Information ‘Asymmetry’ in Cyber Underwriting

NEW YORK—Cyber underwriting has come a long way from the early years.

“Back in 1999 and 2000 an account came in and you sent it off to a service provider, they did a report and you went to your X, Y grid of retentions and limits and came up with a price per million; that’s how you would underwrite,” said Bob Parisi, managing director at Marsh.

Parisi, the moderator of the Underwriting Process Laid Bare panel at Advisen’s Cyber Risk Insights Conference in New York, continued, “Since then the process has matured and become more detailed.”

Read more at http://www.advisenltd.com/2016/12/01/information-asymmetry-in-cyber-underwriting/

Josh Bradford, Information ‘asymmetry’ in cyber underwriting (December 1, 2016), available with subscription at Advisen Cyber Front Page News.

Feds Learn a Lesson on the Increasingly Intricate World of Cybersecurity

Federal cybersecurity may seem like a costly endeavor, but a new report suggests that government agencies could save up to $5 billion annually if they focused on monitoring threats more effectively and automating responses to those threats.

A new report from MeriTalk indicates that federal agencies can’t protect themselves quickly enough against attacks, nor can they guard against intrusions against all possible entry points that might be used by hackers. While federal agencies might be able to detect a threat to traditional targets such as email servers or Internet gateways, they are less able to deal with similar attacks on mobile devices or cloud computing.

Read more at http://www.advisenltd.com/2016/12/01/feds-learn-a-lesson-on-the-increasingly-intricate-world-of-cybersecurity/

Erin Ayers, Feds learn a lesson on the increasingly intricate world of cybersecurity (December 1, 2016), available with subscription at Advisen Cyber Front Page News.

Up to $3.5 Billion in Insured Losses from New Zealand Quake: AIR

Catastrophe modeler AIR Worldwide said insured losses will be between $762 million and $3.5 billion from the powerful South Island, New Zealand earthquake on November 14.

The estimated cost translates locally to between NZD 1.15 billion and 5.3 billion.

“More than 80,000 landslides and 2,600 aftershocks have been recorded following the massive earthquake that struck New Zealand’s South Island,” said Bingming Shen-tu, assistant vice president at AIR Worldwide, in a statement. He said recovery efforts in the region were troubled by gale-force winds, heavy rainfall, and flooded roads.

Read more at http://www.advisenltd.com/2016/12/01/%243.5billion-insured-losses-new-zealand-quake/

Chad Hemenway, Up to $3.5 billion in insured losses from New Zealand quake: AIR (December 1, 2016), available with subscription at Advisen Professional Front Page News.

Think Tank Advises Next President to Take a Stand on Cyber

Acknowledging the leadership role that should be played by the federal government in cybersecurity, the Center for Long-Term Cybersecurity at University of California at Berkeley recently outlined a few recommendations for the administration taking office in January.

“In two months, a new President will take office. That President will face the most expansive cybersecurity agenda in our nation’s history,” commented the authors of the report. “Attacks on well-known companies, political organizations, and government agencies over the last year pose a fundamental question: can anyone really be confident in online security? If the answer is no, foundational elements of our economy and our society are at real risk. Because a loss of confidence could be nearly as damaging, the new administration cannot afford to wait. It will need to act quickly and decisively on cybersecurity as a major executive priority. And that administration needs new ideas to inspire new successes.”

Read more at http://www.advisenltd.com/2016/12/01/think-tank-advises-next-president-to-take-a-stand-on-cyber/

Erin Ayers, Think tank advises next president to take a stand on cyber (December 1, 2016), available with subscription at Advisen Cyber Front Page News.

Holiday Shopping has Commenced, but Cybersecurity is Year-Round for Retailers

The holiday shopping season may place additional stress on retailers but, after several years of high-profile retail data breaches, cybersecurity has become a year-round pursuit for them, according to a new report from Bay Dynamics.

“IT and security professionals say they feel pressure year-round to secure their organizations, not just during the holidays, versus in 2015 when a majority said they felt more pressure during the holidays to secure their organizations. IT and security professionals are seeing a persistent cyber threat,” commented the authors of the report. “They understand they can get hacked or suffer a breach any day of the year. Therefore, they are under pressure all the time, not just during the holidays.”

Read more at http://www.advisenltd.com/2016/12/01/holiday-shopping-has-commenced-but-cybersecurity-is-year-round-for-retailers/

Erin Ayers, Holiday shopping has commenced, but cybersecurity is year-round for retailers (December 1, 2016), available with subscription at Advisen Cyber Front Page News.

