2017 Information Security and Cyber Risk Management Survey

Advisen and Zurich released a white paper that highlights the results of a survey conducted among risk professionals to get their view of corporate attitudes and strategies around cyber risk and cyber security in general. The 11-page white paper concluded that recent developments warrant a greater need for guidance in developing cyber risk management programs and improving cyber risk policies in general.

Read more at https://www.advisenltd.com/2017/10/25/2017-information-security-cyber-risk-management-survey/

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

Zurich | Advisen Ltd. October 2017. 2017 Information Security and Cyber Risk Management Survey [White Paper].

Equifax Breach Renews Calls for National Data Breach Standards

A series of congressional hearings focused on the Equifax data breach came with a call for a national data breach notification from the head of the US House of Representatives Financial Services Committee.

“If you are hearing my voice, you are either the victim of the breach or you know someone who is. That`s how massive this breach was,” said Rep. Jeb Hensarling (R-TX). “The criminals got basically everything they need to steal your identity, open credit card accounts in your name and cause you untold frustration and financial calamity.

Read more at https://www.advisenltd.com/2017/10/09/equifax-breach-renews-calls-national-data-breach-standards/

Erin Ayers, Equifax breach renews calls for national data breach standards (October 9, 2017), available with subscription at Advisen Cyber Front Page News.

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.

Blockchain and Cyber Risk

Wednesday, October 18 at 11am ET

Imagine a world where every process, agreement, task and payment would have a digital code that could be identified, validated, stored and shared. That’s the gigantic potential of blockchain technology. According to Forbes, “everyone from Wall Street to Walmart is betting on it.” The important question in the insurance industry is how blockchain adoption will affect cybersecurity and cyber insurance.

For more info and registration of this upcoming webinar, visit: https://www.advisenltd.com/2017/10/18/blockchain-cyber-risk/

SVIA | Advisen Ltd. October 2017. Blockchain and Cyber Risk [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].

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].

Cyber Liability Due Care Requirements: Prepare Your Organization to Address Them

January 2017

Night Lion Security has released a report that focuses on the concept of due care in the cyber risk industry. This 5-page paper features a discussion on how organizations can prepare cyber liability due care requirements.

Understanding the Concept of Due Care

What is due care in cyber liability policies? What are the guidelines for due care and how can they be met? What is the National Institute of Standards and Technology’s (NIST) Cyber Security Framework? These are some of the questions answered in this paper from Night Lion Security.

Learn more about the paper and download it here: http://www.advisenltd.com/2017/01/06/cyber-liability-due-care-requirements/

Advisen Ltd. (January 2017). Cyber Liability Due Care Requirements: Prepare Your Organization to Address Them [White Paper]. Retrieved from www.AdvisenLtd.com

Bundling Cybersecurity Protection and Risk Transfer Together: What are the Benefits?

November 17, 2016

11:00 am - 12:00 pm ET

Cyber crime costs organizations an estimated $400 billion every year, and this number is growing fast.

With an ever-increasing need for cybersecurity, insurers and cybersecurity vendors are exploring new ways to create innovative product offerings. Bundling a cybersecurity solution with an insurance offering for an organization to gain protection against cyber threats and also transfer cyber risk is one such novel approach. The joint solution offers tremendous benefits to customers and vendors.

Earlier this year, Symantec Cyber Insurance partnered with Chubb and CoverHound to offer a consolidated cyber insurance product tailored for SMBs.

On Thursday, November 17, join Symantec’s Dave Gillmore, Coverhound’s Anita Sathe, Aite Group’s Jay Sarzen, and Advisen’s Chad Hemenway as they provide a closer outlook of these emerging relationships. They will discuss the benefits of this new holistic approach to address cybersecurity challenges. They will also analyze its ability to mitigate insurance claims, enable customers with a strong security posture, access qualified prospects and differentiate insurance products.

This free, one-hour webinar is sponsored by Symantec.

For more info and registration for this webinar, visit http://www.advisenltd.com/events/webinars/2016/11/17/bundling-cybersecurity-protection-and-risk-transfer-together-what-are-the-benefits/

Advisen Ltd. (2016). Bundling Cybersecurity Protection and Risk Transfer Together: What are the Benefits? [Webinar].

2016 Survey of Cyber Insurance Market Trends

October 2016

Advisen and PartnerRe released a white paper featuring the results of a comprehensive survey of the evolution of the cyber insurance marketplace. The 2016 Survey of Cyber Insurance Market Trends is intended to give insurance providers and brokers additional insight into the factors and trends impacting that evolution, as well as the demand and growth potential for cyber insurance products in the US.

