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.

To Avoid a Race to the Bottom, Transaction Insurance Players Need to ‘Stay in their Lanes’

NEW YORK—Are carriers involved in the transaction insurance marketplace participating in a race to the bottom? Is this the year the rapid growth levels off?

The “two Craigs,” Schioppo and Warnke , both from Marsh, said they have had a bet each year on whether the incredible pace of the transaction insurance market will slow. Craig Warnke, managing director of the broker’s transactional risk practice, admits he’s never won the bet.

“At some point, you figure the market reaches its natural equilibrium,” Warnke said during Advisen’s Transaction Insurance Insights Conference here on April 20.

Warnke’s logic seems sound enough. This can’t go on forever. But the fact is the market has seen significant growth. In 2010, Marsh placed $387 million in transaction insurance limits. The broker placed slightly more than $6 billion in limits in 2016.

Read more at http://www.advisenltd.com/2017/04/21/avoid-race-bottom-transaction-insurance-players-need-stay-lanes/

Chad Hemenway, To avoid a race to the bottom, transaction insurance players need to ‘stay in their lanes’ (April 21, 2017), available with subscription at Advisen Professional Front Page News.

The Digital Ecosystem – How to Manage Cyber Effects on Your Supply Chain

Webinar Date: June 7, 2017 at 11:00 A.M. ET

Businesses are investing heavily in assessing and testing their own cyber security strategy. But what do you know about your partners, suppliers and service providers?

Although, you are less able to control their cybersecurity adequacy, you can certainly be better-equipped at influencing their level of protection and how much of a risk they pose to your business.

This webinar will address why and how a company’s digital ecosystem is vulnerable to cyberattack.

For more info and registration about this upcoming event, visit http://www.advisenltd.com/2017/06/07/digital-ecosystem-manage-cyber-effects-supply-chain/

Advisen Ltd. | TSC Advantage. (2017). The Digital Ecosystem – How to Manage Cyber Effects on Your Supply Chain [Webinar].

2017 Transaction Insurance Insights Conference – London

At Advisen’s Transaction Insurance Insights Conference in London, leading experts in this field will outline current trends in M&A, and discuss European issues around deal-making, including cross border transactions, the due diligence process and the need for speed in completing deals. This session will explain how those issues can be addressed, including the use of transaction insurance products such as - Warranty & Indemnity and M&A Tax Liability – so that deals can close. This program will inform executives and business owners planning a transaction on what to expect and how to mitigate risks. Insurance brokers, buyers and carriers will learn what products are available, how they work, the state of the market and the latest product developments.

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

http://www.advisenltd.com/events/conferences/09/26/2017-transaction-insurance-insights-conference-london/

Measuring Cyber Risk – Understanding the Right Data Sources

Webinar Date: Wednesday, May 31, 2017 at 11:00 A.M. ET

Insurers have a multifaceted challenge to quantify cyber risk for their customers and it’s critical to identify the right data sources. Cyber insurance represents a newer reality of risk and unlike fire or earthquake insurance, it is far more complex to measure cyber risk owing to the lack of historical data.

Sponsored by Symantec, this one-hour webinar will help risk professionals understand the most important data sources cyber insurers need to consider to accurately and efficiently assess cyber risk.

For more info and registration about this upcoming event, visit http://www.advisenltd.com/2017/05/31/measuring-cyber-risk-understanding-right-data-sources/

Advisen Ltd | Symantec. (2017). Measuring Cyber Risk – Understanding the Right Data Sources [Webinar].