.

Read more at http://www.advisenltd.com/2016/05/23/nine-out-of-10-businesses-experienced-hacking-attempts-hsb-survey/

Erin Ayers, Nine out of 10 businesses experienced hacking attempts: HSB survey (May 23, 2016), available with subscription at Advisen Cyber Front Page News.

Guy Carpenter, Symantec Team Up to Model Cyber Risk Aggregation

With aggregation of risk at the top of most cyber insurers’ minds, a new alliance between Guy Carpenter & Company, LLC, and the cybersecurity specialists at Symantec Corporation will aim to provide a risk model that measures frequency and severity of cyber events and the possible financial impact on not only cyber policies, but also traditional coverage with no cyber exclusions.

Guy Carpenter announced this week that it has launched a Cyber Solutions Specialty Practice, focused on cyber reinsurance. Symantec will provide analytics and cybersecurity expertise.

Both firms commented that cyber attacks carry the potential to cost organizations “as much as $400 billion a year” in the aggregate. Insurance industry observers have stated that teaming up with cybersecurity experts will allow the industry to get a better handle on the type of risks faced by businesses.

Read more at http://www.advisenltd.com/2016/05/23/guy-carpenter-symantec-team-up-to-model-cyber-risk-aggregation/

Erin Ayers, Guy Carpenter, Symantec team up to model cyber risk aggregation (May 23, 2016), available with subscription at Advisen Cyber Front Page News.

Cook on Ransomware: ‘A Purse Snatching on an Airplane’

William Cook, partner at Reed Smith, said he generally advises companies not to pay ransom to get back access to computer systems—unless the hacker demands a BMW.

Keynote speaker Cook, former president of FBI computer crime unit program InfraGard, told several stories to illustrate the vast universe of cyber risk at Advisen’s Cyber Risk Insights Conference here on May 11.

One such story was of a client that was hacked with ransomware that encrypted all the company’s files. The hacker demanded a ransom: $100,000 and a BMW. Cook told the company to pay the hacker.

Read more at http://www.advisenltd.com/2016/05/23/cook-on-ransomware-a-purse-snatching-on-an-airplane/

Chad Hemenway, Cook on ransomware: ‘A purse snatching on an airplane’ (May 23, 2016), available with subscription at Advisen Professional Front Page News.