Cyber Risk Trends: 2016 Year in Review

January 24, 2017 (Tuesday) at 11am EST

What was trending in cyber risk this past year? On Tuesday, January 24th, Advisen will host a free, one-hour webinar that examines a litany  of cyber risk trends derived from our proprietary database of more than 30,000 cyber events.

Adam Cottini, Arthur J. Gallagher; David Lewison, AmWINS; and Erin Ayers and Aloysius Tan, Advisen, will examine cyber risk trends that emerged in 2016, paying special attention to categories that have seen steady growth, including Network/Website Disruptions and Privacy – Unauthorized Contact and Disclosure.

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

http://www.in.advisenltd.com/cyber-risk-trends-2016-year-in-review

What’s Trending in Public D&O Liability Claims?

December 2016

Directors and officers liability insurance gained attention in the past decade after a spate of investigations and lawsuits involving corporate directors and officers.

According to Advisen and Nationwide, while the number of D&O losses has been declining, the severity of these losses has been increasing over the last few years.

In an infographic, they look at the latest trends in directors & officers liability insurance including merger objection, securities class action, and derivative shareholder action. They also examine the general composition of cases from 2011 to 2016.

Download a copy of the infographic and know the top types of D&O cases and the industries with the most number of D&O claims.

Nationwide. Advisen Ltd. December 2016. What’s Trending in Public D&O Liability Claims? [Infographic].

Cyber Market Could Offer Policy Limits Up to $1B in Five Years, Say Top Execs

NEW YORK — The cyber insurance industry has a long way to go toward offering the capacity and coverage the market needs, but the journey has begun, according to experts speaking during Advisen’s Cyber Risk Insights Conference in October.

Dominic Casserley, current president and deputy CEO of Willis Towers Watson, told a packed room that he expects the industry to find its way on cyber, including building the capacity for a $1 billion policy within five years. This would double reportedly-available per-policy limits.

“The top of the mountain is still shrouded in clouds,” said Casserley, who said he doesn’t expect the major players in the market to change. “We’re in the foothills, there’s a lot of work to do, but we know the path we’re going to go down.”

Read more at http://www.advisenltd.com/2016/12/01/cyber-market-could-offer-policy-limits-up-to-1b-in-five-years-say-top-execs/

Erin Ayers, Cyber market could offer policy limits up to $1B in five years, say top execs (December 1, 2016), available with subscription at Advisen Cyber Front Page News.

Information ‘Asymmetry’ in Cyber Underwriting

NEW YORK—Cyber underwriting has come a long way from the early years.

“Back in 1999 and 2000 an account came in and you sent it off to a service provider, they did a report and you went to your X, Y grid of retentions and limits and came up with a price per million; that’s how you would underwrite,” said Bob Parisi, managing director at Marsh.

Parisi, the moderator of the Underwriting Process Laid Bare panel at Advisen’s Cyber Risk Insights Conference in New York, continued, “Since then the process has matured and become more detailed.”

Read more at http://www.advisenltd.com/2016/12/01/information-asymmetry-in-cyber-underwriting/

Josh Bradford, Information ‘asymmetry’ in cyber underwriting (December 1, 2016), available with subscription at Advisen Cyber Front Page News.

Feds Learn a Lesson on the Increasingly Intricate World of Cybersecurity

Federal cybersecurity may seem like a costly endeavor, but a new report suggests that government agencies could save up to $5 billion annually if they focused on monitoring threats more effectively and automating responses to those threats.

A new report from MeriTalk indicates that federal agencies can’t protect themselves quickly enough against attacks, nor can they guard against intrusions against all possible entry points that might be used by hackers. While federal agencies might be able to detect a threat to traditional targets such as email servers or Internet gateways, they are less able to deal with similar attacks on mobile devices or cloud computing.

Read more at http://www.advisenltd.com/2016/12/01/feds-learn-a-lesson-on-the-increasingly-intricate-world-of-cybersecurity/

Erin Ayers, Feds learn a lesson on the increasingly intricate world of cybersecurity (December 1, 2016), available with subscription at Advisen Cyber Front Page News.

