Cyber Risk Data Methodology for Insurance & Risk Analysis

Advisen’s Cyber Database is a proprietary relational database of information about various events which have or could have resulted in significant financial judgments or financial loss to corporate entities. Cyber events are particularly relevant to our clients, as cyber is a newly-emerging risk with evolving coverages and parameters.

Cyber Risk Data Methodology

This 10-page methodology document describes the principles and methodology of how cyber data is organized for Advisen’s clients.

This content originally appeared in Advisen Ltd. To read the full story, you must download the Cyber Risk Data Methodology for Insurance & Risk Analysis Report

Hot Topics in Public Company D&O

February 2016

Advisen wrote a white paper that examines merger objection litigation and shareholder derivative actions – two hot button topics that generated interesting activity in 2015 and have the potential to reshape the D&O claims landscape. The free, 8-page paper is sponsored by Allied World.

Reshaping the D&O claims landscape

In recent years, from a macro level, the D&O claims trends environment has been steady and relatively predictable. In fact, according to Advisen data, which examines all sources of securities-related suits that could impact underwriting and the placement of management liability insurance, the number of new securities and business litigation filings and enforcement actions remained flat in 2015.  Although still above pre-financial crisis levels, there has been an overall downward trend in securities suits filed since the peak of financial crisis-related litigation in 2011.

This content originally appeared in Advisen Ltd. To read the full story, you must download the Hot Topics in Public Company D&O White Paper

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.

New Data Standards Could Offer More Cyber Accuracy Now

AIR Worldwide last week released a cyber exposure data standard, a first step toward a full cyber model but insurers may not have to wait to begin more accurately underwriting and pricing cyber risk, according to Scott Stransky, principal scientist at AIR.

Stransky recently spoke with Advisen to offer more detail about the standard as well as the preparer’s guide issued in conjunction with it. He explained that while AIR has been at work on developing a cyber risk model, the standard, in conjunction with AIR consulting and a SQL schema, can already provide insight for insurers into their cyber risk portfolio. The standard represents extensive work with over 50 insurance companies, according to Stransky, and is meant to be a tool that insurers can develop over time to meet their needs, as well as create a uniform way among the insurance and reinsurance industry to communicate about cyber risk.

Read more at http://www.advisenltd.com/2016/02/02/new-data-standards-could-offer-more-cyber-accuracy-now/

Ayers, Erin. “New data standards could offer more cyber accuracy now.” Advisen Ltd, 2 February 2016. Web. 5 February 2016.

K2 Intelligence’s Ray Kelly: Identify Critical Assets and Narrow Threats

K2 Intelligence is looking to hitch the experience of former New York City Police Commissioner Ray Kelly to its practice, joining other former government officials at the corporate-investigations firm.

Kelly late last year was named vice chairman at K2 Intelligence and will give his insight to the design and development of worldwide clients’ enterprise risk solutions.

Read more at http://www.advisenltd.com/2016/01/29/k2s-ray-kelly-identify-critical-threats-and-narrow-threats/

Hemenway, Chad. “K2 Intelligence’s Ray Kelly: Identify critical assets and narrow threats.” Advisen Ltd, 29 January 2016. Web. 3 February 2016.

2016 Cyber Risk Insights Conference – London

February 09, 2016

08:00 - 18:00 GMT 

155 Bishopsgate

Liverpool St - 155 Bishopsgate 

London, EC2M 3YD

UK

020 3735 4400

Advisen again brings its acclaimed Cyber Risk Insights Conference series to Europe with a full-day 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.

Read more at http://www.advisenltd.com/events/conferences/09/02/2016-cyber-risk-insights-conference-london/

2016 Cyber Risk Insights Conference – London, Advisen Events (February 09, 2016), available with registration at www.advisenltd.com.

Overcome by Cyber Risks?

January 2016

The Internet and related information and communications tools have delivered enormous benefits to the global economy. These gains, however, are expected to tail off as the technologies become more ubiquitous, while the costs and associated risks look set to rise. The million dollar question, then, is whether the costs outweigh the benefits and what we can do to ensure the best possible outcome.

Zurich Insurance Group and the Atlantic Council’s Brent Scowcroft Center on International Security teamed with the Pardee Center for International Future to conduct an extensive quantitative analysis of this issue. Their findings are published in a new report, Risk Nexus: Overcome by cyber risks? Economic benefits and costs of alternate cyber futures.

This content originally appeared in Advisen Ltd. To read the paper, you must download the Overcome by cyber risks? Report.

Unlocking the Value in Cyber Data: Getting a Clearer View of Risk

January 2016

Advisen wrote a white paper that discusses the importance of evaluating the cyber risk of an organization, as well as underwriting and pricing cyber liability coverage. It looks at the importance of combining technology and insurance to improve chances that an organization can more quickly recover from a cyber attack. The free, 8-page paper is sponsored by PivotPoint.

Mitigating Cybersecurity Risks 

Cyber risks have become a major threat that many organizations are wondering whether or not their cybersecurity investments are properly deployed and their insurance programs are as effective as possible.

This content originally appeared in Advisen Ltd. To read the paper, you must download the Unlocking the Value in Cyber Data: Getting a Clearer View of Risk Report.

Safety and Regulatory Trends in Child Day Care

January 2016

Advisen wrote a white paper that examines the current state of child day care in the United States. It looks at current trends in child day care safety, discusses the current regulatory environment, and provides actionable suggestions for how child day care service providers can effectively mitigate risk. The free, 8-page paper is sponsored by CapSpecialty Inc.

Managing Risks in Child Day Care Centers

While it is true that most states have basic health and safety requirements governing child care centers, majority of facilities do not meet the standards set by experts in terms of ensuring child safety and well- being.

This content originally appeared in Advisen Ltd. To read the paper, you must download the Safety and Regulatory Trends in Child Day Care Report.

Cybercriminals Stole More Than Data in 2015: Kaspersky Report

Mobile devices and financial institutions became primary targets for cybercriminals to steal money directly from individuals in 2015, according to a new report from Kaspersky Labs, which took a look at the type of cyber events that occurred most frequently this year and made predictions for the future.

While data breaches at large retailers seem to grab headlines and prompt litigation, Kaspersky found that targeted advanced persistent threat (APT) attacks against banks, government agencies, and other high-profile organizations rose in 2015. Not content to steal names, addresses, Social Security numbers, and other personally identifiable information, criminals interested in money and state secrets more assertively entered the cyber fray this year.

Read more at http://www.advisenltd.com/2016/01/12/cybercriminals-stole-more-than-data-in-2015-kaspersky-report/

Ayers, Erin. “Cybercriminals stole more than data in 2015: Kaspersky report.” Advisen. Advisen Store, 12 January 2016. Web. 20 January 2016.