‘Potentially the Most Risk-Laden Situation:’ Allianz Analyzes Product Recall Claims

Product recall and defective product losses for insurers have been growing steadily in recent years, costing over $2 billion in insured liability losses over the last five years, according to a new report from Allianz Global & Corporate Specialty (AGCS).

Product recalls most frequently affected the automotive industry, with the food and beverage sector coming in second, followed by IT/electronics, according to data analyzed by AGCS. The $2 billion in claims made defective products the largest driver of liability losses, according to the insurer.

“Product recalls have risen steadily in the past decade. We are seeing record levels of recall activity in size and cost today,” said Christof Bentele, head of global crisis management at AGCS. “Tougher regulation and harsher penalties, the rise of large multi-national corporations and complex global supply chains, growing consumer awareness, impact of economic pressures in research and development (R&D) as well as production and even growth of social media are just some of the contributing factors behind this.”

Read more at https://www.advisenltd.com/2017/12/06/potentially-risk-laden-situation-allianz-analyzes-product-recall-claims/

Erin Ayers, ‘Potentially the most risk-laden situation:’ Allianz analyzes product recall claims (December 6, 2017). ADVISEN FPN.

Global Breach Response – How to Select Your Key Partners

Thursday, January 18, 2018 | 11 AM EDT

It is time to get your head out of the sand and really start taking General Data Protection Regulation (GDPR) compliance seriously, because a lack of preparedness and protocols are going to cost you.

A likely reason for procrastination may have to do with the amount of work staring a company in the face. Help is needed but choosing a vendor adds another complication, right? Not if you ask some good questions to find a partner to guide your company out of the muck to peace of mind.

For more info and registration of this upcoming webinar, visit https://www.advisenltd.com/2018/01/18/global-breach-response-how-to-select-your-key-partners/

Experian |Advisen Ltd. January 2018. Global Breach Response – How to Select Your Key Partners [Webinar].

Coalition: Underwriting Cyber Like an Adversary

Coalition, launched December 5, said it has the capability to quote, bind and issue a customized cyber insurance policy online in less than 5 minutes by looking at companies like a hacker.

“We are looking at companies like a real-life adversary would for all the things we might use to hack them,” added Joshua Motta, co-founder and CEO of Coalition—described as a provider of a full suite of cybersecurity products for small and midsize businesses, including cyber and tech E&O insurance of up to $10 million, backed by Swiss Re Corporate Solutions and Argo.

Coalition’s software “thinks like an underwriter without any underwriters,” said Motta, who started his first company at 13 years old. Microsoft subsequently bought the software Motta created and then hired Motta at age 15. After high school, Motta joined information operations at the CIA where he learned “how offense works” as a component to cybersecurity.

Read more at https://www.advisenltd.com/2017/12/06/coalition-underwriting-cyber-like-adversary/

Chad Hemenway, Coalition: Underwriting cyber like an adversary (December 7, 2017), available with subscription at Advisen Cyber Front Page News.

US Senators Push for Jail Time for Executives Who Conceal Data Breaches

Fueled by anger over recent high-profile security breaches, congressional lawmakers on Nov. 30 filed a bill to potentially subject executives at organizations that do not disclose breaches to up to five years of jail time.

Members of the United States Senate Commerce Committee introduced a bill to propose prison sentences for any executives that conceal data breaches that cause any individual to lose more than $1,000. The bill, called the Data Security and Breach Notification Act, would also implement nationwide data breach notification standards, a topic that garnered significant attention during congressional hearings over breaches at Equifax, Yahoo, and Uber.

Read more at https://www.advisenltd.com/2017/12/04/jail-time-executives-conceal-data-breaches/

Erin Ayers, US senators push for jail time for executives who conceal data breaches (December 4, 2017), available with subscription at Advisen Cyber Front Page News.

No Rest for the Cyber-Wicked in 2018, Security Researchers Warn

After an active year in 2017, with some of the biggest hacks in history, businesses shouldn’t expect any relief in 2018 from cybercriminals, according to security experts. In fact, 2018 is likely to result in more advanced attacks than ever.

Research from several cybersecurity firms predict that hackers have no intention of letting up in their lucrative, disruptive cyber campaigns. One report, issued by McAfee Labs, predicted that attackers will leverage connected devices, machine learning, and artificial intelligence in order to disrupt commerce. The firm warned that this would have the effect of making social engineering efforts more difficult to detect and signal a new wave of ransomware-style attacks.

Read more at https://www.advisenltd.com/2017/11/30/no-rest-cyber-wicked-2018-security-researchers-warn/

Erin Ayers, No rest for the cyber-wicked in 2018, security researchers warn (November 30, 2017), available with subscription at Advisen Cyber Front Page News.

Cyber Trends 2017: Business Interruption a Top Concern

Cyber-related business interruption quickly became a top issue in 2017 as high-profile ransomware attacks demonstrated that just about any company can be victimized.

A panel of experts speaking on Advisen’s cyber risk trends webinar last week discussed the impact cyber-related business interruption (BI) claims have had on the insurance industry.

“This is probably one of the top issues facing clients in 2017,” explained Stephanie Snyder, SVP & national sales leader, cyber insurance at Aon. “It’s something that every company needs to consider, cyber insurance is not just about data breaches, it’s much broader than that.”

Read more at https://www.advisenltd.com/2017/11/20/cyber-trends-2017-business-interruption-top-concern/

Josh Bradford, Cyber trends 2017: Business interruption a top concern (November 20, 2017), available with subscription at Advisen Cyber Front Page News.

Holiday Parties Gone Wrong: When Holiday Celebrations Turn Into Losses

Holiday parties are oftentimes happy, enjoyable affairs meant to wind up the year in celebration. Unfortunately, that is not always the outcome for everyone. The following are some of the holiday party-related losses that are tracked in Advisen’s loss database.

Read more at https://www.advisenltd.com/2017/12/06/holiday-parties-gone-wrong-holiday-celebrations-turn-into-losses/

Advisen Ltd. December 2017. Holiday Parties Gone Wrong: When Holiday Celebrations Turn Into Losses [Notable Losses].

Preparing for the Unexpected with Umbrella and Excess Coverage

December 2017

CNA and Advisen are proud to release a white paper that highlights the advantages of getting umbrella & excess insurance coverage to keep liability claims from reaching crisis levels. The paper underscores that in terms of crisis management expense coverage, getting an umbrella insurance policy and excess coverage is like getting the right kind of prompt, empathetic response that can keep catastrophic loss from happening. It also features an infographic that shows what an umbrella policy does to assist a in mitigating reputational damage to the company and avoiding financial ruin.

Read more at https://www.advisenltd.com/2017/12/01/preparing-for-the-unexpected-with-umbrella-and-excess-coverage/

This story is an excerpt of the original. The content originally appeared in Advisen Media White Papers.

CNA | Advisen Ltd. December 2017. Preparing for the unexpected with umbrella and excess coverage [White Paper].

Cyber Risk Trends: Q2 2018

Tuesday, August 7, 2018 at 11:00 AM ET

What cyber risk trends are we witnessing this quarter? On Tuesday, August 7th at 11am ET, Advisen will host a free, one-hour webinar which will examine a litany of cyber risk trends derived from our proprietary database of approximately 40,000 cyber events. Advisen’s Aloysius Tan and Erin Ayers, as well as a panel of experts, will examine what occurred in cyber risk trends in Q2 of 2018 and elaborate on how these trends can inform the cyber community.

Our panelists will also discuss the ramifications and implications of an array of provocative data views. By reviewing the largest possible arsenal of Cyber Event data, this webinar will showcase both the known and the unknown for risk managers, insurance buyers, and all P&C professionals who focus on cyber liability.

