Advisen Announces 2018 Cyber Risk Award Winners

NEW YORK— June 7, 2018 – Arthur J. Gallagher’s Adam Cottini received the Cyber Risk Champion of the Year award at Advisen’s fifth annual Cyber Risk Awards event. INSUREtrust’s Christiaan Durdaller, AXIS Insurance’s Dan Trueman, and AIG’s Tracy Grella were each named Cyber Risk Industry Person of the Year in the USA, London, and International markets respectively.

Winning companies – determined by People’s Choice voting – included Beazley as Insurer of the Year and Willis Towers Watson as Broker of the Year.

Over 400 P&C Professionals who care about Cyber Risk attended this gala awards dinner emceed by Jeremy Gittler of XL Catlin, and Shannon Groeber of JLT Specialty USA, Scott Kannry of Axio Global, Graeme Newman of CFC Underwriting, and Jon Laux of Aon.

Read more at https://www.advisenltd.com/about/press-releases/2018-cyber-risk-award-winners-announced/

Advisen Ltd. (June 2018). Advisen Announces 2018 Cyber Risk Award Winners [Press Release]. Retrieved from Advisen Press Releases.

2018 Big Nasty Claims Conference – New York

New for 2018, Advisen will host a half-day conference, focusing on the phenomenon of big, nasty claims in the casualty sector.

Mass torts and class actions with the potential to exceed $100 million take years to settle, tax corporate resources disproportionately, and often bring out the liability sharks.

Aimed at risk managers and claims professionals along with carriers, brokers, and attorneys, this inaugural event seeks to help all parties keep the sharks at bay.

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

https://www.advisenltd.com/09/20/2018-big-nasty-claims-conference-new-york/

Ransomware Evolves to Affect Severity; BI Remains ‘Complicated’

CHICAGO—There is “no honor amongst thieves” when it comes to ransomware.

During a panel on claims developments here at Advisen’s Cyber Risk Insights Conference, CNA Insurance cyber industry leader Brian Robb said ransomware attacks have evolved. At the start of the ransomware trend, organizations that paid up would receive encryption keys to get data back.

Now, said Robb, there have been situations in which the thieves only returned a partial encryption key following payment, and then asked for more cryptocurrency.

Read more at https://www.advisenltd.com/ransomware-evolves-to-affect-severity-bi-remains-complicated/

Chad Hemenway, Ransomware evolves to affect severity; BI remains ‘complicated’ (May 24, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Cyber Front Page News.

US Supreme Court Upholds Arbitration in Employee Contracts

A deeply divided U.S. Supreme Court ruled yesterday that employers may include arbitration clauses in employment contracts requiring employees to settle disputes individually rather than joining together to fight wage-and-hour violations.

Plaintiffs in the cases argued that the National Labor Relations Act (NLRA) supersedes the 1925 Federal Arbitrations Act. The 1935 NLRA allows employees “the right to self-organization, to form, join, or assist labor organizations, to bargain collectively . . . , and to engage in other concerted activities for the purpose of collective bargaining or other mutual aid or protection” and the National Labor Relations Board ruled in 2012 that the NLRA nullified the earlier law.

Read more at https://www.advisenltd.com/us-supreme-court-upholds-arbitration-in-employee-contracts/

Erin Ayers, US Supreme Court upholds arbitration in employee contracts (May 22, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Professional Front Page News.

Amid Flat or Lower Cyber Prices, Brokers See Demand for Coverage Soar

The first quarter of 2018 showed either average decreases or flat prices for cyber insurance coverage, according to recent survey from the broker community.

Marsh, in its Global Insurance Market Index, found renewal prices for cyber in the United States to be trending downward in the fourth quarter out of the last five quarters. The average decrease of 1.7 percent comes after 0.6 percent rise in the last quarter of 2017, down from a high of an average 20 percent on renewal in the second quarter of 2015.

Read more at https://www.advisenltd.com/amid-flat-or-lower-cyber-prices-brokers-see-demand-for-coverage-soar/

Erin Ayers, Amid flat or lower cyber prices, brokers see demand for coverage soar (May 21, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Cyber Front Page News.

Telemedicine & Cyber Risk: Time for a Check-Up

Telemedicine, the use of telecommunication and information technology to provide clinical healthcare from a distance, has revolutionized the delivery of healthcare services in recent years. However, with great technical advances come a wider spectrum of cyber threats, including telemedicine security risks.

While external threats coming from malicious actors are widely acknowledged, healthcare service providers must also pay attention to other sources of threats including employee error, unintentional disclosure, and insider threat.

In addressing telemedicine security risks, it is important to look for policies that combine the appropriate mix of professional liability, general liability and privacy and network security (cyber liability).

Visit https://www.advisenltd.com/2018/04/26/telemedicine-security-risks-cyber/ to learn more and download the full infographic.

Aspen Insurance | CRC Group | Advisen Ltd. April 2018. Telemedicine & Cyber Risk: Time for a check-up [Infographic].

Sound the Alarm: Keeping Data and Systems Safe From Intruders

Claims data is not enough to understand cyber risks – turning to the technology and security side can present the risk in a clearer light with the use of a wider range of data sources.

Based on Symantec’s 2018 Internet Security Threat Report, there are many considerations and questions to ask regarding technology and security that can help prevent a cyber attack. The aim is to provide a summary of current vulnerabilities, likelihood of being attacked, and ways to avoid attack.

