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].