For more info and registration of this webinar, visit https://www.advisenltd.com/2018/08/07/cyber-risk-trends-q2-2018/

Advisen Ltd. August 2018. Cyber Risk Trends: Q2 2018 [Webinar].

Quarterly D&O Claims Trends: Q2 2018

On Wednesday, July 25 Advisen will host a webinar that examines the D&O claims trends for the second quarter of 2018. Advisen’s Jim Blinn and a panel of experts will discuss the frequency and severity of securities suits in Q2 2018 and share their insights on emerging trends on securities litigation.

This is a free, one-hour webinar.

For more info and registration of this upcoming webinar, visit https://www.advisenltd.com/2018/07/25/quarterly-claims-trends-q2-2018/

Advisen Ltd. July 2018. Quarterly D&O Claims Trends: Q2 2018 [Webinar].

Cyber Risk Trends: Q1 2018

Tuesday, May 8, 2018 at 11:00 AM ET

What cyber risk trends are we witnessing this quarter? On Tuesday, May 8th at 11am ET, Advisen will host a free, one-hour webinar which will examine a litany of cyber risk trends derived from our proprietary database of approximately 40,000 cyber events. Advisen’s Aloysius Tan and Erin Ayers, as well as a panel of experts, will examine what occurred in cyber risk trends in Q1 of 2018 and elaborate on how these trends can inform the cyber community. 

For more info and registration of this webinar, visit https://www.advisenltd.com/2018/05/08/cyber-risk-trends-q1-2018/

Advisen Ltd. May 2017. Cyber Risk Trends: Q1 2018 [Webinar].

Quarterly D&O Claims Trends: Q1 2018

On Tuesday, April 24 Advisen will host a webinar that examines the D&O claims trends for the first quarter of 2018. Advisen’s Jim Blinn and a panel of experts will discuss the frequency and severity of securities suits in Q1 2018 and share their insights on emerging trends on securities litigation.

This is a free, one-hour webinar.

For more info and registration of this upcoming webinar, visit https://www.advisenltd.com/2018/04/24/quarterly-claims-trends-q1-2018/

Advisen Ltd. April 2018. Quarterly D&O Claims Trends: Q1 2018 [Webinar].

10 Notable Retailer Cyber Losses

Although dwarfed in size and scope by more recent incidents, three of the most well-known mega-breaches involved large retail chains. With the approach of the holiday shopping season, our loss data experts pulled together these and other cyber incidents against retailers, as highlights from our 55,000+ cyber incidents.

Read more at https://www.advisenltd.com/2017/11/15/notable-retailer-cyber-losses/

Advisen Ltd. November 2017. 10 Notable Retailer Cyber Losses [White Paper].

‘Coming Storm’ Emphasizes Need for Greater Insurance-Technology Alliance on Cyber Risk

Ben Beeson is no longer brokering cyber insurance. In a new role, he’s tasked with building a bridge between technology and insurance.

Beeson, former cyber risk practice leader with Lockton, joined start-up Arceo Analytics in the summer. The information technology and service provider remains in stealth mode but Beeson spoke with Advisen about his move.

“We’re on the cusp of a major shift in the way insurers and their customers evaluate cyber risk,” Beeson told Advisen “Fundamentally, that’s to do with the increasing ability to capture data points that were not previously available – in real time.”

Read more at https://www.advisenltd.com/2017/11/09/coming-storm-emphasizes-need-greater-insurance-technology-alliance-cyber-risk/

Chad Hemenway, ‘Coming storm’ emphasizes need for greater insurance-technology alliance on cyber risk (November 9, 2017), available with subscription at Advisen Cyber Front Page News.

Insurers ‘On the Right Path’ to Managing Cyber Risk Aggregation

NEW YORK — The time to manage cyber risk aggregation is now and it may be an uphill battle against lack of historical data and certainty of the risk, but the industry appears to be on the right track, according to a panel of experts speaking during Advisen’s Cyber Risk Insights Conference here on Oct. 26.

Currently, determining whether insurers are well capitalized to handle the cyber risk aggregation is “basically impossible” due to lack of data, according to Fred Eslami, senior financial analyst and cybersecurity leader for A.M. Best. Traditionally, the roads to impairment for insurers have been underreserving, expanding too quickly, and natural catastrophe losses. Ratings firms have metrics to input into their capital models for those risks – not for cyber, but Eslami added that they are making strides.

“We don’t believe that it’s getting to a point where the so-called cyber PML would exceed earthquake or hurricane levels,” he said.

Read more at https://www.advisenltd.com/2017/11/09/insurers-right-path-managing-cyber-risk-aggregation/

Erin Ayers, Insurers ‘on the right path’ to managing cyber risk aggregation (November 2, 2017), available with subscription at Advisen Cyber Front Page News.

Cyberattacks Against US Business, the ‘Perfect Asymmetric Weapon’

Geopolitical tensions across the globe expose US companies to as they are viewed as elements of US national power. According to experts speaking at Advisen’s Cyber Risk Insights conference in New York last week, these countries consider cyberattacks the “perfect asymmetric weapon.”

“In a sense being an American company does unfortunately carry a great risk from nation-state attacks because they [nation states] see the strength of the US economy underpinning the larger military and political power of the United States,” said Haris Shawl, Manager, PwC Cyber Threat Operations.

Read more at https://www.advisenltd.com/2017/10/30/cyberattacks-us-business-perfect-asymmetric-weapon/

Josh Bradford, Cyberattacks against US business, the ‘perfect asymmetric weapon’ (October 30, 2017), available with subscription at Advisen Cyber Front Page News.

10 Notable Train Accidents

Advisen’s casualty loss data includes 11,000 casualty losses of $1 million or more, with a total value in excess of $600 billion. Our loss data experts pulled together 10 notable train accidents that illustrate the potential financial impact of such an event. The incidents highlighted have occurred across the globe and range from $37 million –  $572 million.

Read more at https://www.advisenltd.com/2017/11/01/10-notable-train-accidents/

Advisen Ltd. November 2017. 10 Notable Train Accidents [Industry Report].

Cyber Risk Trends: 2017 Wrap-Up

Tuesday, January 30, 2018 at 11:00 AM ET

What cyber risk trends are we witnessing this quarter? On Tuesday, January 30th at 11am ET, Advisen will host a free, one-hour webinar which will examine a litany of cyber risk trends derived from our proprietary database of approximately 40,000 cyber events. Advisen’s Aloysius Tan and Erin Ayers, as well as a panel of experts, will examine what occurred in cyber risk trends in Q4 of 2017 and elaborate on how these trends can inform the cyber community. Our panelists will also discuss the ramifications and implications of an array of provocative data views. By reviewing the largest possible arsenal of Cyber Event data, this webinar will showcase both the known and the unknown for risk managers, insurance buyers, and all P&C professionals who focus on cyber liability.

For more info and registration of this webinar, visit https://www.advisenltd.com/2018/01/30/cyber-risk-trends-q4-2017/

Advisen Ltd. January 2018. Cyber Risk Trends: 2017 Wrap-Up [Webinar].

Taking Collaboration from Concept to Course of Action: The Next Big Job for Construction Risk Managers

November 2017

The Hartford and Advisen recently released a white paper that underscores the fact that risk construction managers are facing a new risk management landscape which demands a more collaborative approach in order to minimize if not completely avoid costly insurance claims. The 7-page white paper examines where collaboration breakdown takes place and discusses how the resulting insurance losses can be prevented.