The free, 11-page paper is sponsored by PartnerRe.

Read and download the paper @ http://www.advisenltd.com/2016/10/25/2016-survey-of-cyber-insurance-market-trends/

Advisen Ltd. (October 2016). 2016 Survey of Cyber Insurance Market Trends [White Paper]. Retrieved from www.AdvisenLtd.com

2016 Information Security and Cyber Risk Management Survey

Advisen wrote a white paper that presents the results of “The Sixth Annual Survey on the Current State of and Trends in Information Security and Cyber Risk Management”. The survey conducted by Advisen and Zurich North America focuses on the current push by businesses to become resilient against information security threats and how the insurance industry plays a vital role.

The free, 13-page paper is sponsored by Zurich.

Read and download the paper @ http://www.advisenltd.com/2016/10/26/2016-information-security-and-cyber-risk-management-survey/

Advisen Ltd. (October 2016). 2016 Information Security and Cyber Risk Management Survey [White Paper]. Retrieved from www.AdvisenLtd.com

Infosec Professionals Not Concerned About US Election’s Effect on Cybersecurity

A recent survey of information security professionals showed a relative lack of concern over the current US presidential election’s effect on global cybersecurity. Of respondents to a Tripwire survey, almost half felt that the campaigning would have no “lasting impact.” More than half (54 percent) said they weren’t concerned that the election would have a negative impact.

“There is a big difference between having candidates who have a cyber security policy and candidates who have an understanding of cyber security,” said Dwayne Melancon, chief technology officer for Tripwire.

Read more at http://www.advisenltd.com/2016/08/02/infosec-professionals-not-concerned-about-us-elections-effect-on-cybersecurity/

Erin Ayers, Infosec professionals not concerned about US election’s effect on cybersecurity (August 2, 2016), available with subscription at Advisen Cyber Front Page News.

Cyber Vulnerability: Where Do You Stand?

July 2016

Advisen released a white paper featuring the results of a comprehensive cyber study between Advisen and BitSight Technologies focusing on the analysis of the cyber security posture of three industries: Finance and Insurance, Healthcare and Social Assistance, and Public Administration. The study looks into the number of event types by year from 2012 to 2016, the security ratings for cyber insurance by industry, and many other key data.

The free, 17-page paper is sponsored by BitSight Technologies.

A Closer Look at Cyber Events

Numerous reports show that the number of cyber attacks is rapidly growing. According to Symantec’s Internet Security Threat Report, the number of zero-day vulnerabilities discovered more than doubled in 2015, and this year there have been an average of over 4,000 ransomware attacks per day.

Read more and download the white paper here: http://bit.ly/2aBFpOE

Advisen Ltd. (2016). Cyber Vulnerability: Where Do You Stand? [White paper]. Retrieved from http://www.advisenltd.com/2016/07/27/cyber-vulnerability-where-do-you-stand/

Creating Resilience in the Digital Frontier

For most organizations, every aspect of their business relies on computer systems and the Internet. This leaves them vulnerable to cyber crime, but it is impossible to fully defend against every potential threat.

Dynetics’ Robert Dowling, Tim Layton & Associates’ Tim Layton, and Advisen’s David Bradford will discuss a process to identify, quantify and prioritize cyber risks according to an organization’s specific risk profile, risk tolerance levels, and business objectives. They will also talk about a sensible security program that prioritizes cybersecurity investments to ensure the resilience of the most valuable business assets, and identifies where residual risk can be addressed through insurance.

This free, one-hour webinar is sponsored by Dynetics.

For more info and registration for the webinar, visit http://www.advisenltd.com/events/webinars/2016/07/26/creating-resilience-in-the-digital-frontier/

Advisen Ltd. (2016). Creating Resilience in the Digital Frontier [Webinar].

Bridging the Insurance/InfoSec Gap: The SANS 2016 Cyber Insurance Survey

Cyber security insurance has become increasingly popular as significant data breaches have become more common. Unlike other information security (InfoSec) preparations, however, the purpose of cyber insurance is not defense; rather, it is the transfer of financial risk to a third party. The field is young, dynamic and multifaceted. InfoSec professionals, underwriters and brokers each have different roles in negotiating or implementing policies, as well as different metrics with which to gauge the value of a cyber insurance contract.