Visit https://www.advisenltd.com/media/infographics/keeping-data-systems-safe/ to learn more and download the full infographic.

CyberCube. | Advisen Ltd. May 2018. Sound the Alarm: Keeping data and systems safe from intruders. [Infographic].

Notable Hospitality Losses: 2011 – 2017

With summer approaching in the US – and after a particularly LONG winter – I’ve been dreaming of the warm sun and some sand in my toes! Which naturally got me thinking about the hospitality industry and what types of losses these service-oriented organizations experience.

As one might expect, the hospitality industry faces a broad spectrum of risks. Some of the larger losses involve lawsuits that become class actions, which continue over a number of years. We dug into Advisen’s loss data to see who, what, and where some of these losses are occurring.

Read more at https://www.advisenltd.com/blog/hospitality-travel-tourism/hospitality-losses-2011-2017/

Charlene Farside. (May 2018). Notable Hospitality Losses: 2011 – 2017 [Blog].

This blog post in an excerpt of the original. The content originally appeared in Advisen Blog.

Big Nasty Claims: What Are The Large Loss Trends in Casualty?

June 12, 2018 11:00 AM EDT

Mass torts and class actions with the potential to exceed $100 million are a constant challenge to a business and its insurers. Carriers, lawyers and other advisors need exceptional skills to manage these claims for clients.

For more info and registration of this upcoming webinar, visit https://www.advisenltd.com/media/webinars/big-nasty-claims-casualty-large-loss-trends/

Advisen Ltd. June 2018. Big Nasty Claims: What are the large loss trends in casualty? [Webinar].

Romaine Lettuce E. Coli Scare Latest Case Driving Product Recall Insurance Interest

Romaine lettuce, airbags, mobile phone batteries – these are just a few of the prominent product recalls that have occurred in recent years, driving businesses to become more prepared for the financial and reputational risks associated with defective, mislabeled, or otherwise problematic products.

Heightened attention from consumer groups and federal regulators mean information about product recalls spreads more quickly and authorities become involved in detecting problems sooner. The spike in product recalls also means that more businesses, particularly in the food and beverage industry, are looking for insurance solutions.

Read more at https://www.advisenltd.com/romaine-lettuce-e-coli-scare-latest-case-driving-product-recall-insurance-interest/

Erin Ayers, Romaine lettuce E. coli scare latest case driving product recall insurance interest (May 14, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Professional Front Page News.

Quarterly D&O Claims Trends: Q3 2018

On Tuesday, October 30 Advisen will host a webinar that examines the D&O claims trends for the third quarter of 2018. Advisen’s Jim Blinn and a panel of experts will discuss the frequency and severity of securities suits in Q3 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 webinar, visit https://www.advisenltd.com/2018/10/30/quarterly-claims-trends-q3-2018/

Advisen Ltd. October 2018. Quarterly D&O Claims Trends: Q3 2018 [Webinar].

Structuring Multinational Insurance

Eighty percent of mid- to large-size companies have some degree of multinational exposure, according to a recent study conducted by The Hartford. How can these firms mitigate risks that come with being a multinational company? 

What sophisticated multinational insurance solutions are available for the middle market? Find out in The Hartford’s and Advisen’s free, 6-page paper Structuring Multinational Insurance Programs for the Middle Market.

Read more https://www.advisenltd.com/resources/white-papers/structuring-multinational-insurance/

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

The Hartford | Advisen Ltd. May 2018. Structuring Multinational Insurance [White Paper].

Myth Busting Cyber Claims: There is More Than One Way to Manage a Cyber Claim

Amid the changing cyber-threat landscape, most businesses still believe that lawyers are better equipped to deal with high-stakes and high-stress scenarios involving cyber incident management.

What are the drawbacks of lawyer-led cyber claim project management? Why should companies take a situational approach to cyber claim management instead of following a one-size-fits-all model? Find out in CyberScout’s and Advisen’s free, 6-page paper Myth Busting Cyber Claims: There is more than one way to manage a cyber claim.

Read more at https://www.advisenltd.com/white-papers/cyber-claims-myth-busting/

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

CyberScout | Advisen Ltd. May 2018. Myth Busting Cyber Claims: There is more than one way to manage a cyber claim [White Paper].

Liability Risks of ICOs

Just a couple of years ago Bitcoin and other cryptocurrencies were virtually unknown to most people. To the extent people were aware of them at all, they were seen largely as a mysterious form of money preferred for shady transactions. In the past year, Bitcoin has made headlines as an investment vehicle, though a highly volatile one. A single bitcoin was trading at nearly $20,000 in December, 2017 before plummeting to about $7,000 in February. As of April 25th, it was trading at $8,873.

Though derided by some experts as a bubble, or even a fraud, Bitcoin and other cryptocurrencies have caught the attention of Wall Street. Cryptocurrency funds have been launched and cryptocurrency futures are now traded. Respected financial market analysts now follow the cryptocurrency market.

Read more at https://www.advisenltd.com/blog/2018/04/28/liability-risks-icos/

Dave Bradford. (2018, April 28). Liability Risks of ICOs [Blog].

This blog post in an excerpt of the original. The content originally appeared in Advisen Ltd. Blog Page.