Read more at https://www.advisenltd.com/2017/11/01/taking-collaboration-concept-course-action-next-big-job-construction-risk-managers/

This story is an excerpt of the original. The content originally appeared in Advisen Media White Papers.

The Hartford | Advisen Ltd. November 2017. Taking Collaboration from Concept to Course of Action: The Next Big Job for Construction Risk Managers [White Paper].

2017 Survey of Cyber Insurance Market Trends

October 2017

PartnerRe and Advisen are proud to release a white paper that features the results of a comprehensive survey of the evolution of the market for cyber insurance, both first- and third-party coverage, and the factors and trends impacting that evolution. The 14-page paper also highlights how players view key events and issues such as the impact of the general data protection regulation (GDPR) on the take-up rate for cyber liability insurance, the Dyn DDOS attack, and the WannaCry ransomware attack.

Read more at https://www.advisenltd.com/2017/10/25/2017-survey-cyber-insurance-market-trends/

This story is an excerpt of the original. The content originally appeared in Advisen Media White Papers.

PartnerRe | Advisen Ltd. October 2017. 2017 Survey of Cyber Insurance Market Trends [White Paper].

2017 Information Security and Cyber Risk Management Survey

Advisen and Zurich released a white paper that highlights the results of a survey conducted among risk professionals to get their view of corporate attitudes and strategies around cyber risk and cyber security in general. The 11-page white paper concluded that recent developments warrant a greater need for guidance in developing cyber risk management programs and improving cyber risk policies in general.

Read more at https://www.advisenltd.com/2017/10/25/2017-information-security-cyber-risk-management-survey/

This story is an excerpt of the original. The content originally appeared in Advisen Media White Papers.

Zurich | Advisen Ltd. October 2017. 2017 Information Security and Cyber Risk Management Survey [White Paper].

Quarterly D&O Claims Trends: 2017 Wrap-Up

On Wednesday, January 24 Advisen will host a webinar that examines the D&O claims trends for the fourth quarter of 2017. Advisen’s Jim Blinn and a panel of experts will discuss the frequency and severity of securities suits in Q4 2017 and share their insights on emerging trends on securities litigation.

This is a free, one-hour webinar.

For more info and registration of this upcoming webinar, visit https://www.advisenltd.com/2018/01/24/quarterly-claims-trends-q4-2017/

Advisen Ltd. January 2018. Quarterly D&O Claims Trends: 2017 Wrap-Up [Webinar].

Silent Cyber – The New Catastrophe Risk: CIAB Round-Up

A fierce spotlight has been thrown on cyber exposures by senior insurance industry leaders concerned about the catastrophe nature of the risk and the hidden aggregation issues posed by so-called silent cyber cover in policies.

Cyber exposures are rapidly being framed as the “new catastrophe risk” by insurance executives, as losses such as the June 27 global ransomware attack, which affected numerous businesses including Merck Pharmaceuticals, and Equifax data breach are rumored to potentially cost the insurance market around $1 billion each.

Advisen spoke to senior insurance executives at the CIAB Insurance Leadership Forum in Colorado Springs this week and most expressed deep concern with the aggregation of losses across multiple insureds and lines of coverage from a single event.

Read more at https://www.advisenltd.com/2017/10/12/silent-cyber-new-catastrophe-risk-ciab-round/

Rebecca Bole, Silent cyber – the new catastrophe risk: CIAB round-up (October 12, 2017), available with subscription at Advisen Cyber Front Page News.

2017’s ‘Recipe for Disaster’ Set to Turn Commercial P&C Market: CIAB Round-Up

A confluence of weather-related disasters, economic factors and market conditions are likely to drive the commercial P&C market to increase rates next year, according to executives at the CIAB Industry Leader’s Forum (ILF).

A spate of catastrophe events in the US, including hail, fire, convective storms and this season of hurricanes are expected to compound a sustained period of rate reductions across P&C lines of business to create a hardening market in the property sector – and beyond into casualty lines – many executives said.

Advisen canvassed opinion from a number of industry executives on expected market conditions for 2018. The ILF conference was taking place in Colorado Springs, CO, just as Hurricane Nate was making landfall and as news was breaking of the wildfires in Northern California. Please note that in such a dynamic natural catastrophe season, comments on market conditions may appear outdated very quickly. These interviews took place between Monday October 2 and Monday October 9 2017.

Read more at https://www.advisenltd.com/2017/10/11/2017-recipe-disaster-set-turn-commercial-pc-market-ciab-round/

Rebecca Bole, 2017’s ‘recipe for disaster’ set to turn commercial P&C market: CIAB round-up (October 11, 2017), available with subscription at Advisen Professional Front Page News.

Equifax Breach Renews Calls for National Data Breach Standards

A series of congressional hearings focused on the Equifax data breach came with a call for a national data breach notification from the head of the US House of Representatives Financial Services Committee.

“If you are hearing my voice, you are either the victim of the breach or you know someone who is. That`s how massive this breach was,” said Rep. Jeb Hensarling (R-TX). “The criminals got basically everything they need to steal your identity, open credit card accounts in your name and cause you untold frustration and financial calamity.

Read more at https://www.advisenltd.com/2017/10/09/equifax-breach-renews-calls-national-data-breach-standards/

Erin Ayers, Equifax breach renews calls for national data breach standards (October 9, 2017), available with subscription at Advisen Cyber Front Page News.

US Relationship Status with GDPR: It’s Complicated

The time for US companies to get ready for the EU’s General Data Protection Regulation is now and it’s all hands on deck.

“Who shouldn’t?” answered Liz Walker when asked who within an organization should prepare for the directive, which will transform how businesses process and handle data. It is scheduled to go into effect May 25, 2018.

“This isn’t just a legal department or compliance issue, or a risk management issue,” said Walker, head of enterprise risk and global insurance at Groupon Inc., during a recent Advisen webinar sponsored by CyberScout. “This is going to touch every aspect of your business.”

Read more at https://www.advisenltd.com/2017/10/05/us-relationship-status-gdpr-complicated/

Chad Hemenway, US relationship status with GDPR: It’s complicated (October 5, 2017), available with subscription at Advisen Cyber Front Page News.

M&A Insurance Market Told to ‘Avoid a Race to the Bottom’: Aon’s Lester

LONDON – The M&A insurance marketplace has been urged to recognize the economic value of its insurance products and stop fierce price competition.

Alastair Lester, the new CEO of Aon M&A Solutions for EMEA, cited rate decreases of 40 percent in 2017, adding “you don’t need to do this”.

“Transaction insurance is a financial instrument with real value. Don’t under-value our value,” Lester explained, while speaking at Advisen’s Transaction Insurance Insights Conference in London on September 26.

Read more at https://www.advisenltd.com/2017/09/27/M&A-insurance-aon

Rebecca Bole, M&A insurance market told to ‘avoid a race to the bottom’: Aon’s Lester (September 27, 2017), available with subscription at Advisen Professional Front Page News.

2018 Property Insights Conference in New York

Advisen’s annual Property Insights Conference in New York City offers a full-day program that identifies and explores the burning issues facing the US property market today. The conference will offer insight and debate on risk issues such as flood, cyber, building codes and the issues of managing property multinationally. Insurance issues will include capacity, competition, coverage issues, and changing client expectations and demands. Taking place before July renewals, this seminar will take the pulse of this crucial market at a pivotal time in its development.

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

https://www.advisenltd.com/events/conferences/06/13/2018-property-insights-conference-new-york/

Private Asset Manager Risk: Small Firm Does Not Mean Small Claim

October 2017

Advisen and CNA are pleased to announce the release of a white paper/infographic that looks into the management liability risks faced by smaller asset managers. The 4-page publication highlights the many options available as sound risk management tools, such as management liability insurance, to provide coverage for the vulnerabilities that arise in this industry.

