Insurance implications for Cyber Threats

Size: px
Start display at page:

Download "Insurance implications for Cyber Threats"

Transcription

1 Lillehammer Energy Claims Conference Lillehammer March 7, 2014 Insurance implications for Cyber Threats How enterprises need to prepare for the inevitable

2 JLT is one of the world s largest providers of insurance and employee benefits related advice, brokerage and associated services. Part of the Jardine Lloyd Thompson Group, JLT Specialty provides insurance broking and risk management services across the globe. As a specialist insurance broker it focusses on sectors where it can make the greatest difference to clients - working hard to understand the challenges they face and using insight, intelligence and imagination to provide expert advice and robust often unique solutions With over 900 employees and revenues of more than GBP240m in 2012, it places more than GBP2bn of premium into the insurance market every year. More detailed financial slides are available on the Group website

3 Key trends for Oil & Gas What drives risk exposures Networked infrastructure Hackers, Groups and Hacktivism Technology innovation High profile Cyber attacks Data as a differentiator Cybercrime economy 3

4 Where are the Cyber Threats coming from? Rogue employees Careless staff Contractors Social media/networking Internal Technology ICS/SCADA systems Payment systems Mobile Devices, Internet of Things/M2M Structural vulnerability of systems or in supply chain Cloud Computing Old school Crime/Espionage/Terror: Foreign & Domestic criminals/hackers Competitors Third-party contractors States External Regulatory Stupidity/carelessness Laptop theft Dumpster diving Phishing, Smishing, etc. Data Privacy Legislation Security Directives National Security

5 Global Cyber Event Heatmap

6

7 What could insurance have covered? Some real examples Saudi Aramco Shamoon virus Isolated to corporate network Destroyed hard drives and erased data Did not directly affect hydrocarbon exploration/ production systems Loss of data Productivity losses Expenses RasGas Hacker attack Attack shut down website and servers Productivity losses Expenses Chevron Virus Struxnet Servers infected by virus Virus did not have any adverse effects Expenses

8 Cyber Events - Insurable Consequences Business disruptions Physical damage: property damage ensuing from cyber event or technology failure Revenue loss: business interruption caused by cyber event or other IT failures (importantly, both physical and non-physical triggers) Consequential loss: IT failure or cyber event at suppliers or customers leading to a consequential loss to you. Cyber terrorism: cyber terrorists attacks corporates or public infrastructure with resulting property damage, business interruption, increased costs of working, mitigation costs, liabilities etc. Denial of Service: IT failure leading to a consequential loss to customers caused by inability to access their services and/or data

9 Cyber Event Insurable Consequences Data Breach/Loss of Data First Party exposures for privacy breaches: notification costs, fines and penalties, regulatory actions and crisis management expenses incurred after an event. Third Party exposures for privacy breaches: liability for customers liabilities/losses in respect of a breach Cyber liability/transmission of malware: for example, corruption of customers data due to the transmission of malware through the corporate s systems Loss or corruption of your own and customer data: loss of valuable data and the resultant liabilities (including intellectual property)

10 Cyber Event Insurable Consequences Failure to Service Errors and Omissions: IT/network security or failure event leading to the failure to service customers or general failure of a product/service or to meet advertised specifications Cyber extortion: IT systems/services being held ransom by a third party and the associated costs/ransom payments. The result could be failure to service customers Denial of Service: IT failure leading to a consequential loss to customers caused by inability to access their services and/or data. Viewed as breach of service Reputational damage: mitigation/proactive action (including crisis management/public relations expenses) and the potential for increased customer churn in the short, medium and long-term.

11 Cyber Event insurable Consequences - Cyber Crime, Extortion and Terrorism Financial losses caused by cybercrimes by employees or third parties Cyber extortion: IT systems/services being held ransom by a third party and the associated costs/ransom payments Cyber terrorism: terrorism attacks directly onto corporates or onto public infrastructure which leads to resultant property damage, business interruption, increased costs, mitigation costs, liabilities etc.

12 Cyber Event Insurable Consequences Other Negative Outcomes Media liability: libel, slander and disparagement in respect of broadcasting, content and related media Intellectual Property Rights infringement: infringing upon a third party s IPR or defending first party IP from infringement/invalidity (includes copyright, trademark, digital rights, patent etc.). Directors and Officers Liability: a significant cyber breach/event could lead to a class action, or action by shareholders/other stakeholders against the management of the corporate. Reputational damage: mitigation/proactive action (including crisis management/public relations expenses) and the potential for increased customer churn in the short, medium and long-term.