Hacked Medical Device: ‘Where Bits and Bytes Meet Flesh and Blood’

White-hat hackers joined the white coats in a simulation of a hacked medical device during this year’s RSA Conference in an effort to demonstrate the very real cyber risk faced by healthcare organizations in securing medical devices.

“Our dependence on connected technology is growing much faster than our ability to secure it,” said Josh Corman, chief security officer and founder of cybersecurity firm PTC.

“Nothing’s going to change until someone dies, so we’re going to do what any good, self-respecting hackers would do and we killed people,” said Corman.

Read more at https://www.advisenltd.com/2018/04/23/hacked-medical-device-bits-bytes-meet-flesh-blood/

Erin Ayers, Hacked medical device: ‘where bits and bytes meet flesh and blood’ (April 23, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Professional Front Page News.

Underlying Trends Keeping EPL Underwriters Busy

Unemployment is down and fiscal year-end statistics released by the Equal Employment Opportunity Commission revealed a drop in total charges, but there remain some troubling trends for employment practices liability underwriters.

“Lower unemployment and a decrease in EEOC charges should be good things—and they are—but there are several underlying dynamics that are not so great,” Michael Schraer, Chubb’s employment practices and not-for-profit product manager told Advisen from the RIMS Annual Conference here.

Read more at https://www.advisenltd.com/2018/04/18/underlying-trends-keeping-epl-underwriters-busy/

Chad Hemenway, Underlying trends keeping EPL underwriters busy (April 18, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Professional Front Page News.

Advisen Data Spotlight: The Credit Card Breach is Back, Baby! (Or is it?)

In recent years, there have been no shortage of cyber-related headlines. The emergence of ransomware, concerns over the systemic impact of cyber attacks, and various other emerging risks have monopolized much of the conversation around cyber risk.  But a flurry of recent high-profile credit card breaches begged the question as to whether cyber risk has come full circle. Is the credit card breach back? Have credit card breaches ever really gone away?

To get a better understanding of trends surrounding credit card breaches that occurred with malicious intent, Advisen tapped into its cyber loss database in search of answers.

Read more at https://www.advisenltd.com/2018/04/16/advisen-data-spotlight-credit-card-breach-back-baby/

Josh Bradford, Advisen Data Spotlight: The credit card breach is back, baby! (Or is it?) (April 16, 2018).

Uber Drivers Are Not Employees, Penn. Court Rules

Uber drivers are not employees, according to a Pennsylvania court, in a ruling on whether ride-hailing app drivers can be eligible for minimum wages and overtime under state and federal laws.

The United States District Court for the Eastern District of Pennsylvania granted Uber summary judgment in a lawsuit brought by three drivers who argued that spending more than 40 hours “online” or available to pick up riders should qualify them for overtime. The plaintiffs worked as part of Uber’s UberBLACK, or limousine services, and also own their own limo services.

Read more at https://www.advisenltd.com/2018/04/13/uber-drivers-not-employees-penn-court-rules/

Erin Ayers, Uber drivers are not employees, Penn. court rules (April 13, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Professional Front Page News.

Conference Commentary: How AIG’s Duperreault Stole the Show with ‘Calm, Cool, Collected Confidence’

We knew AIG CEO Brian Duperreault was a “good get” for Advisen’s recent Casualty Insights Conference, though we did not anticipate how forthcoming he’d be.

Thanks go to stalwart advisory board member Tony DeFelice of Aon—with an assist from Joe Rego, president of Aon Bermuda—for spending the time to entice the president and CEO of AIG to sit in front of 400 P&C executives and risk managers  and talk about the casualty business and his philosophies for AIG.

“We thought, with Brian’s recent appointment as AIG CEO, and since AIG is such a large player in the  casualty arena, it would be ideal to get Brian to participate in this event,” said DeFelice, managing director and Casualty Practice leader at Aon. “He is one of the few icons in the industry.”

Read more at https://www.advisenltd.com/2018/04/11/conference-commentary-aigs-duperreault-stole-show-calm-cool-collected-confidence/

Chad Hemenway, Conference Commentary: How AIG’s Duperreault stole the show with ‘calm, cool, collected confidence’ (April 11, 2018).

Structuring Multinational Insurance Programs for the Middle Market

Wednesday, May 2 at 11am EDT

The world has become a much smaller place and globalization is now a necessity for many small and mid-sized companies to remain competitive. For companies that do business in more than one country, every border presents a unique set of issues and challenges. Thus, insurance programs must be designed to respond in a way that is consistent with a company’s objectives no matter where in the world an exposure exists or a loss may occur. There is no one-size-fits-all approach.

On May 2 at 11 AM Eastern, join The Hartford’s Alfred Bergbauer, Lockton’s Bruce Cohen, and Advisen’s Josh Bradford as they discuss sophisticated multinational insurance solutions which were once reserved for the largest companies but are now available for the middle market.

This free, one-hour webinar is sponsored by The Hartford.

For more info and registration of this upcoming webinar, visit https://www.advisenltd.com/2018/05/02/structuring-multinational-insurance-programs-middle-market/

Advisen Ltd. May 2018. Structuring Multinational Insurance Programs for the Middle Market [Webinar].

The Future of Cyber Risk Modeling

April 24, 2018 at 11am EDT

Effectively managing and modeling cyber risk can make all the difference for insurers, reinsurers, and brokers. As cyber insurance expands and evolves, the insurance industry must make well-informed underwriting decisions to meet both market demand and ensure financial success. From pricing more accurately to managing cyber aggregation, harnessing data analytics and modeling can usher the insurance industry into the future of cyber risk.