Read more at https://www.advisenltd.com/2017/10/05/private-asset-manager-risk-small-firm-not-mean-small-claim/

This story is an excerpt of the original. The content originally appeared in Advisen Media White Papers.

CNA | Advisen Ltd. October 2017. Private Asset Manager Risk: Small firm does not mean small claim [White Paper].

Claims Satisfaction Survey Report

Pre-order the 2017 report to get $80 off  AND receive a digital copy of the 2015 version for free.

2015 Claims Satisfaction Survey Report

The Advisen Claims Satisfaction Survey Report is a hard-copy report that examines how insureds and brokers view insurance companies via their claims. The report will rank the best claims services across property, casualty, and management liability carriers. Released in 2015, this report is be based on a survey of risk managers & insurance buyers and brokers conducted during the Summer of 2015.

Read more at https://www.advisenltd.com/media/reports/claims-satisfaction-survey-report/

Advisen Ltd. (2017). Claims Satisfaction Survey Report. Retrieved from Advisen Website: https://www.advisenltd.com/

Blockchain and Cyber Risk

Wednesday, October 18 at 11am ET

Imagine a world where every process, agreement, task and payment would have a digital code that could be identified, validated, stored and shared. That’s the gigantic potential of blockchain technology. According to Forbes, “everyone from Wall Street to Walmart is betting on it.” The important question in the insurance industry is how blockchain adoption will affect cybersecurity and cyber insurance.

For more info and registration of this upcoming webinar, visit: https://www.advisenltd.com/2017/10/18/blockchain-cyber-risk/

SVIA | Advisen Ltd. October 2017. Blockchain and Cyber Risk [Webinar].

Economic, Geopolitical Risks Most Worry Global Business Leaders: World Economic Forum Survey

A recent World Economic Forum (WEF) survey revealed that while unemployment/underemployment represented the top global risk concerning business leaders, North American businesses cited terrorist attacks, large cyberattacks, climate change, and technology risks as their main worries.

“While the threat of a large cyberattack remains a chief business concern among North American executives, 2017 saw an increase in concern for terrorist attacks and climate risks, most likely due to recent high profile events,” said Martin South, president, Marsh US and Canada. “Businesses should work with their risk advisers to thoroughly examine how these threats could impact their operations and determine appropriate risk management and business continuity measures. The good news, particularly for technology risks, is the insurance market is flush with capacity and now routinely provides protection for business interruption exposure in addition to more traditional cyber liability.”

Read more at https://www.advisenltd.com/2017/09/21/geopolitical-risk-global-business-world-economic-forum

Erin Ayers, Economic, geopolitical risks most worry global business leaders: World Economic Forum survey (September 21, 2017), available with subscription at Advisen Professional Front Page News.

Equifax Breach Draws Investigations From FTC, Ags

The Equifax breach of 143 million individuals’ personal information has drawn unprecedented levels of anger and scrutiny from federal and state officials, with numerous bills introduced, hearings called, and investigations opened.

The cyber event also resulted in the announcement that the credit reporting firm’s chief information officer David Webb and chief security officer Susan Mauldin would retire immediately. Equifax quickly drew criticism for having installed Mauldin, a person with multiple degrees in music composition but no formal security training, as its chief security officer.

Read more at https://www.advisenltd.com/2017/09/21/equifax-breach-draws-investigations-ftc-ags/

Erin Ayers, Equifax breach draws investigations from FTC, AGs (September 18, 2017), available with subscription at Advisen Professional Front Page News.

‘Turbulent’ Time, Uncertainty for D&O Litigation After Trump Dismantles Regulations

President Trump’s push to greatly reduce federal regulation will not reduce litigation, according to experts speaking here at Advisen’s Executive Risk Insights Conference on September 13.

Trump’s commitment since taking office to eliminate 80 percent of federal regulations has created a “false sense of security” for directors and officers, said Paul Schiavone, regional head of financial lines and liability for North America at Allianz.

Schiavone said the Trump administration’s withdrawal or suspension of hundreds of pending regulations creates uncertainty for executives.

Read more at https://www.advisenltd.com/2017/09/14/turbulent-time-uncertainty-litigation-trump-dismantles-regulations/

Chad Hemenway, ‘Turbulent’ time, uncertainty for D&O litigation after Trump dismantles regulations (September 14, 2017), available with subscription at Advisen Professional Front Page News.

Equifax Breach Draws Public Ire Over Sensitive Financial Info Hacked

Equifax, one of the nation’s three major data collection agencies, announced on Sept. 7 that hackers accessed the private information of about 143 million individuals, including names, Social Security numbers, birth dates, addresses, and driver’s license numbers.

The firm learned of the breach on July 29, 2017. Regulatory filings show that three executives of Equifax —  John Gamble, chief financial officer, Joseph Loughran, US information solutions president, and Rodolfo Ploder, consumer information solutions president – sold a total of nearly $2 million in stock in early August. A representative of Equifax told various news outlets that the execs were unaware of the breach at the time of sale. Shares in Equifax dropped about 14 percent after the Sept. 7 breach announcement, per CNBC. A law firm in New York, Bronstein, Gewirtz & Grossman, LLC, announced it would launch an insider trading investigation into the execs’ sold shares.

Read more at https://www.advisenltd.com/2017/09/11/equifax-breach-draws-public-ire-sensitive-financial-info-hacked/

Erin Ayers, Equifax breach draws public ire over sensitive financial info hacked (September 11, 2017), available with subscription at Advisen Cyber Front Page News.

Harvey Hits Texas Hard; Insurance Losses in ‘Low Billions’ Expected

Hurricane Harvey pummeled Texas, striking the coastline north of Corpus Christi as a Category 4 storm on Aug. 25 and wreaking havoc across Houston area. At least eight people have reportedly perished, with many more injured, as homes, businesses, and infrastructure experienced catastrophic flooding.

Ratings firms quickly offered predictions for the insurance impact of Harvey, with most suggesting that the insured losses are unlikely to match those of Hurricane Katrina or Superstorm Sandy. Economic losses are sure to be dramatically higher

Read more at https://www.advisenltd.com/2017/08/31/harvey-hits-texas-hard-insurance-losses-low-billions-expected/

Erin Ayers, Harvey hits Texas hard; insurance losses in ‘low billions’ expected (August 29, 2017), available with subscription at Advisen Professional Front Page News.

Recent Surveys Reveal Sorry State of Government Cybersecurity

Government entities at the state and federal level trail their private sector counterparts on cybersecurity, according to recent reports from security experts.

Surveys from SecurityScorecard and Netwrix found that government entities, a popular target for hackers, have far to go to properly guard against attacks. Compared to retail, healthcare, and transportation, government received among the lowest scores, rising over only education and telecommunications.

Read more at https://www.advisenltd.com/2017/08/29/survey-reveal-lagging-government-cybersecurity/

Erin Ayers, Recent surveys reveal sorry state of government cybersecurity (August 28, 2017), available with subscription at Advisen Cyber Front Page News.

2018 Transaction Insurance Insights Conference NYC

At Advisen’s Transaction Insurance Insights Conference, leading experts in M&A and transaction insurance products will outline current trends in M&A, discuss the due diligence process and the types of issues that often come to light, and explain how those issues can be addressed, including the use of transaction insurance products - such as Reps & Warranties and M&A Tax Liability - so that deals can close.

Representations and warranties insurance, tax indemnity insurance, and contingent liability insurance, as well as other risk management and insurance options, will be examined. Insurance experts also will discuss transaction insurance market trends, explore the issues in selling the coverages, and explain why this is one of the fastest growing segments of the commercial insurance market.