In a recent report published by SANS, it was highlighted that conceptual gaps often make it difficult for members of the cyber security and cyber insurance communities to find a common basis on which to develop reasonable standards of security and insurability.

Read more and download the white paper at http://www.advisenltd.com/2016/06/21/bridging-the-insuranceinfosec-gap-the-sans-2016-cyber-insurance-survey/

"Bridging the Insurance/InfoSec Gap: The SANS 2016 Cyber Insurance Survey" Advisen Ltd. 2016 21 Jun. SANS | PivotPoint Analytics. 2016.

Cybersecurity Challenges in Aviation

June 2016

In recent years, the Federal Aviation Administration (FAA) has been stepping up modernization efforts that involve shifting air traffic control from ground-based technology to satellites. Airplane systems are also becoming increasingly automated and more connected to computer systems. While modernization has resulted in greater efficiency for the aviation industry, it has also made the industry vulnerable to cyber-attack. Aircraft Builders Council released a free, 5-page white paper that discusses aviation cyber security.

Responding to Cyber Challenges in the Aviation Industry

In the past decade, the Federal Aviation Administration (FAA) has been modernizing the Air Traffic Control (ATC) system through its Next Generation Air Transportation System (NextGen), an Internet Protocol (IP) based technology that will replace radio communications with satellite-based communications.

Read more at http://www.advisenltd.com/2016/06/08/cybersecurity-challenges-in-aviation/

Advisen Ltd. “Cybersecurity Challenges in Aviation,” Aircraft Builders Council, June 2016, http://www.advisenltd.com/2016/06/08/cybersecurity-challenges-in-aviation/.

Cyber Insurance Market’s Sustainability Questioned by Ratings Firm

Cyber risk could become the next “mega-catastrophic loss” for the insurance industry, according to a recent report from Kroll Bond Rating Agency, which sounded an alarm on inconsistencies and confusion surrounding cyber insurance and recommended that only insurers with significant capital and expertise enter the business of underwriting cyber risk.

“While the industry is looking at cyber insurance as a possible growth opportunity, insurers must not lose sight of their own cyber security,” Kroll wrote in its report. “Late in 2015, the NAIC adopted a Cybersecurity Bill of Rights, designed to protect consumers. At that time, Commissioner Hamm said, ‘Consumers have a right to expect their personal, financial and health information entrusted to the insurance industry is secure.’

Read more at http://www.advisenltd.com/2016/02/02/cyber-insurance-markets-sustainability-questioned-by-ratings-firm/

Erin Ayers, Cyber insurance market’s sustainability questioned by ratings firm, Advisen News (February 2, 2016), available with subscription at www.advisenltd.com.

Higher and Higher: Cyber Insurance Towers Take Careful Construction

Much like the physical construction of a skyscraper, building a cyber insurance tower requires a strong foundation, careful planning of each layer, plenty of ventilation, and a healthy dose of innovation to meet the needs of all insureds and insurers involved on an account.

With cyber events occurring with regularity in nearly every industry, no insurer wants to be the sole company on the hook for a claim. Crafting an insurance tower means as many as 45 to 50 insurers can handle a portion of the hundreds of millions in coverage large multinational corporations seek nowadays.

Read more at http://www.advisenltd.com/2015/09/24/higher-and-higher-cyber-insurance-towers-take-careful-construction/

Ayers, Erin. ‘Higher and higher: Cyber insurance towers take careful construction’. ©2015 Advisen Ltd. 30 September 2015.

Cyber Risk Could Ground Drones Before They Take Off, Lloyd’s Report Suggests

The vulnerability to cyber attacks could threaten the development of the drone industry, according to a new report from Lloyd’s of London, which suggested that insurers must take into account the potential liability associated with drones that could be hacked while underwriting.

Despite the wide potential for positive uses of drones in the fields of agriculture, media, insurance, and more, more attention must be paid to cybersecurity by the manufacturers of drones, as well as the insurance industry as it adds this risk to other more traditional aviation risks, Lloyd’s commented. Much as cyber risk blurs the line for many other lines of business, drone operators face risks arising out of privacy breaches, property damage, and hacking.

Read more at http://www.advisenltd.com/2015/08/20/cyber-risk-could-ground-drones-before-they-take-off-lloyds-report-suggests/

Ayers, Erin. ‘Cyber risk could ground drones before they take off, Lloyd’s report suggests’. ©2015 Advisen Ltd. 26 August 2015.