For more info and registration of this upcoming webinar, visit https://www.advisenltd.com/2018/04/24/the-future-of-cyber-risk-modeling/

Advisen Ltd. April 2018. The Future of Cyber Risk Modeling [Webinar].

‘You Can Do Well In This Business If You Do It Intelligently’: AIG’s Duperreault

NEW YORK CITY — The casualty insurance business can be tough and it – and the industry that takes it on – should be treated with respect, according to Brian Duperreault, president and CEO of American International Group (AIG), who gave the keynote speech here at Advisen’s Casualty Insights Conference on March 29.

“I’ve been involved in large casualty business for 30+ years. It can be good business. But it can be one of the most dangerous risks you can take on in the world,” said Duperreault, who was questioned by Tony DeFelice, managing director and Casualty Practice leader at Aon, after spending about eight months enticing the CEO to join the conference.

“A lot can go wrong. You make a mistake in large casualty business and it’s a huge loss. It should be treated that way,” continued Duperreault.

Read more at https://www.advisenltd.com/2018/04/02/can-well-business-intelligently-aigs-duperreault/

Erin Ayers, ‘You can do well in this business if you do it intelligently’: AIG’s Duperreault (April 2, 2018).

US Officials Charge Nine Iranians with Cyber Theft

US officials announced criminal charges on March 23 against nine Iranian individuals in connection with a massive cyber theft campaign that targeted universities, government entities, and businesses across the globe.

The US Justice Department accused the nine Iranians of working under the cover of an organization called the Mabna Institute to steal intellectual property, research, and other data on behalf of the Islamic Revolutionary Guard Corps, an intelligence-gathering entity within the Iranian government

Read more at https://www.advisenltd.com/2018/03/26/us-officials-charge-nine-iranians-cyber-theft/

Erin Ayers, US officials charge nine Iranians with cyber theft (March 26, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Cyber Front Page News.

More ‘Wow’ Moments Predicted for Global Insurance M&A

2017 brought the first “uncertainty” to global insurance mergers and acquisitions and very little activity – but also offered evidence that things might change in 2018, according to a new report from Ernst & Young.

“2017 was not a stellar year for insurance M&A in terms of the overall number or value of deals — with both being broadly comparable to 2016,” E&Y said in its report, adding that 2017 included the fewest deals since 2010.

Read more at https://www.advisenltd.com/2018/03/23/wow-moments-predicted-global-insurance-ma/

Erin Ayers, More ‘wow’ moments predicted for global insurance M&A (March 23, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Professional Front Page News.

Insurance Industry Lagging Behind in Using IoT Data

The insurance industry trails other sectors in effectively harnessing new data sources such as the Internet of Things, or IoT,  and may have a harder time keeping pace with customer demand and achieving competitive advantage, according to a recent survey from LexisNexis.

Read more at https://www.advisenltd.com/2018/03/22/insurance-industry-lagging-behind-using-iot-data/

Erin Ayers, Insurance industry lagging behind in using IoT data (March 22, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Cyber Front Page News.

Yahoo Data Breach Lawsuit Can Proceed, US District Court Rules

Yahoo users can proceed with their data breach lawsuit, according to a recent court order that allowed the plaintiffs to pursue negligence and breach of contract claims against the internet giant and its now-parent company Verizon.

US District Court Judge Lucy Koh agreed that plaintiffs had shown that they would have behaved differently with regards to their Yahoo email accounts.

Read more at https://www.advisenltd.com/2018/03/15/yahoo-data-breach-lawsuit-can-proceed-us-district-court-rules/

Erin Ayers, Yahoo data breach lawsuit can proceed, US district court rules (March 15, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Cyber Front Page News.

What the Insurance Industry Can Learn From Historical Hospital Losses

Hospital losses are not only a concern for the risk professionals at hospitals, but also for the carriers writing the risks and brokers and agents placing them. Today, the biggest challenge facing healthcare establishments and organizations may not be fatal diseases, but a broad spectrum of risks.

While some types of liability are unique to hospitals and healthcare organizations, others are similar to those troubling other industries. A case in point: A Catholic healthcare ministry agreed to pay a total of $358.4 million in 2014 to settle allegations that it violated the Employee Retirement Income Security Act of 1974 (ERISA). According to the complaint, the hospital failed to fully fund their workers’ retirement plan, depriving more than 70,000 employees of critical protections designed to ensure their security in retirement.

Advisen’s loss data experts published [Hospital Losses Doc Name Here] to illustrate losses the insurance industry has experienced in the past decade.

Read more at https://www.advisenltd.com/blog/2018/03/26/hospital-losses-insurance-industry-lessons/

Charlene Farside. (March 2018). What the insurance industry can learn from historical hospital losses [Blog].

This blog post in an excerpt of the original. The content originally appeared in Advisen's Blog page.

Commercial Insurance Prices Show Slight Rise in 4Q 2017

Commercial insurance prices edged upward slightly for most lines of coverage during the fourth quarter of 2017, a likely impact from rough weather-related claims in the last few months of last year, according to Willis Towers Watson’s latest Commercial Lines Insurance Pricing Survey (CLIPS).