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

https://www.advisenltd.com/04/26/2018-transaction-insurance-insights-conference-new-york/

2018 Casualty Insights Conference – New York

Advisen’s Casualty Insights Conference is the premiere insurance industry event addressing today’s casualty risk management and insurance issues. Now in its eighth year, the conference brings together over 500 leading risk managers, brokers, underwriters, claim professionals and lawyers to share their knowledge about market trends, significant legal and regulatory developments, and emerging exposures. Topics will address managing casualty risk in a global economy. The focus of the program will be on the issues of greatest significance to risk managers and other insurance buyers, but it will also be highly relevant and important to casualty professionals throughout the insurance and reinsurance markets.

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

https://www.advisenltd.com/events/conferences/03/29/2018-casualty-insights-conference-new-york/

Social Engineering Scams Prompt Coverage Litigation, Crime Policy Changes

Recent court decisions have offered conflicting views on whether and how crime insurance policies should respond to social engineering scams, reflecting an ongoing industry discussion on how best to handle this rising tide of crime.

In late July, the United States District Court for the Southern District of New York ruled that the “funds transfer fraud” provision in a crime policy issued to Medidata Solutions by Federal Insurance, a Chubb subsidiary, would cover the loss of funds due to spoof emails directing a wire transfer. In a similar case decided Aug. 1, American Tooling Center v. Travelers, the United States District Court for the Eastern District determined that the “computer fraud” provision of a Travelers policy would not cover a similar social engineering scam.

Read more at https://www.advisenltd.com/2017/08/10/social-engineering-scams-prompt-coverage-litigation-crime-policy-changes/

Erin Ayers, Ransomware attacks jump 50 percent, but accidental breaches a ‘major problem’ (August 3, 2017), available with subscription at Advisen Cyber Front Page News.

Ransomware Attacks Jump 50 Percent, but Accidental Breaches a ‘Major Problem’

Ransomware attacks rose during the first half of 2017, accounting for 32 percent of attacks and up 50 percent over the first half of 2016, but employee error and third-party risks were close behind at 30 percent, according to a recent Beazley Breach Response report.

During the first half of 2017, Beazley’s team handled 1,330 attacks for which hacking and malware events represented the dominant cause. However, the firm cited accidental breaches by employees and vendors as a “major problem.” In the hardest-hit sector, healthcare, accidental breaches accounted for 42 percent of events, well ahead of all other causes of loss.

Read more at https://www.advisenltd.com/2017/08/03/ransomware-attacks-jump-50-percent-accidental-breaches-major-problem/

Erin Ayers, Ransomware attacks jump 50 percent, but accidental breaches a ‘major problem’ (August 3, 2017), available with subscription at Advisen Cyber Front Page News.

Emerging Law Firms, Venue Shifting Drive D&O Claims Trends

Merger objections and securities class action litigation increased during the first half of 2017, partially driven by “emerging” law firms taking on a bigger role, according to Advisen data presented during a quarterly D&O claims trends webinar on July 26.

An expert panel discussed the impact of these trends on the underwriting and placement of D&O insurance.

“These claims [by emerging law firms] are typically less in regards to quality but definitely more in regards to quantity and are still costly to defend,” said Richard Edsall, senior vice president, Argo Group International Holdings, Ltd. “You might have a higher dismissal rate from some of these emerging firms but they’re still claims that can be costly, and defense costs are rising at probably a four to five percent rate every year.”

Read more at https://www.advisenltd.com/2017/07/31/emerging-law-firms-venue-shifting-drive-claims-trends/

Josh Bradford, Emerging law firms, venue shifting drive D&O claims trends (July 31, 2017), available with subscription at Advisen Professional Front Page News.

US House Panel Looks to Insurance as Small-Business Cyber Solution

The US House of Representatives Committee on Small Business turned its attention to small businesses and cybersecurity, with speakers commenting that seeking out cyber insurance “forces” small businesses to gain a true understanding of their risk profile.

“The process of applying for a cyber liability policy forces you to acknowledge and address the potential vulnerabilities on your company. This is an assessment most small businesses have never taken,” said Robert Luft, speaking during the hearing on behalf of the National Small Business Association. “The application process made me account for several items that were not in existence for my company’s operations. For example, we did not have a cybersecurity policy, this was a sober awakening, as the sheer amount of resources to assist small businesses in building this critical document could not be more plentiful.”

However, Luft found some stumbling blocks along the way, telling the Committee, “It was my assumption that my current insurance agent would have the intimate details of potential polices thoroughly digested, this was not the case. In fact, from the time he introduced the policy to me, it was clear that he was unfamiliar with the underwriting process of cyber policies.”

Read more at https://www.advisenltd.com/2017/07/31/us-house-panel-looks-insurance-small-business-cyber-solution/

Erin Ayers, US House panel looks to insurance as small-business cyber solution (July 31, 2017), available with subscription at Advisen Cyber Front Page News.

‘Extreme’ Cyber Events Could Cost As Much As Major Hurricanes: Lloyd’s, Cyence

The potential costs stemming from extreme cyber risk events could rival those of major hurricanes such as Superstorm Sandy, with economic impacts ranging from $4.6 billion up to $53 billion, according to a joint report from Lloyd’s of London and cyber risk analytics firm Cyence.

Lloyd’s and Cyence took an in-depth look at two possible cyber-event scenarios: the first, a group of environmental hacktivists disrupt cloud service providers and their customers, causing widespread business and service interruption. The second scenario envisions the accidental loss of a physical copy of a report on a vulnerability in a widely-used operating system. This human error results in the spread of the information on the dark web and “an undetermined number of unidentified criminal parties” exploiting the zero-day vulnerability.

Read more at https://www.advisenltd.com/2017/07/20/extreme-cyber-events-cost-much-major-hurricanes-lloyds-cyence/

Erin Ayers, ‘Extreme’ cyber events could cost as much as major hurricanes: Lloyd’s, Cyence (July 20, 2017), available with subscription at Advisen Cyber Front Page News.

2018 Cyber Risk Insights Conference – London

Advisen brings its acclaimed Cyber Risk Insights Conference series to Europe for the 7th time with a full day, multi-track event in London addressing the critical privacy, network security and cyber insurance issues confronting risk professionals and their organisations. An expert faculty comprised of leaders in network security, regulation, law enforcement, risk management and cyber risk insurance will offer their insights on managing risk on a rapidly evolving and increasingly dangerous threat landscape. This day of learning and networking for risk managers, CISOs, CROs, insurance brokers, underwriters, reinsurers and other risk professionals will present a global perspective on cyber threats, but also will examine how the European business and regulatory environment influence cyber risk management decisions.

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

https://www.advisenltd.com/events/conferences/03/06/2018-cyber-risk-insights-conference-london/

2018 Cyber Risk Insights Conference San Francisco

Advisen will present a full day and a half of learning and networking for risk managers, CISOs, CROs, insurance brokers, insurance underwriters, reinsurers and other risk professionals. This multi-day program will have an emphasis on the business, technology and regulatory factors that make California and the West Coast unique, including the issues that influence the InsurTech space.

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

https://www.advisenltd.com/events/conferences/02/13/2018-cyber-risk-insights-conference-san-francisco/

Cyber Risk Trends: Q3 2017

Tuesday, November 14, 2017 at 11:00 AM EST

What cyber risk trends are we witnessing this quarter? On Tuesday, November 14th at 11am EST, Advisen will host a free, one-hour webinar which will examines a litany of cyber risk trends derived from our proprietary database of more than 40,000 cyber events.

