The Globalization of the Cyber Market

Webinar Date: May 25, 2017 at 11:00 A.M. ET

With interest in cyber insurance on the rise, some attention may turn to the implications this risk trend may have worldwide, begging a variety of questions to explain similarities, differences, and obstacles across markets. What is the value of cyber insurance worldwide? Who is buying it? Why are they buying it? How do motivations to buy vary across geographic market? How do policies differ based on location?

On May 25, join Cyberscout’s Tom Spier, Advisen’s Chad Hemenway, and other experts as they discuss how the world is responding to the rise in need for cyber insurance. Sponsored by Cyberscout, the one-hour webinar will offer insights into the questions listed above. Panelists will also take time to answer some questions from the audience.

For more info and registration about this upcoming event, visit http://www.advisenltd.com/2017/05/25/globalization-cyber-market/

Advisen Ltd. | Cyberscout. (2017). The Globalization of the Cyber Market [Webinar].

A Crisis in Cyber Confidence

Webinar Date: May 9, 2017 at 11:00 A.M.

Advisen and Experian partnered on a study to better understand what companies rate as their highest cybersecurity concerns for the remainder of 2017. Respondents were also asked about the general areas where they could improve their overall cyber risk preparedness and cyber response levels.

In order to get a comprehensive viewpoint, Advisen surveyed three groups: (1) agents/brokers, (2) risk managers/insurance buyers, and (3) law firms.

Join us as we discuss the key findings of the study and examine how they impact the cyber insurance community.

This is a free, one-hour webinar sponsored by Experian.

For more info and registration about this upcoming event, visit http://www.advisenltd.com/2017/05/09/crisis-cyber-confidence/

Advisen Ltd | Experian. (2017). A Crisis in Cyber Confidence [Webinar].

Product Recalls Can Be Costly, But Many Businesses Do Not Buy Coverage

From vehicles to mobile phones to nut butter, product recalls have the potential to seriously affect businesses’ bottom lines, but many organizations don’t realize the need for product recall insurance, according to Florian Beerli, senior vice president at Chubb.

“There’s a lack of education and understanding of what the coverage does cover,” Beerli said in a recent interview with Advisen. Some manufacturers may feel they have coverage for costs related to recalling and replacing products along with financial loss through their product liability coverage. This common mistake leaves businesses open to increased risk, according to Beerli.

“They underestimate the cost,” he said. “A recall can put a company out of business. It becomes a risk management tool.”

Read more at http://www.advisenltd.com/2017/04/10/product-recalls-can-be-costly-but-many-businesses-do-not-buy-coverage/

Erin Ayers, Product recalls can be costly, but many businesses do not buy coverage (April 10, 2017), available with subscription at Advisen Professional Front Page News.

Congress Paying Close Attention to Cyber Risk to Federal Networks, Critical Infrastructure

Both the US House of Representatives and the Senate have held numerous hearings on cyber issues. The general consensus? The federal government must do more to protect data and systems from an increasingly aggressive cyber threat landscape.

Earlier this week, the House Homeland Security Committee met to discuss the Department of Homeland Security’s efforts to secure federal networks. Chairman Rep. Michael McCaul (R-Texas) commented that legislation would soon be drafted to centralize cybersecurity defense within the DHS.?

Read more at http://www.advisenltd.com/2017/04/10/congress-paying-attention-to-cyber-risk-to-federal-networks/

Erin Ayers, Congress paying close attention to cyber risk to federal networks, critical infrastructure (April 10, 2017), available with subscription at Advisen Cyber Front Page News.

Cyber Risk Carries Over Into Other Liability Lines: Allianz Report

Within the broader insurance world of liability losses, cyber risk stands to become a significant worry in other lines of business including product liability and recall risk, according to a new global claims review from Allianz Global & Corporate Specialty (AGCS).

“Cyber claims are becoming more relevant. This is a huge area of growth for insurers,” said Peter Oenning, global head of claims liability for AGCS.

Read more at http://www.advisenltd.com/2017/04/10/cyber-risk-carries-over-into-other-liability-lines/

Erin Ayers, Cyber risk carries over into other liability lines: Allianz report (April 10, 2017), available with subscription at Advisen Cyber Front Page News.

Insurers See Growth Potential for Cyber in Personal Lines Market

As interest in cyber coverage from commercial organizations ramps up and concerns grow over the security of internet-connected devices, the insurance industry hopes to expand the market to individuals facing cyber risk.

While identity theft products have existed in personal lines for many years, several insurers have recently introduced coverage that responds to cyber extortion, breach notification costs, financial fraud, personal cyber liability, and cyber bullying. NAS Insurance, American International Group (AIG), and Hartford Steam Boiler (HSB) are among those companies targeting personal lines customers as potential buyers of cyber insurance. The industry may find itself boosted by the vulnerability-riddled smart devices, ransomware demands aimed at individuals and consumer privacy concerns.

Read more at http://www.advisenltd.com/2017/04/10/insurers-see-growth-potential-cyber-personal-lines-market/

Erin Ayers, Insurers see growth potential for cyber in personal lines market (April 10, 2017), available with subscription at Advisen Cyber Front Page News.

2017 Advisen Cyber Risk Awards

Advisen will host its 4th annual Cyber Risk Awards at a gala dinner event in New York City that has become the leading networking event on the cyber social calendar. An excellent line-up of emcees will bring their unique flavor to the evening that will see the cyber market’s top performers honored by their peers. Unlike other industry award presentations that kowtow to advertisers, Advisen’s Cyber Risk Awards are determined by “People’s Choice” and leverage Advisen’s vast contact database of over 40,000 P&C professionals who care about Cyber Risk. 300 Cyber Risk Professionals attended this dinner in 2016.

Voting will be open soon!

Read more at http://www.advisenltd.com/media/awards/06/14/2017-cyber-risk-awards/

Advisen Ltd. (2017, April 12). 2017 Advisen Cyber Risk Awards [Media Awards]. Retrieved from http://www.advisenltd.com/

What’s Trending in Cyber Liability Claims for Financial Institutions?

April 2017

Cyber-criminals are increasingly targeting smaller financial institutions, according to data from Nationwide and Advisen Ltd. In this infographic, the two companies show that while 53 percent of cyber incidents in the past five years affected larger companies or those with annual revenues greater than $1 billion, hackers are increasingly going after smaller firms.

This and more findings are featured in What’s Trending in Cyber Liability Claims for Financial Institutions?, an infographic that looks at the types of cyber incidents and sources of data loss. Nationwide and Advisen also examine the percentage increases in malicious data breaches and network disruptions.

Click here to download the full infographic: http://www.advisenltd.com/2017/04/07/whats-trending-cyber-liability-claims-financial-institutions/

Nationwide. Advisen Ltd. April 2017. What’s trending in cyber liability claims for financial institutions? [Infographic].

Advisen’s 2017 Executive Risk Insights Conference in NYC

Advisen’s annual Executive Risk Insights Conference covers public company issues as well as serving the private and non-profit sector. With two tracks of sessions throughout the day - dedicated to issues affecting each sector - audience attendees will benefit from content designed explicitly for their risk management and insurance needs.

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

http://www.advisenltd.com/events/conferences/09/13/2017-executive-risk-insights-conference-new-york/

Advisen's 2017 Property Insights Conference in New York

Advisen's annual Property Insights Conference in New York City offers a full-day, multi-track program that identifies and explores the burning issues facing the US property market today. With nearly 400 people expected to attend, 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 in the midst of the 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:

http://www.advisenltd.com/events/conferences/06/08/2017-property-insights-conference-new-york/