US Relationship Status with GDPR: It’s Complicated

The time for US companies to get ready for the EU’s General Data Protection Regulation is now and it’s all hands on deck.

“Who shouldn’t?” answered Liz Walker when asked who within an organization should prepare for the directive, which will transform how businesses process and handle data. It is scheduled to go into effect May 25, 2018.

“This isn’t just a legal department or compliance issue, or a risk management issue,” said Walker, head of enterprise risk and global insurance at Groupon Inc., during a recent Advisen webinar sponsored by CyberScout. “This is going to touch every aspect of your business.”

Read more at https://www.advisenltd.com/2017/10/05/us-relationship-status-gdpr-complicated/

Chad Hemenway, US relationship status with GDPR: It’s complicated (October 5, 2017), available with subscription at Advisen Cyber Front Page News.

Aon Unveils Broad Cyber Policy in Response to Client Demand

Aon Risk Solutions this week launched one of the broadest cyber insurance offerings in the market in response to client demand for a single policy to address cyber-related property damage, bodily injury, product liability, vendor and supply chain risk, as well as privacy liability.

According to Stephanie Snyder, cyber practice sales leader for Aon Risk Solutions, the product, called Aon Cyber Enterprise Solution, goes further than existing policies in the market to include not only liability coverage for data breaches, but also risks related to the Internet of Things, system failure, and fines and penalties where allowed by law.

Read more at http://www.advisenltd.com/2016/10/17/aon-unveils-broad-cyber-policy-in-response-to-client-demand/

Erin Ayers, Aon unveils broad cyber policy in response to client demand (October 17, 2016), available with subscription at Advisen Cyber Front Page News.

Cyber in Property Policies, Drones, and Labor Laws Areas to Watch for Insurance Buyers

Insurance coverage for cyber-related property damage, new regulations for drones, and upcoming changes to federal labor laws topped the list of concerns for insurance buyers as experts from Marsh discussed the broker’s recent midyear report.

The potential for property damage to occur as a result of a cyber attack has been at the forefront of insurance discussions and Marsh’s property practice leader Duncan Ellis reported during a webinar this week that a few insurers now provide some element of coverage. He cited FM Global and Zurich incorporating cyber as a peril in their property policies, and noted that AIG recently released a broader cyber policy to address property damage, bodily injury, and business interruption. Marsh clients have shown increased interest in cyber coverage as part of their property program, according to Ellis.

Read more at http://www.advisenltd.com/2016/08/16/cyber-in-property-policies-drones-and-labor-laws-areas-to-watch-for-insurance-buyers/

Erin Ayers, Cyber in property policies, drones, and labor laws areas to watch for insurance buyers (August 16, 2016), available with subscription at Advisen Professional Front Page News.