Bridging the Gap: How Cyber Practices & Data Breaches are Connected

November 2016

Advisen and BitSight released a report that presents how organizations reduce their cyber risk by embracing responsible cybersecurity practices throughout their networks. It features an analysis of the cybersecurity posture of organizations of all sizes and in all industries and looks at how cybersecurity practices can offer insight into whether a breach may occur. 

These details and more are featured in the free, 6-page paper Bridging the Gap: How Cyber Practices & Data Breaches are Connected.

Read and download the paper @ http://www.advisenltd.com/2016/11/17/bridging-the-gap-how-cyber-practices-data-breaches-are-connected/

Advisen Ltd. (November 2016). Bridging the Gap: How Cyber Practices & Data Breaches are Connected [White Paper]. Retrieved from www.AdvisenLtd.com

From Silos to Synergy: Achieving Efficiency Through Collaborative Risk Management Technology

December 1, 2016 (Thursday) at 11am EST

The risk management ecosystem of insured, broker, TPA and carrier is undergoing a technology revolution which could greatly reduce lags, duplications, and inefficiencies in risk information transfer.

On December 1, Advisen will host a webinar to discuss how data-sharing platforms can create effective and seamless collaboration – leading to better data quality and risk analysis, as well as improved processes and cost reductions.

Panelists will use case studies to highlight how uniform data entry and multi-party collaboration across a shared system can break down silos and create synergy.

This session will also discuss the shift towards improving the client experience through the use of risk management technology.

This free, one-hour webinar is sponsored by Origami Risk.

For more info and registration for this webinar, visit http://www.advisenltd.com/events/webinars/2016/11/07/from-silos-to-energy-achieving-efficiency-through-collaborative-risk-management-technology/

Advisen Ltd. (2016). From Silos to Synergy: Achieving efficiency through collaborative risk management technology [Webinar].

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

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.

New Firm Mullen Coughlin Dedicated Entirely to Data Privacy

After nearly three years as chair of Lewis Brisbois’ data privacy and network security practice, John Mullen—and his entire team of attorneys—are leaving to start a new law firm dedicated to data privacy as addressed by the insurance industry.

“We believe we are the first law firm ever with our breath of experience totally dedicated to the cyber insurance space,” Mullen told Advisen. “Cyber insurance is critical for virtually all entities. Our lawyers possess scores of years of experience within this very focused niche. They have handled thousands of breaches.”

Read more at http://www.advisenltd.com/2016/10/17/new-firm-mullen-coughlin-dedicated-entirely-to-data-privacy/

Chad Hemenway, New firm Mullen Coughlin dedicated entirely to data privacy (October 17, 2016), available with subscription at Advisen Cyber Front Page News.

P&C Insurers Log First Half Underwriting Loss But Maintain Strong Position to Pay Claims

The US P&C insurance industry saw a streak of net underwriting profitability come to an end when it recorded a loss of $1.5 billion in the first half of 2016, compared with a $3.5 billion underwriting profit in the first half 2015.

The loss marked the industry’s first year-to-date net underwriting loss in more than three years, according to a report from Verisk’s ISO, the Insurance Information Institute and the Property Casualty Insurers Association of America.

First-half net income fell to $21.7 billion from $31 billion during the same time a year ago.

Read more at http://www.advisenltd.com/2016/10/17/pc-insurers-log-first-half-underwriting-loss-but-maintain-strong-position-to-pay-claims/

Chad Hemenway, P&C insurers log first half underwriting loss but maintain strong position to pay claims (October 17, 2016), available with subscription at Advisen Professional Front Page News.

Engineers Call for Greater Recognition of ‘Silent’ Cyber Risks

Engineers across the globe came together to sound the alarm on the risks related to the Internet of Things and cloud computing – and their fears that the insurance industry doesn’t fully grasp the “silent threat.”

A new report from the International Association of Engineering Insurers (IMIA) calls for underwriters, brokers, and risk managers to work together more diligently to improve understanding of cyber risks for engineers.

Read more at http://www.advisenltd.com/2016/10/17/engineers-call-for-greater-recognition-of-silent-cyber-risks/

Erin Ayers, Engineers call for greater recognition of ‘silent’ cyber risks (October 17, 2016), available with subscription at Advisen Cyber Front Page News.

Economic Cyber Risk Modeler Cyence Names Advisory Board

Out from operating under the radar earlier this month, Cyence has now announced its advisory board of cybersecurity and insurance professionals.

The board is comprised of Richard Booth, Vincent “VJ” Dowling, Marc Goodman, Tom Hutton, Sean Kanuck and Barney Schauble.

Cyence said it has developed the industry’s first economic cyber risk modeling platform, quantifying cyber risk in probabilities and dollars. The company, based in San Francisco, launched from stealth on September 8.

Read more at http://www.advisenltd.com/2016/10/17/economic-cyber-risk-modeler-cyence-names-advisory-board/

Chad Hemenway, Economic cyber risk modeler Cyence names advisory board (October 17, 2016), available with subscription at Advisen Cyber Front Page News.