Read more at https://www.advisenltd.com/2018/03/13/commercial-insurance-prices-show-slight-rise-4q-2017/

Erin Ayers, Commercial insurance prices show slight rise in 4Q 2017 (March 13, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Professional Front Page News.

Looking the Wrong Way Through a Telescope at Strategic Ghosts

Cyber and strategy adviser T. Casey Fleming stood up in front of a group of insurance professionals here and told them, “We’re fighting ghosts.”

He introduced the audience at Advisen’s Cyber Risk Insights Conference in London to a concept called “Asymmetrical Hybrid Warfare.” Yes, it sounds like a bold-font title on a manila file folder with hastily pressed red-ink “top secret” stamp, briskly carried into a room for which you do not have clearance.

“Our adversaries are a lot better at intelligence than we are,” Fleming said. We—places like the UK and US—are operating in tactical, maybe operational mode. Our Chinese, Russian and North Korean opponents are operating at the strategic level. He called what is happening now the “Cold War on steroids.”

Read more at https://www.advisenltd.com/2018/03/08/looking-wrong-way-telescope-strategic-ghosts/

Chad Hemenway, Looking the wrong way through a telescope at strategic ghosts (March 8, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Cyber Front Page News.

Sexual Harassment in the Headlines Means More Attention on EPL Insurance

A rolling wave of sexual harassment accusations swept the nation during 2017, taking down major household names in entertainment, politics, and beyond. The focus on harmful behaviors, power dynamics in professional relationships, and long-hidden cultures of harassment has had wide-reaching impacts, launching the #MeToo movement and creating what is now being called “the Weinstein Effect.”

It has also prompted the question of whether increased attention would have an impact on the employment practices liability insurance space, as organizations realize that harassment and discrimination claims aren’t isolated to the rich and famous. Insurance professionals say that although the high-profile cases have brought some focus to the risk of workplace sexual harassment claims, they have not seen a corresponding flood of new applications for EPL coverage or higher limits bought by existing customers.

Read more at https://www.advisenltd.com/2018/02/28/sexual-harassment-headlines-means-attention-epl-insurance/

Erin Ayers, Sexual harassment in the headlines means more attention on EPL insurance (February 28, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Professional Front Page News.

Advisen Releases the Second Edition of the Most Comprehensive Guide to Cyber Service Providers

Advisen announced the release of the 2018 Cyber Guide: The Ultimate Guide to Cyber Service Providers. This second edition of the Cyber Guide is twice the size of the 2017 edition featuring 161 companies across 10 categories.

Considered to be a one-stop shop for making cyber-partner decisions, this free interactive e-PDF offers buyers of cyber services the most comprehensive, independent guide to the service providers available in the market and the products each offer.

Read more at https://www.advisenltd.com/2018/03/06/advisen-releases-the-second-edition-of-the-most-comprehensive-guide-to-cyber-service-providers/

Advisen Ltd. (March 2018). Advisen releases the second edition of the most comprehensive guide to Cyber service providers [Press Release]. Retrieved from Advisen Press Releases.

Vote NOW to decide Advisen’s 2018 Cyber Risk Awards

Voting is now open for Advisen’s 2018 Cyber Risk Awards, which recognizes the P&C insurance industry’s most influential cyber risk professionals. This year’s list of nominees includes 20 new individuals and 27 new companies not included in last year’s ballot. Winners will be announced on June 6, 2018 at Gotham Hall in NYC.

34 cyber risk professionals and 66 companies have been shortlisted across 10 categories.

Read more at https://www.advisenltd.com/2018/03/06/vote-now-to-decide-advisens-2018-cyber-risk-awards/

Advisen Ltd. (March 2018). Vote NOW to decide Advisen’s 2018 Cyber Risk Awards [Press Release]. Retrieved from Advisen Press Releases.

Reputational Harm Rises as Priority for Insurance Industry

Measuring the financial reputational harm from of cyber events may be difficult, but insurers will need to develop a product to meet the market demand for the risk, according to experts speaking during Advisen’s Cyber Risk Insights Conference, held Feb. 13 and 14 in San Francisco.

Unfortunately, the industry has far to go before being able to effectively underwrite and price reputational risk. Some strides have been made on insuring against business interruption and contingent business interruption, but reputational risk provides a different challenge.

Read more at https://www.advisenltd.com/2018/02/26/reputational-harm-rises-priority-insurance-industry/

Erin Ayers, Reputational harm rises as priority for insurance industry (February 26, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Cyber Front Page News.

GDPR Again? No, really, it’s time to pay attention

Businesses might be tired of hearing about the European Union’s General Data Protection Regulation (GDPR), but make no mistake – it’s a really big deal, according to speakers at Advisen’s Cyber Risk Insights Conference in San Francisco.

GDPR, now just under 100 days from being implemented on May 25, dramatically raises the financial and operational stakes for any organization handling the personal information of EU citizens. Panelists agreed that most organizations are not ready for the approaching mandate.

Read more at https://www.advisenltd.com/2018/02/22/gdpr-no-really-time-pay-attention/

Erin Ayers, GDPR again? No, really, it’s time to pay attention (February 22, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Cyber Front Page News.

Alternative Capital a Wet Blanket on Natural-Catastrophe Spark to Harden Property Market

Alternative capital in the form of insurance-linked securities is here to stay, and its response to a record-setting year for natural-catastrophe losses has “fundamentally changed marketplace dynamics,” according to a property market update from Willis Towers Watson.