For more info and registration of this webinar, visit https://www.advisenltd.com/2017/11/14/cyber-risk-trends-q3-2017/

Advisen Ltd. November 2017. Cyber Risk Trends: Q3 2017 [Webinar].

The Importance of Speed in Cyber Underwriting

As cyber insurance underwriting evolves, speed is essential. Risks and organizations change rapidly and knowing the right questions to ask, along with the right threat data, can make the process run smoother for brokers, insurers, and their clients.

On Thursday, September 7, join Advisen’s Erin Ayers, Symantec’s Nikon Rasumov, and other panelists for an in-depth discussion of the best ways to present better risk profiles  for your cyber clients and close deals more quickly.

This free, one-hour webinar is sponsored by Symantec.

For more info and registration of this webinar, visit https://www.advisenltd.com/2017/09/07/importance-speed-cyber-underwriting/

Advisen Ltd. September 2017. The Importance of Speed in Cyber Underwriting [Webinar].

Enhance Pricing and Predictive Models with Historical Exposure Data

Frequency analytics falter when market context is unavailable. How can you enhance your current approach to frequency modeling? How can you better identify new product and available market opportunities?

On September 19, 2017 at 11am EDT, join Advisen’s Jim Blinn, EVP Client Solutions, and a panel of experts to discuss how vast quantities of historical exposure data can radically re-shape conventional approaches to frequency modeling.

This discussion will reveal how analysts are upgrading loss frequency models and the ways in which enhanced exposure data has led to more refined models. We will also showcase ExposureVue, which provides structured time series company, industry, and financial data.

For more info and registration of this webinar, visit https://www.advisenltd.com/2017/09/19/historical-pricing-predictive-models-enhance-pricing-predictive-models-webinar/

Advisen Ltd. September 2017. Enhance Pricing and Predictive Models with Historical Exposure Data [Webinar].

New Technology, New Risks: Cyber Concerns for Industrial Control Systems

July 2017

Advisen and FM Global are proud to release a white paper that looks into attacks against industrial control systems (ICS) and points out that vulnerabilities are real and growing. The 10-page paper also highlights that as the industrial automation continues —  with internet of things (IoT) devices growing massively over the years, the vulnerabilities will only increase.

Read more at https://www.advisenltd.com/2017/07/26/new-technology-new-risks-cyber-concerns-industrial-control-systems/

This story is an excerpt of the original. The content originally appeared in Advisen Media White Papers.

FM Global | Advisen Ltd. July 2016. New Technology, New Risks: Cyber Concerns for Industrial Control Systems [White Paper].

New York Cyber Week

October 23 – 27, 2017 is New York Cyber Week – surrounding our annual cyber insurance conference in NY. Advisen, along with our partners, will be hosting events for the cyber community all around the city. If you care about cyber risk and its implications on the insurance industry, you need to be in NY for Cyber Week!

Mark your calendar and check back for more information regarding specific happenings and how to sign up.

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

https://www.advisenltd.com/media/2017-ny-cyber-week/

2017 Cyber Risk Insights Conference - New York

The WORLD'S LARGEST Cyber Risk event for P&C Professionals in a one-day program that has become a flagship event on the cyber calendar. We expect more than 1,000 people to register to hear from over 75 speakers who are top experts in the cyber insurance space. This hallmark event not only offers a full day of learning, networking and business at the conference, but a range of dinners, workshops and social gatherings in the surrounding days as the elite of the global cyber market descends on New York. Our multi-track conference will feature the hottest topics including cyber risk management, developing issues in the cyber insurance space and insight into the ‘Dark Side’ of the web - with a focus on the people behind the latest cyber incidents.

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

https://www.advisenltd.com/2017/10/26/cyber-risk-insights-conference-new-york/

Use Loss Data to Have Winning Renewals

How can you use loss data to prepare for and augment your renewals? Loss data helps you justify your coverage recommendations and helps determine appropriate limits. How do you gather relevant loss data to reinforce your renewal proposals?

Join us on Thursday, September 14th at 11 AM EDT as Advisen shows you how to differentiate yourselves from your competitors by utilizing our large loss database to the fullest.

For more info and registration of this webinar, visit https://www.advisenltd.com/2017/07/06/use-loss-data-winning-renewals/

Advisen Ltd. September 2017. Use Loss Data to Have Winning Renewals [Webinar].

5 Myths About Patent Risk Debunked

July 2017

Patent litigation is a real threat for almost any company, with potentially devastating consequences. In fact, almost 20,000 companies have been sued for patent infringement in 2010.

5 Myths About Patent Risk Debunked, an infographic from Advisen and RPX, sheds light on some misconceptions about patent risk and patent litigation insurance.

Click here to download the full infographic: https://www.advisenltd.com/2017/07/11/5-myths-patent-risk-debunked/

RPX Corporation. | Advisen Ltd. July 2017. 5 Myths About Patent Risk Debunked [Infographic].

Interview with XL Catlin’s John Coletti: Shining a Light on Cyber

Recently selected as the US Industry Person of the Year by his peers at the 2017 Advisen Cyber Risk Awards, XL Catlin’s John Coletti is in an excellent position to observe the industry’s growth and success.

In a recent interview with Advisen, the chief underwriting officer for cyber and technology praised the achievements made by the cyber insurance industry and noted a few places where the market can do better.

Read more at https://www.advisenltd.com/2017/07/10/interview-xl-catlins-john-coletti-shining-light-cyber/

Erin Ayers, Interview with XL Catlin’s John Coletti: Shining a light on cyber (July 10, 2017), available with subscription at Advisen Cyber Front Page News.

AXIS to Buy Novae Group in $604M Deal

AXIS Capital announced that it will buy Novae Group plc in a $604 million deal that AXIS said would expand its scope and create one of the top-10 largest insurers in the London specialty market.

“A key component of our growth strategy is to have leadership positions, relevance and scale in each of the specialty risk markets where we choose to compete,” said Albert Benchimol, president and CEO of AXIS Capital in a statement.

Read more at https://www.advisenltd.com/2017/07/07/Axis-to-buy-Novae-604-million

Erin Ayers, AXIS to buy Novae Group in $604M deal (July 7, 2017), available with subscription at Advisen Professional Front Page News.

AIG Adds Marsh’s Zaffino as Global COO; Former AIG Exec Doyle Named CEO of Marsh

Former Marsh CEO Peter Zaffino has been named global chief operating officer at insurer American International Group (AIG) and John Doyle, formerly CEO of AIG’s commercial insurance unit, was named by Marsh & McLennan Cos. as CEO of Marsh.

Zaffino will lead day-to-day business of all country operations, including US commercial field operations and AIG’s multinational organizations, as well as global business services, administration and communications, AIG said in a statement. He is reunited with Brian Duperreault, AIG’s president and CEO. Duperreault was president and CEO of Marsh & McLennan from 2008 to 2012.

Read more at https://www.advisenltd.com/2017/07/07/AIG-adds-Zaffino-COO-Doyle-CEO-Marsh

Chad Hemenway, AIG adds Marsh’s Zaffino as global COO; former AIG exec Doyle named CEO of Marsh (July 7, 2017), available with subscription at Advisen Professional Front Page News.

Anthem’s $115M Settlement Likely to Inspire Future Breach Litigation

The announcement of a $115 million settlement by Anthem Inc. over the health insurer’s massive January 2015 data breach suggests that class-action litigation over breaches will likely continue despite failures and relatively low settlements in other cases.

The $115 million agreement, if approved by the court, would be a record settlement and involves no admission of wrongdoing by Anthem, which commented in a statement, “We are pleased to be putting this litigation behind us, and to be providing additional substantial benefits to individuals whose data was or may have been involved in the cyberattack and who will now be members of the settlement class.”