13 Where can I find Cyber Insurance protection? Traditional Insurance Policies Bespoke Cyber/Technology Risk Insurance Property Damage/ Business Interruption Terrorism/Political Violence General Liability Non-Tech Professional Indemnity/E&O Crime Directors & Officers Cyber IT systems Business Interruption - Not including ensuing physical damage Cyber Extortion Cyber Crime Loss of Data/ Privacy Breach Technology Professional Indemnity/Errors & Omissions First Party Risks; damage to you Third party risks; damage to others

14 Cover for cyber related losses in Traditional Insurance polices? Typically not. But If you have a bespoke policy and agreement with insurer Insurers have incorporated exclusions in many traditional policies that may exclude coverage for damage caused by malicious code. But where those exclusions are limited, or absent, policyholders should check their traditional policies for coverage There may be limited cover for certain expenses for things such as to reconstitute/restore data Advertising liability in certain liability policies Typically physical damage ensuing from a cyber event is excluded JLT PV/Terror markets willing to modify cyber exclusions to effectively cover resulting physical damage/reinstatement of assets. Business interruption still excluded 14

15 Where can I find Bespoke Cyber Insurance protection? Appx. 30 insurers offer Cyber: $250 to $500m Data Breach/Cyber Liability $100m Non Damage BI Non-Damage BI requires further science Bespoke Cyber/Technology Risk Insurance Cyber IT systems Business Interruption - Not including ensuing physical damage Cyber Extortion First Party Risks; damage to you Physical Damage from a Cyber event not offered or very limited Manuscript Cyber policies available on All Risk basis Cyber Crime Loss of Data/ Privacy Breach Technology Professional Indemnity/Errors & Omissions Third party risks; damage to others

16 Cyber Insurance Limitations of the market currently Lack of coverage consistency 1 st party limits available are not meaningful to large companies Aggregation and Cyber Hurricane concerns to underwriter Lack of reinsurance and sufficient cash reserves = lack of limits Avoidance from traditional insurers don t like or understand Cyber Insurers typically do not like SCADA/ICS (ensuing PD/BI) Lack of data leads to problems the risk analysis & quantification What are the type and quantum of losses that I can have? Lack of public actuarial data = lack of refined pricing

17 Driving the Cyber Insurance market? Critical National Infrastructure Protection Fund Norwegian Cyber Skade Insurance Fund Cyber Re - Government as insurer of last resort (Pool Re) Cyber Risk Insurance Act (TRIA) Cyber Safety Act EU standards of Due Care for IT Network Security Risk Encourage/Mandated cyber data sharing Honest broker? Government purchasing power mandate cyber insurance Oil & Gas industry cyber initiatives? Cyber Mutual Re

18 Cyber Insurance How to obtain the right product? Know your risks before you buy!! Cyber Risk Workshops Cyber risk and gap analysis Carefully select your risk transfer partners and use your captive(!) Loss scenario stress-testing Claims mapping across your whole insurance program Specialized services to help manage a loss

19 Failing to manage the risk Not really an option

20 Conclusion The world is changing, and fast! Profiles have shifted from physical to non-physical Intangible assets Technology and data dependency and interconnections (not meant to!!) New catastrophe exposures are presented by IT/Network Security and further complicated by the adoption of cloud, mobile technology & BYOD Compliance with regulatory requirements is becoming more challenging Traditional insurance protection or arrangements will not do the job! Begin to identify, understand, map and share the exposure data related to Cyber! Do the work and future insurance protection can be a protection effective investment given the rapidly increasing level of risk we are facing Focus needs to be applied into risk identification, data sharing and quantification, benchmarking and loss analysis as well as integrated insurance and risk management solutions 20

21 Questions? Thank you Fredrik Motzfeldt MBA CPCU Partner - JLT Communications, Media & Technology Risk Practice JLT Specialty Limited The St Botolph Building 138 Houndsditch London EC3A 7AW UK Direct Dial: +44 (0) Mobile: +44(0)

CYBER RISK SECURITY, NETWORK & PRIVACY

CYBER RISK SECURITY, NETWORK & PRIVACY CYBER RISK SECURITY, NETWORK & PRIVACY CYBER SECURITY, NETWORK & PRIVACY In the ever-evolving technological landscape in which we live, our lives are dominated by technology. The development and widespread

More information

SINGAPORE HEALTHCARE ENTERPRISE RISK MANAGEMENT CONGRESS 2014 - Data Breach : The Emerging Threat to Healthcare Industry

SINGAPORE HEALTHCARE ENTERPRISE RISK MANAGEMENT CONGRESS 2014 - Data Breach : The Emerging Threat to Healthcare Industry SINGAPORE HEALTHCARE ENTERPRISE RISK MANAGEMENT CONGRESS 2014 - Data Breach : The Emerging Threat to Healthcare Industry DATA BREACH A FICTIONAL CASE STUDY THE FIRST SIGNS OF TROUBLE Friday, 5.20 pm :