The broker said catastrophe-exposed properties with recent losses are facing rate hikes of 20-25 percent, and similar programs without losses are facing increases of 10-20 percent.

Read more at https://www.advisenltd.com/2018/02/15/alternative-capital-wet-blanket-natural-catastrophe-spark-harden-property-market/

Chad Hemenway, Alternative capital a wet blanket on natural-catastrophe spark to harden property market (February 15, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Professional Front Page News.

A More Active Plaintiffs’ Bar Driving Increase in Securities Class Action Litigation

The total count of new cases tracked by Advisen that may be covered by D&O insurance was down in 2017 from 2016, according to data presented during Advisen’s D&O claims trends end-of-year webinar.

When looking specifically at shareholder risks, which include securities class action suits, merger objection suits, derivative shareholder suits and a variety of other suits brought by shareholders, the number of filings has remained fairly constant over the past four years.

Behind this general consistency in shareholder risks, however, there has been a fair amount of change year-to-year in terms of the different case types.

Read more at https://www.advisenltd.com/2018/01/29/active-plaintiffs-bar-driving-increase-securities-class-action-litigation/

Josh Bradford, A more active plaintiffs’ bar driving increase in securities class action litigation (January 29, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Professional Front Page News.

Vendor Cyber Risk Management

Perhaps you remember Fazio Mechanical, the unfortunate HVAC contractor that was the access point to Target for its massive 2013 data breach. Using network credentials stolen from Fazio, attackers broke into the retailer’s network in November, 2013. Data containing the names, mailing addresses, phone numbers, email addresses and payment card information for up to 70 million people was compromised.

Fazzio Mechanical was far from an anomaly. Hackers often look for vulnerabilities in vendors’ security systems as a way into a target company’s network. Supplier networks are often more vulnerable than those of the target enterprise, which may have more resources devoted to security. Home Depot and Boston Medical Center are other examples of organizations that were breached as a result of compromised third parties. Recently an Indiana hospital paid hackers to unencrypt patient records that were targeted in an attack launched through an outside vendor’s account.

Network security is increasingly as a key consideration in vendor risk assessment, and companies are starting to integrate cybersecurity into their supplier qualification criteria. A number of cybersecurity software companies offer tools to assess vendor cyber hygiene, and many do a good job of identifying security flaws and summarizing exposures through scoring systems or in easy-to-understand reports.

Read more at https://www.advisenltd.com/blog/2018/02/20/vendor-cyber-risk-management/

Dave Bradford. (2018, February 20). Vendor Cyber Risk Management [Blog].

This blog post in an excerpt of the original. The content originally appeared in Advisen Blog.

Insurers Can Play a Role in Building Resilience to ‘Unforeseen Risks’

The insurance industry has a key role to play in assisting their clients in facing the challenges outlined in the recent World Economic Forum’s 2018 Global Risks Report, including cyber risk, environmental and sustainability risks, and political risks.

The report asks global leaders to reflect on the most serious challenges facing business, government, and society – in the 2018 report, environmental risks including extreme weather events, natural disasters, and failure to adopt climate change mitigation were named as some of the most pressing issues in terms of likelihood and potential impact. Cyberattacks also ranked among the top five risks.

Read more at https://www.advisenltd.com/2018/01/26/insurers-can-play-role-building-resilience-unforeseen-risks/

Erin Ayers, Insurers can play a role in building resilience to ‘unforeseen risks’ (January 26, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Professional Front Page News.

Insurers Covered Record $132 Billion in Weather-Related Damage in 2017

Global natural catastrophes in 2017 caused $353 billion in economic losses, with losses covered by private and public insurers eclipsing $130 billion.

According to Aon Benfield’s Weather, Climate & Catastrophe Insight annual report, the $134 billion in insured losses from natural catastrophes in 2017 was just behind the record $137 billion paid by insurers as a result of events in 2011, and only the third time insured losses from natural catastrophes were more than $100 billion.

Thirty-one events around the world—16 in the US—resulted in at least $1 billion in losses last year.

Read more at https://www.advisenltd.com/2018/01/25/insurers-covered-record-132-billion-weather-related-damage-2017/

Chad Hemenway, Insurers covered record $132 billion in weather-related damage in 2017 (January 25, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Professional Front Page News.

XL Catlin Remains on Top to Earn Advisen’s Pacesetter Product Innovation Award

For the second year in a row XL Catlin has topped Advisen’s annual Pacesetter index, an annual recognition of product innovation in the P&C insurance industry.

In fact the top three remain in place from our tally a year ago, with Chubb and Ironshore ranked second and third, respectively. Insurers XL Catlin, Chubb (formerly as ACE prior to the merger), and Ironshore have dominated the top three slots since 2013.

Following the top three is a tie for fourth place with newcomer Starr as well as a reappearance of Allied World, which finished just outside of the top 10 a year ago following several years on the list. The Hanover is another newcomer to the list.

Advisen has been recording and publishing new-product announcements since 2008, and began ranking the top 10 by the number of press releases we receive from each company in 2010.

For 2017, the top three innovators posted a total of 52 product launches, accounting for a quarter of the 208 new-product announcements sent to Advisen.

Read more at https://www.advisenltd.com/2018/01/23/xl-catlin-remains-top-earn-advisens-pacesetter-product-innovation-award/

Chad Hemenway, XL Catlin remains on top to earn Advisen’s Pacesetter product innovation award (January 23, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Professional Front Page News.