Smaller Businesses More Aware and Afraid of Cybercrime: Zurich Survey

Small to mid-sized businesses in the United States show more concern about cyber crime, including losing customer data, than similarly-sized businesses elsewhere in the world, according to a new survey from Zurich Insurance Group.

The survey also revealed that only three percent of those businesses feel they have the security measures in place to combat cyber crime.

Read more at http://www.advisenltd.com/small-business-more-aware-afraid-of-cyber-crime/

Erin Ayers, Smaller businesses more aware and afraid of cybercrime: Zurich survey (December 1, 2016), available with subscription at Advisen Cyber Front Page News.

2017 Data Breach Industry Forecast

November 2016

Advisen and Experian released an annual white paper that outlines five predictions for the data breach industry in the coming year. The 2017 Data Breach Industry Forecast is intended to shed light on emerging trends that companies should know about and prepare for. The free, 10-page report offers industry predictions that are rooted in Experian’s history of helping companies navigate more than 17,000 breaches over the last decade.

Cyber Threats and Trends to Look Out For

Aftershock password breaches will expedite the death of the password. This is one of the data breach trends outlined by Experian in the 2017 Fourth Annual Data Breach Industry Forecast.

Read and download the paper @ http://www.advisenltd.com/2016/11/16/2017-data-breach-industry-forecast/

Advisen Ltd. (November 2016). 2017 Data Breach Industry Forecast [White Paper]. Retrieved from www.AdvisenLtd.com

2017 Predictive Modeling Insights Conference – New York

January 19, 2017

8:00 am - 6:00 pm ET 

New York Law School

185 West Broadway

New York, NY, 10013

USA

212.431.2100

Predictive Analytics, in conjunction with Big Data, is transforming insurance marketing, product development, underwriting, pricing and claims management. This full-day conference will highlight significant trends in the use of predictive models and Big Data within the insurance industry, and will provide decision-makers with a framework for evaluating potential applications within their companies.

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

http://www.advisenltd.com/events/conferences/01/19/2017-predictive-modeling-insights-conference-new-york/

Renewals Made Easy with Client-Ready Benchmark Reports on Demand

January 18, 2017 (Wednesday) at 11am EST

When it comes to preparing for renewals or client meetings, Advisen’s automated on-demand reports make benchmarking as easy as 1-2-3. Why do-it-yourself on our website or rely on colleagues to assist when a summary report illustrating premiums, limits, retentions, and indicative losses is just a few clicks away? Advisen’s enhanced Client Insight tools – including Limit Adequacy, Loss Benchmarking, Placement Analytics, and indicative loss event data – export easily to Word docs which then get delivered straight to your inbox.

On Wednesday, January 18th at 11am EST, Advisen’s Zach Boggs and Jeff Cohen will demonstrate how busy producers can use Advisen’s Reports on Demand portal to maximize their time and client satisfaction efforts. This free, 30-minute webinar will showcase examples of report capabilities and success anecdotes for brokers who need fast and easy access to an independent, third-party set of policy transactions and loss data in order to review market trends and client-specific results

For more info and registration for this webinar, visit http://www.advisenltd.com/events/webinars/2016/11/15/renewals-made-easy-with-client-ready-benchmark-reports-on-demand/

Advisen Ltd. January 2017. Renewals Made Easy with Client-Ready Benchmark Reports on Demand [Webinar].

Understanding the Impact of GDPR on Customers and the Insurance Market

December 7, 2016 (Wednesday) at 11am EST

A regulatory sea-change is occurring in the European Union, which will have deep impact on the perception and treatment of cyber risk in the region – and will shape the insurance market for cyber coverage outside of the US.

On December 7, 2016, Advisen will host a webinar that will address the likely impact of the EU General Data Protection Regulation (GDPR) on the risk management environment in the EU. It will also delve into some best practices companies need to adopt to comply.

GDPR creates new risks for EU companies, some of which are insurable, others not. This session will explore how increased transparency on cyber security standards may affect risk management standards, and consequently lead to more insurance purchase.

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

For more info and registration for this webinar, visit http://www.advisenltd.com/events/webinars/2016/11/09/understanding-the-impact-of-gdpr-on-customers-and-the-insurance-market/

Advisen Ltd. December 2016. Understanding the Impact of GDPR on Customers and the Insurance Market [Webinar].