More information

SECURITY, CYBER AND NETWORK INSURANCE SECURING YOUR FUTURE

SECURITY, CYBER AND NETWORK INSURANCE SECURING YOUR FUTURE SECURITY, CYBER AND NETWORK INSURANCE SECURING YOUR FUTURE Businesses today rely heavily on computer networks. Using computers, and logging on to public and private networks has become second nature to

More information

Cyber/ Network Security. FINEX Global

Cyber/ Network Security. FINEX Global Cyber/ Network Security FINEX Global ABOUT US >> We are one of the largest insurance brokers in the world >> We have over 180 years of history and experience in insurance; we currently operate in over

More information

Insurance Considerations Related to Data Security and Breach in Outsourcing Agreements

Insurance Considerations Related to Data Security and Breach in Outsourcing Agreements Insurance Considerations Related to Data Security and Breach in Outsourcing Agreements Greater New York Chapter Association of Corporate Counsel November 19, 2015 Stephen D. Becker, Executive Vice President

More information

Demystifying Cyber Insurance. Jamie Monck-Mason & Andrew Hill. Introduction. What is cyber? Nomenclature

Demystifying Cyber Insurance. Jamie Monck-Mason & Andrew Hill. Introduction. What is cyber? Nomenclature Demystifying Cyber Insurance Jamie Monck-Mason & Andrew Hill Introduction What is cyber? Nomenclature 1 What specific risks does cyber insurance cover? First party risks - losses arising from a data breach

More information

Security & Privacy Current cover and Risk Management Services

Security & Privacy Current cover and Risk Management Services Security & Privacy Current cover and Risk Management Services Introduction Technological advancement has enabled greater working flexibility and increased methods of communications. However, new technology

More information

APIP - Cyber Liability Insurance Coverages, Limits, and FAQ

APIP - Cyber Liability Insurance Coverages, Limits, and FAQ APIP - Cyber Liability Insurance Coverages, Limits, and FAQ The state of Washington purchases property insurance from Alliant Insurance Services through the Alliant Property Insurance Program (APIP). APIP

More information

Data breach, cyber and privacy risks. Brian Wright Lloyd Wright Consultants Ltd

Data breach, cyber and privacy risks. Brian Wright Lloyd Wright Consultants Ltd Data breach, cyber and privacy risks Brian Wright Lloyd Wright Consultants Ltd Contents Data definitions and facts Understanding how a breach occurs How insurance can help to manage potential exposures

More information

Managing Cyber Risk through Insurance

Managing Cyber Risk through Insurance Managing Cyber Risk through Insurance Eric Lowenstein Aon Risk Solutions This presentation has been prepared for the Actuaries Institute 2015 ASTIN and AFIR/ERM Colloquium. The Institute Council wishes

More information

CYBER LIABILITY RISKS SEMINAR Programme overview. THURSDAY 1 OCTOBER 2015 8.30am 1.00pm Green Park Conference Centre, Reading

CYBER LIABILITY RISKS SEMINAR Programme overview. THURSDAY 1 OCTOBER 2015 8.30am 1.00pm Green Park Conference Centre, Reading CYBER LIABILITY RISKS SEMINAR Programme overview THURSDAY 1 OCTOBER 2015 8.30am 1.00pm Green Park Conference Centre, Reading JLT Specialty (JLT) would like to invite you to a highly informative technical

More information

NZI LIABILITY CYBER. Are you protected?

NZI LIABILITY CYBER. Are you protected? NZI LIABILITY CYBER Are you protected? Any business that operates online is vulnerable to cyber attacks and data breaches. From viruses and hackers to employee error and system damage, your business is

More information

GALLAGHER CYBER LIABILITY PRACTICE. Tailored Solutions for Cyber Liability and Professional Liability

GALLAGHER CYBER LIABILITY PRACTICE. Tailored Solutions for Cyber Liability and Professional Liability GALLAGHER CYBER LIABILITY PRACTICE Tailored Solutions for Cyber Liability and Professional Liability Are you exposed to cyber risk? Like nearly every other business, you have probably capitalized on the

More information

Internet Gaming: The New Face of Cyber Liability. Presented by John M. Link, CPCU Cottingham & Butler

Internet Gaming: The New Face of Cyber Liability. Presented by John M. Link, CPCU Cottingham & Butler Internet Gaming: The New Face of Cyber Liability Presented by John M. Link, CPCU Cottingham & Butler 1 Presenter John M. Link, Vice President jlink@cottinghambutler.com 2 What s at Risk? $300 billion in

More information

THE NEW REALITY OF RISK CYBER RISK: TRENDS AND SOLUTIONS

THE NEW REALITY OF RISK CYBER RISK: TRENDS AND SOLUTIONS THE NEW REALITY OF RISK CYBER RISK: TRENDS AND SOLUTIONS Read the Marsh Risk Management Research Briefing: Cyber Risks Extend Beyond Data and Privacy Exposures To access the report, visit www.marsh.com.