Cyber Events Increase for Oil and Gas Orgs, Now Planning Should, Too

More oil and gas organizations (60 percent) reported “significant” cybersecurity events in 2017, up from 41 percent the previous year, according to Ernst & Young’s Global Information Security Survey, but just 17 percent feel comfortable detecting sophisticated cyberattacks.

Nearly all respondents (95 percent) say their cybersecurity efforts meet their organizational needs, even as the urgency is increasing. Greater adoption of connected devices in the industrial sector means that informational and operational technology have collided. With the industrial sector a key part of many supply chains, the time for attention to cyber-physical risks is now. The report indicated that while efforts to steal intellectual property, data, or finances have dropped for oil and gas organizations, malware and phishing efforts are on the rise.

Read more at https://www.advisenltd.com/2018/01/22/cyber-events-increase-oil-gas-orgs-now-planning/

Erin Ayers, Cyber events increase for oil and gas orgs, now planning should, too (January 22, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Cyber Front Page News.

Environmental Damage Cited As Top Global Risk: World Economic Forum

Strong economic growth predicted for 2018 should provide an opportunity for world leaders to address serious challenges facing society, governments, the environment, and the economy, according to the 2018 Global Risks Report from the World Economic Forum (WEF).

Nearly 1,000 global experts offered their perspectives on the most pressing issues facing the world, with environmental concerns again outpacing all other concerns in terms of likelihood of occurrence and impact. Respondents named extreme weather events, ecosystem collapse, natural disasters, man-made environmental catastrophes, and the failure to adopt or implement climate change strategies as the most likely events with the greatest potential impacts. Economic risks have faded in importance, the WEF noted, as environmental issues take on more prominence. Joining environmental concerns among the five most likely risks were cyberattacks and theft or misuse of data.

Read more at https://www.advisenltd.com/2018/01/18/environmental-damage-cited-top-global-risk-world-economic-forum/

Erin Ayers, Environmental damage cited as top global risk: World Economic Forum (January 18, 2018).

This story in an excerpt of the original. The content originally appeared in Professional Front Page News.

Hacking the Olympics Demands Greater Attention to Connected-Device Risk

Hackers targeted organizations involved in planning next month’s Winter Olympic Games in South Korea, according to recent reports from security researchers, an incident that illustrates the wide reach of cyber risk as connectedness increases.

According to McAfee Labs, the primary targets of the hacking campaign – which involved malicious documents attached to emails – were organizations associated with Olympic ice hockey competition. Other Olympic-related hacks have also been reported — Russian cyberespionage group Fancy Bear released emails stolen from the International Olympic Committee as suspected retaliation over the Russian Federation’s ban from the Pyeongchang Olympics in February.

The targets of the hacking campaign uncovered by McAfee seem more aimed at stealing sensitive information and McAfee did not speculate on attribution for the attack.

Read more at https://www.advisenltd.com/2018/01/15/hacking-olympics-demands-greater-attention-connected-device-risk/

Erin Ayers, Hacking the Olympics demands greater attention to connected-device risk (January 15, 2018).

Myth Busting Cyber Claims – There is More Than One Way to Manage a Cyber Claim

February 21, 2018 at 11am EST

The insurance industry has long worked under the assumption that cyber claims, or cyber incident response, should be led by a lawyer or IT specialist. While legal and IT services are essential components of cyber claims handling, and the cyber provider ecosystem, their expertise is necessary at the right time and not necessarily for every situation that transpires. Dedicated project management can help to streamline the cyber claims process.

On February 21st at 11 AM Eastern, join CyberScout’s Eduard Goodman and Eric Hodge, Advisen’s Josh Bradford, and a panel of experts as they explain how cyber incident response project management can be utilized to ensure that costs are minimized and losses are localized.

The free, one-hour webinar is sponsored by CyberScout.

For more info and registration for this upcoming webinar, visit https://www.advisenltd.com/2018/02/21/myth-busting-cyber-claims-there-is-more-than-one-way-to-manage-a-cyber-claim/

Advisen Ltd. February 2018. Myth Busting Cyber Claims – There is more than one way to manage a cyber claim [Webinar].

Coverage in an Age of Healthcare Change and Uncertainty

January 2018

Management liability claim payouts tripled between 2008 and 2016, according to the Advisen database.  What are the factors within the healthcare industry that may have contributed to this increase?  How can healthcare organizations use insurance products and solutions to address certain exposures? Find out in CNA and Advisen’s free, 3-page paper.

Read more at https://www.advisenltd.com/2018/01/22/coverage-age-healthcare-change-uncertainty/

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

CNA | Advisen Ltd. January 2018. Coverage in an Age of Healthcare Change and Uncertainty [White Paper].

European Cyber Losses 2011 – 2017

European cyber losses have affected organizations across Europe in recent years. 2017 was a particularly busy year as the region faced a series of cyber incidents including the Wannacry ransomware attack, the Petya incident, and the Macron campaign hack. This 2018, the region will see the implementation of new cyber and data privacy regulations in Europe such as the EU General Data Protection Regulation (GDPR) and the EU Network and Information Security Directive. These regulations are quite timely considering the European cyber losses that have occurred in recent years. Advisen’s loss data experts pulled together 13 notable European cyber incidents to illustrate how breaches in many forms affect European companies and organizations.