Up to $3.5 Billion in Insured Losses from New Zealand Quake: AIR

Catastrophe modeler AIR Worldwide said insured losses will be between $762 million and $3.5 billion from the powerful South Island, New Zealand earthquake on November 14.

The estimated cost translates locally to between NZD 1.15 billion and 5.3 billion.

“More than 80,000 landslides and 2,600 aftershocks have been recorded following the massive earthquake that struck New Zealand’s South Island,” said Bingming Shen-tu, assistant vice president at AIR Worldwide, in a statement. He said recovery efforts in the region were troubled by gale-force winds, heavy rainfall, and flooded roads.

Read more at http://www.advisenltd.com/2016/12/01/%243.5billion-insured-losses-new-zealand-quake/

Chad Hemenway, Up to $3.5 billion in insured losses from New Zealand quake: AIR (December 1, 2016), available with subscription at Advisen Professional Front Page News.

Think Tank Advises Next President to Take a Stand on Cyber

Acknowledging the leadership role that should be played by the federal government in cybersecurity, the Center for Long-Term Cybersecurity at University of California at Berkeley recently outlined a few recommendations for the administration taking office in January.

“In two months, a new President will take office. That President will face the most expansive cybersecurity agenda in our nation’s history,” commented the authors of the report. “Attacks on well-known companies, political organizations, and government agencies over the last year pose a fundamental question: can anyone really be confident in online security? If the answer is no, foundational elements of our economy and our society are at real risk. Because a loss of confidence could be nearly as damaging, the new administration cannot afford to wait. It will need to act quickly and decisively on cybersecurity as a major executive priority. And that administration needs new ideas to inspire new successes.”

Read more at http://www.advisenltd.com/2016/12/01/think-tank-advises-next-president-to-take-a-stand-on-cyber/

Erin Ayers, Think tank advises next president to take a stand on cyber (December 1, 2016), available with subscription at Advisen Cyber Front Page News.

Holiday Shopping has Commenced, but Cybersecurity is Year-Round for Retailers

The holiday shopping season may place additional stress on retailers but, after several years of high-profile retail data breaches, cybersecurity has become a year-round pursuit for them, according to a new report from Bay Dynamics.

“IT and security professionals say they feel pressure year-round to secure their organizations, not just during the holidays, versus in 2015 when a majority said they felt more pressure during the holidays to secure their organizations. IT and security professionals are seeing a persistent cyber threat,” commented the authors of the report. “They understand they can get hacked or suffer a breach any day of the year. Therefore, they are under pressure all the time, not just during the holidays.”

Read more at http://www.advisenltd.com/2016/12/01/holiday-shopping-has-commenced-but-cybersecurity-is-year-round-for-retailers/

Erin Ayers, Holiday shopping has commenced, but cybersecurity is year-round for retailers (December 1, 2016), available with subscription at Advisen Cyber Front Page News.

Smaller Businesses More Aware and Afraid of Cybercrime: Zurich Survey

Small to mid-sized businesses in the United States show more concern about cyber crime, including losing customer data, than similarly-sized businesses elsewhere in the world, according to a new survey from Zurich Insurance Group.

The survey also revealed that only three percent of those businesses feel they have the security measures in place to combat cyber crime.

Read more at http://www.advisenltd.com/small-business-more-aware-afraid-of-cyber-crime/

Erin Ayers, Smaller businesses more aware and afraid of cybercrime: Zurich survey (December 1, 2016), available with subscription at Advisen Cyber Front Page News.

2017 Data Breach Industry Forecast

November 2016

Advisen and Experian released an annual white paper that outlines five predictions for the data breach industry in the coming year. The 2017 Data Breach Industry Forecast is intended to shed light on emerging trends that companies should know about and prepare for. The free, 10-page report offers industry predictions that are rooted in Experian’s history of helping companies navigate more than 17,000 breaches over the last decade.

Cyber Threats and Trends to Look Out For

Aftershock password breaches will expedite the death of the password. This is one of the data breach trends outlined by Experian in the 2017 Fourth Annual Data Breach Industry Forecast.

Read and download the paper @ http://www.advisenltd.com/2016/11/16/2017-data-breach-industry-forecast/

Advisen Ltd. (November 2016). 2017 Data Breach Industry Forecast [White Paper]. Retrieved from www.AdvisenLtd.com