Read more at https://www.advisenltd.com/2017/06/29/Anthem-cyber-settlement-litigation

Advisen Ltd., Anthem’s $115M settlement likely to inspire future breach litigation (June 29, 2017), available with subscription at Advisen Cyber Front Page News.

Ransomware Attack Affects Computers Worldwide

Computer networks across the globe again fell victim to a strain of ransomware on June 27, taking numerous organizations and infrastructure offline, with Ukrainian government agencies and private firms especially hard hit.

Much as the WannaCry ransomware briefly paralyzed businesses in May, this next wave of attacks locked up computers at Merck Pharmaceuticals; Maersk, a Danish shipping firm; DLA Piper, a global law firm; Rosneft, a Russian energy company; Kiev’s airport, numerous Russian and Ukrainian banks, and even the radiation monitoring systems at Chernobyl. The nuclear plant announced in a statement that monitoring systems are temporarily being run manually. The attack hit computers in Russia, Europe, the UK, and the US, and continues to unfold.

Read more at https://www.advisenltd.com/2017/06/28/ransomware-attack-affects-computers-worldwide/

Erin Ayers, Ransomware attack affects computers worldwide (June 28, 2017), available with subscription at Advisen Cyber Front Page News.

Advisen Cyber Risk Awards: You Had To Be There

After a week of recuperation, it is time to reflect on this year’s Advisen Cyber Risk Awards.

Following this one-of-a-kind event each year we seem to share one overwhelming thought: That was great! The bar has been raised. How can we possibly duplicate this next year?

But yet, so far, we’ve done it. And the “we” referenced here isn’t just Advisen (although never underestimate the crazy amount of care and effort Advisen’s events team puts into this show; it is amazing). The “we” is the entire cyber community—the one Advisen is very proud to have a large part in nurturing.

Read more at https://www.advisenltd.com/2017/06/22/advisen-cyber-risk-awards/

Chad Hemenway, Advisen Cyber Risk Awards: You had to be there (June 22, 2017), available with subscription at Advisen Cyber Front Page News.

Advisen Panel: Supply Chain Cyber Risks Can’t Be Ignored Any Longer

Supply chain professionals and their risk and insurance partners must consider not only traditional physical risks, but cyber risks as well, guarding their “digital ecosystem” from disruption, according to a panel of experts speaking during an Advisen webinar June 20.

Emphasizing the need to avoid “unforeseen risks” and shift the cyber risk discussion from the IT department to the full enterprise, panelists noted that organizations need to evaluate their dependence on services, deliveries, and materials provided by outside vendors or suppliers and do an impact analysis. Very few businesses operate nowadays without the use of suppliers or vendors, the panel commented.

Read more at https://www.advisenltd.com/supply-chain-risk-advisen-webeinar/

Erin Ayers, Advisen panel: Supply chain cyber risks can’t be ignored any longer (June 21, 2017), available with subscription at Advisen Cyber Front Page News.

Shipping Losses Drop, But ‘Perfect Storm’ of Maritime Cyber Risks Remain: Allianz

Shipping losses and casualties decreased overall in 2016 by about 16 percent, according to a new report from Allianz Global Corporate and Specialty (AGCS), but Allianz warned that the maritime industry – and their insurers — shouldn’t expect entirely smooth sailing in the future due to regional disparities, regulatory constraints, and cyber risks.

“We continue to see improvements in maritime safety, but the price of safe navigation is constant vigilance,” said Captain Andrew Kinsey, senior marine risk consultant at AGCS. “The maritime sector is entering a period of considerable change and unrest from economic pressures, technology and political factors. There is a perfect storm of increasing regulation and narrowing margins.”

Read more at http://www.advisenltd.com/2017/06/14/shipping-losses-drop-cyber-Allianz/

Erin Ayers, Shipping losses drop, but ‘perfect storm’ of maritime cyber risks remain: Allianz (June 14, 2017), available with subscription at Advisen Professional Front Page News.

WannaCry Provides Latest Glimpse at Nightmare Cyber Aggregation Potential

CHICAGO—The WannaCry ransomware attack will likely be a manageable loss event for the insurance industry, but the event offers a new perspective on potential aggregation.

Though the worm known as WannaCry spread rapidly to about 150 countries starting May 12, the number of network computers infected and held for ransom is actually a small percentage of all possible global endpoints, according to Pascal Millaire, vice president and general manager at Symantec.

Millaire gave an impromptu presentation on WannaCry during lunch at Advisen’s Cyber Risk Insights Conference here.

“This may not be as bad as one might have thought,” he said. “This is a relatively good-news story.”

Read more at http://www.advisenltd.com/2017/05/18/wannacry-provides-latest-glimpse-nightmare-cyber-aggregation-potential/

Chad Hemenway, WannaCry provides latest glimpse at nightmare cyber aggregation potential (May 18, 2017), available with subscription at Advisen Cyber Front Page News.

With Targets on Their Backs, Healthcare CISOs Fight to Protect Data

Healthcare chief information security officers (CISOs) know their organizations offer an appealing target for cybercriminals – and they’re doing everything they can to avoid being the next victims, according to a panel speaking during Advisen’s Cyber Risk Insights Conference here.

Panelists described the many moving parts to their organizations, with hundreds of healthcare professionals requiring access to sensitive information, cross-border compliance issues, legacy IT systems and medical devices, and vast networks of third-party partners.

“It’s really hard to go to a doctor who’s an expert in his field and say he needs to get rid of his X-ray machine that runs on Windows XP or Windows 98 when he says that’s the system that gives him the image he needs to save the patient,” said Robert Hill, CISO of the Mayo Clinic.”

Read more at http://www.advisenltd.com/2017/05/17/targets-backs-healthcare-cisos-fight-protect-data/

Erin Ayers, With targets on their backs, healthcare CISOs fight to protect data (May 17, 2017), available with subscription at Advisen Professional Front Page News.

Security Expert Warns Insurers on the Realities of Cyber Risk

CHICAGO – Insurers need to understand the realities of cyber risk, why the risk has expanded so dramatically in recent years, and why no organization can ever be fully protected, according to Adam Tyler, chief innovation officer with CSID, now a part of Experian Partner Solutions, speaking during the keynote speech at Advisen’s Cyber Risk Insights Conference.

The insurance industry needs to know the “reality of the situation you’re facing,” Tyler told the audience here in Chicago. “You need to know the reality of the premiums and policies you’re writing.”

The Dark Web isn’t well understood, he explained, and news reports usually feature cyberattacks as stunningly complex.

Read more at http://www.advisenltd.com/2017/05/18/security-expert-warns-insurers-realities-cyber-risk/

Erin Ayers, Security expert warns insurers on the realities of cyber risk (May 18, 2017), available with subscription at Advisen Cyber Front Page News.

FICO Survey: 40 Percent of Organizations Do Not Have Cyber Insurance

More than 60 percent of organizations from a recent survey said they expect levels of cyber threats against them to increase, but 40 percent reported not having cyber risk insurance.

According to the results from the survey conducted by Ovum for analytics firm FICO, only about 20 percent of organizations said they have comprehensive cyber insurance to cover all likely risks.

Read more at http://www.advisenltd.com/2017/06/01/fico-survey-40-percent-organizations-not-cyber-insurance/

Chad Hemenway, FICO survey: 40 percent of organizations do not have cyber insurance (June 1, 2017), available with subscription at Advisen Cyber Front Page News.