For more info and downloads, visit: https://www.advisenltd.com/2018/01/16/european-cyber-losses-2011-2017/

Advisen Ltd. January 2018. European Cyber Losses 2011 – 2017 [Advisen Notable Losses].

Cyber Risk Analytics Webinar

Tuesday, February 27, 2018 11:00 AM ET

Cyber OverVue™ is a cyber risk analytics solution that leverages historical loss data to generate a loss profile and benchmark analysis in one application, facilitating data-driven decision-making about the cyber risk of an organization.

During this webinar, Product Manager Aloysius Tan will demonstrate how you can easily identify frequency and severity drivers with Cyber OverVue and discuss the implications.

For more info and registration for this upcoming webinar, visit https://www.advisenltd.com/2018/02/27/cyber-risk-analytics-webinar/

Advisen Ltd. February 2018. Cyber Risk Analytics Webinar.

State of the European Insurance Market

February 22 at 11am EST / 4pm GMT

How is the European insurance market responding to current political, economic, regulatory and technological upheaval?

How do the European Union’s General Data Protection Regulation (GDPR) and Brexit affect capital allocation, risk pricing and appetite in the European insurance market?

On Thursday, February 22, Advisen will host a webinar that examines the state of the European insurance market.

For more info and registration for this upcoming webinar, visit https://www.advisenltd.com/2018/02/22/state-of-the-european-insurance-market/

Advisen Ltd. February 2018. State of the European Insurance Market [Webinar].

Discrimination Losses: The Financial Impact

Our loss data experts compiled 12 notable discrimination losses tracked in our proprietary EPLI loss data containing more than 55,000 employment practices liability cases. This document highlights the huge financial impact resulting from these cases.

What are the top recently decided discrimination losses?

Decades ago, Dr. Martin Luther King, Jr. called to an end to all kinds of discrimination. While his actions resulted in significant changes, discrimination still abounds.

For more info and downloads, visit: https://www.advisenltd.com/2018/01/11/discrimination-losses-financial-impact/

Advisen Ltd. January 2018. Discrimination Losses: The Financial Impact [Advisen Notable Losses].

Advisen Claims Satisfaction Survey Identifies Top Claims Handlers, Attributes

Advisen Ltd. recently announced the findings of the 2017 Claims Satisfaction Survey. The results of the survey are detailed in a report that identifies the carriers and TPAs with the highest quality claims services based upon a variety of claims handling “best practices.”

Input from 560 risk managers and brokers revealed FM Global, Chubb, Beazley, Gallagher Bassett, Travelers, and AIG as some of the highest-rated claims handlers. The survey highlights claims satisfaction in four lines of business: Property, Primary Casualty, Management/Professional Liability and Cyber.

Respondents identified expertise, good communication, accessibility, flexibility, and fairness as the top attributes brokers and insureds are looking for in an insurer/TPA.

Although generally satisfied with property claims handling, respondents said they would like better communication regarding timing and the schedule of work, flexibility with complex claims, online reporting, and after-hours services.

Read more at https://www.advisenltd.com/2018/01/08/advisen-claims-satisfaction-survey-identifies-top-claims-handlers-attributes/

Advisen Ltd. (2018). Advisen Claims Satisfaction Survey Identifies Top Claims Handlers, Attributes [Press release]. Retrieved from Advisen Press Releases.

2018 Will Feature Continued Vulnerability Exploits and Expansion in Cyber Insurance Options

2017 may have been the year in which organizations began to fully understand that “cyber risk” means more than retail data breaches and 2018 for the cyber insurance industry will call for continued efforts to meet the expanding needs of their clients.

A key theme of 2017 included the exploitation by cybercriminals of known vulnerabilities to cause chaos, business disruption, and financial losses. Experts agree that the tactic is unlikely to end any time soon.

Read more at https://www.advisenltd.com/2018/01/04/2018-will-feature-continued-vulnerability-exploits-expansion-cyber-insurance-options/

Erin Ayers, 2018 will feature continued vulnerability exploits and expansion in cyber insurance options (January 4, 2018), available with subscription at Advisen Cyber Front Page News.

Congress Urges DHS to Focus on Election Cybersecurity

Congressional lawmakers want the Department of Homeland Security to make a special cyber resolution in the new year – to prevent future disruption from hackers and to increase cooperation between states and the federal government on cyber threats.

Bipartisan members of the U.S. Senate wrote a letter to recently confirmed DHS Secretary Kirstjen Nielsen, urging her to make election cybersecurity a priority. The DHS let 21 states know in September 2017 that Russian hackers attempted to infiltrate their voting systems.

Read more at https://www.advisenltd.com/2017/12/21/congress-urges-dhs-focus-election-cybersecurity/

Erin Ayers, Congress urges DHS to focus on election cybersecurity (December 21, 2017), available with subscription at Advisen Cyber Front Page News.

2018 Cyber Risk Awards

Advisen will host our 5th 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. The excellent line-up of emcees will bring their unique flavor to the evening which 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 insurance professionals who care about Cyber Risk. 385 Cyber Risk Professionals attended this dinner in 2017.

Voting will be open soon!

Read more at https://www.advisenltd.com/2018/06/06/-cyber-risk-awards/

Advisen Ltd. (2018, June 6). 2018 Advisen Cyber Risk Awards [Media Awards].