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].