Executive Order Emphasizes Improvement of Federal Agencies’ Cyber Practices

The White House released a long-awaited executive order on cybersecurity last week that shows a focus on protecting federal agencies and critical infrastructure from cyber intrusions but left the private sector wondering what role it can play in the future.

The order noted that the federal government “has for too long accepted antiquated and difficult–to-defend IT. Effective risk management involves more than just protecting IT and data currently in place. It also requires planning so that maintenance, improvements, and modernization occur in a coordinated way and with appropriate regularity.”

Read more at http://www.advisenltd.com/2017/05/15/executive-order-emphasizes-improvement-federal-agencies-cyber-practices/

Erin Ayers, 2017 Verizon data breach report sees no end for cyber events (April 28, 2017), available with subscription at Advisen Cyber Front Page News.

Mitigating Supply Chain Risk

June 2017

Aircraft Builders Council released a white paper that looks at the potential product liability exposures faced by companies in the aerospace sector. The 4-page paper highlights the importance of product liability insurance in the aviation industry and introduces a new aircraft products liability insurance facility.

Read more at http://www.advisenltd.com/2017/06/05/mitigating-supply-chain-risk/

This story is an excerpt of the original. The content originally appeared in Advisen Media White Papers.

Using Loss Data to Win Over Clients

Webinar Date: Thursday, June 29, 2017 at 11:00 A.M. EDT

How can you use loss data to justify your coverage recommendations and help determine appropriate limits? When clients ask you for relevant loss examples, how do you respond and also further differentiate your brokerage services?

Join us on June 29th at 11 am EDT as Advisen shows you how to leverage Client Insight Professional and Expert reports to show your client that you’ve done your homework.

For more info and registration about this upcoming event, visit http://www.advisenltd.com/2017/06/29/using-loss-data-to-win-over-clients/

Advisen Ltd. (2017). Using Loss Data to Win Over Clients [Webinar].

The Globalization of the Cyber Insurance Market

May 2017

Advisen and CyberScout released a white paper that focuses on cyber insurance take-up rates and how countries gear up to minimize cyber risk and improve their risk transfer and mitigation strategies. The free, 5-page paper includes an overview of the cyber insurance marketplace, reasons businesses are buying cyber insurance, and challenges and opportunities ahead in Asia, Australia, Canada, Europe, the Middle East, the United Kingdom, and the U.S.

Read more at http://www.advisenltd.com/2017/05/26/globalization-cyber-insurance-market/

This story is an excerpt of the original. The content originally appeared in Advisen Media White Papers.

ExposureVue to Support Risk Analysis & Modeling

ExposureVue™ supports risk analysis and modeling with comprehensive historical company data and improved industry data. ExposureVue is comprised of distinct datasets, including Company Statistics and Industry Statistics.

Learn how you can use ExposureVue to support risk analysis and modeling, with three case studies that outline how to:

Read more at http://www.advisenltd.com/data/exposurevue/risk-analysis-modeling/

This story is an excerpt of the original. The content originally appeared in Advisen Media White Papers.

2017 Cyber Risk Preparedness and Response Survey

May 2017

Advisen and Experian are proud to release the results of the 2017 Cyber Risk Preparedness and Response Survey with the theme A Crisis in Cyber Confidence: Risk Experts Concerned Over Continued Client Complacency. 

Sponsored by Experian Data Breach Resolution, the 26-page white paper focuses on risk experts’ opinions on their companies’ and clients’ ability to manage a cyber incident and what they think needs to be done to improve their overall security posture.

Read more at http://www.advisenltd.com/2017/05/24/2017-cyber-risk-preparedness-response-survey/

This story is an excerpt of the original. The content originally appeared in Advisen Media White Papers.

Willis Towers Watson Uses 40 Underwriters to Build $600 Million Cyber Insurance Tower

Willis Towers Watson has put together a $600 million stand-alone cyber insurance tower—likely the largest of its kind in history.

Peter Foster, executive vice president with the FINEX Cyber practice, said the tower includes 60 policies from 40 underwriters, which means about half of the available cyber insurance carriers in the marketplace participated.

“This indicates the kind of demand there is for cyber insurance, driven by the need to satisfy regulators and corporate boards,” Foster said. “With new carriers coming in, as well as those who have been in the marketplace, more limits are available. Cyber is a growth area.”

Read more at http://www.advisenltd.com/2017/04/24/willis-towers-watson-uses-40-underwriters-build-600-million-cyber-insurance-tower/

Chad Hemenway, Willis Towers Watson uses 40 underwriters to build $600 million cyber insurance tower (April 24, 2017), available with subscription at Advisen Cyber Front Page News.

Transaction Insurance Underwriting and the Terrifying Unknown

Underwriters can get comfortable with known issues in transaction insurance underwriting, but nothing is scarier than the unknown. This was the consensus of a panel of experts discussing M&A due diligence at Advisen’s Transaction Insurance Insights Conference in New York on April 20.

The panel said the explosion of representations and warranties insurance usage over the past few years has had an overall positive impact on the underwriting of deals.

“Because of the growth of the industry there is now a better understanding of our process,” said Jay Rittberg, managing principal, Euclid Transactional, LLC. “I think clients, brokers, and lawyers really have a good feel for what we are trying to accomplish through representations and warranties insurance due diligence underwriting. They have a sense that we are trying to find a good process, known issues, and that we are going to try to provide as broad coverage as possible.”

Read more http://www.advisenltd.com/2017/04/25/transaction-insurance-underwriting-terrifying-unknown/

Josh Bradford, Transaction insurance underwriting and the terrifying unknown (April 25, 2017), available with subscription at Advisen Professional Front Page News.

Cyber Insurers and Brokers Seek Harmony on Crafting Coverage

With cyber risk as the hottest topic during the Risk and Insurance Management Society’s (RIMS) annual conference here, a common theme emerged: Now is the time for collaboration and innovation among brokers and insurers, but the best way to achieve that is yet to be determined.

However, the steps taken to achieve broad cyber coverage at the right price with the right players represent an area of collegial disagreement among many industry participants. How many carriers should be on a tower and at what limits? What’s the current capacity ceiling? How broad is too broad in coverage terms?

Building upon the 2016 RIMS event—when the main topic of conversation addressed the strides cyber insurers needed to make to meet organizational needs of buyers—this year’s talks reflect the fact business interruption (both contingent and direct), cyber-related property damage, bodily injury, and reputational harm are all risks for which the growing cyber insurance marketplace has developed solutions.

Read more at http://www.advisenltd.com/2017/04/27/cyber-insurers-brokers-seek-harmony-crafting-coverage/

Erin Ayers, Cyber insurers and brokers seek harmony on crafting coverage (April 27, 2017), available with subscription at Advisen Cyber Front Page News.

2017 Verizon Data Breach Report Sees No End for Cyber Events

2016 offered up some conflicting trends in cyber events according to this year’s Verizon Data Breach Investigations Report (DBIR), but one thing is clear – issues like ransomware, outside hackers, and social engineering aren’t going away any time soon.

“It is true that the DBIR will never be blank as—choose your cliché—‘there is no such thing as 100 percent secure’ or ’perfection is the enemy of good enough.’ It is also true that due to the nature of the report we admittedly have a lack of success stories. After all, this is at its core a report about confirmed data breaches,” wrote the authors of Verizon’s annual DBIR. The report included not only confirmed breaches but other cyber incidents, as well as a breakdown of incidents by industry.

Read more at http://www.advisenltd.com/2017/04/28/2017-verizon-data-breach-report-sees-no-end-cyber-events/

Erin Ayers, 2017 Verizon data breach report sees no end for cyber events (April 28, 2017), available with subscription at Advisen Cyber Front Page News.