More information

Understanding the Business Risk

Understanding the Business Risk AAPA Cybersecurity Seminar Andaz Savannah Hotel March 11, 2015 10:30 am Noon Understanding the Business Risk Presenter: Joshua Gold, Esq. (212) 278-1886 jgold@andersonkill.com Disclaimer The views expressed

More information

Cyber Insurance Presentation

Cyber Insurance Presentation Cyber Insurance Presentation Presentation Outline Introduction General overview of Insurance About us Cyber loss statistics Cyber Insurance product coverage Loss examples Q & A About Us A- Rated reinsurance

More information

Reducing Risk. Raising Expectations. CyberRisk and Professional Liability

Reducing Risk. Raising Expectations. CyberRisk and Professional Liability Reducing Risk. Raising Expectations. CyberRisk and Professional Liability Are you exposed to CyberRisk? Like nearly every other business, you have likely capitalized on the advancements in technology today

More information

Privacy Liability & Data Breach Management Nikos Georgopoulos Cyber Risks Advisor cyrm October 2014

Privacy Liability & Data Breach Management Nikos Georgopoulos Cyber Risks Advisor cyrm October 2014 Privacy Liability & Data Breach Management Nikos Georgopoulos Cyber Risks Advisor cyrm October 2014 Nikos Georgopoulos Privacy Liability & Data Breach Management wwww.privacyrisksadvisors.com October 2014

More information

LETTER TO BROKERS. Today we are launching Reputation Risk Solutions Limited:

LETTER TO BROKERS. Today we are launching Reputation Risk Solutions Limited: LETTER TO BROKERS Today we are launching Reputation Risk Solutions Limited: We are a new and unique independent specialist Reputation Risk Insurance Intermediary. We believe Reputation Risk Insurance is

More information

Data breach! cyber and privacy risks. Brian Wright Michael Guidry Lloyd Guidry LLC

Data breach! cyber and privacy risks. Brian Wright Michael Guidry Lloyd Guidry LLC Data breach! cyber and privacy risks Brian Wright Michael Guidry Lloyd Guidry LLC Collaborative approach Objective: To develop your understanding of a data breach, and risk transfer options to help you

More information

UNDERSTANDING INSURANCE OPTIONS For start-up Hedge Funds. Tailor made advice

UNDERSTANDING INSURANCE OPTIONS For start-up Hedge Funds. Tailor made advice UNDERSTANDING INSURANCE OPTIONS For start-up Hedge Funds Tailor made advice JLT: Understanding insurance options for start-up Hedge Funds INSURANCE DOESN T HAVE TO BE CONFUSING OR TIME CONSUMING As Hedge

More information

Insuring Innovation. CyberFirst Coverage for Technology Companies

Insuring Innovation. CyberFirst Coverage for Technology Companies Insuring Innovation. CyberFirst for Technology Companies TECHNOLOGY IS EVERYWHERE. SO ARE THE THREATS. protection that goes well beyond a traditional general liability policy. CyberFirst CyberFirst is

More information

RISKY BUSINESS SEMINAR CYBER LIABILITY DISCUSSION

RISKY BUSINESS SEMINAR CYBER LIABILITY DISCUSSION RISKY BUSINESS SEMINAR CYBER LIABILITY DISCUSSION October 23, 2015 THREAT ENVIRONMENT Growing incentive for insiders to abuse access to sensitive data for financial gain Disgruntled current and former

More information

Specialist insurance and risk implications for prepaid an update. Prepaid International Forum Osborne Clarke London Thursday 9 th February 2012

Specialist insurance and risk implications for prepaid an update. Prepaid International Forum Osborne Clarke London Thursday 9 th February 2012 Specialist insurance and risk implications for prepaid an update Prepaid International Forum Osborne Clarke London Thursday 9 th February 2012 Introduction To update our presentation of 24 th February

More information

Cyber Insurance: How to Investigate the Right Coverage for Your Company

Cyber Insurance: How to Investigate the Right Coverage for Your Company 6-11-2015 Cyber Insurance: How to Investigate the Right Coverage for Your Company Presented by: Faith M. Heikkila, Ph.D., CISM, CIPM, CIPP-US, ABCP Greenleaf Trust Chief Information Security Officer (CISO)

More information

ISO? ISO? ISO? LTD ISO?

ISO? ISO? ISO? LTD ISO? Property NetProtect 360 SM and NetProtect Essential SM Which one is right for your client? Do your clients Use e-mail? Rely on networks, computers and electronic data to conduct business? Browse the Internet

More information

Our specialist insurance services for Professionals risks

Our specialist insurance services for Professionals risks Our specialist insurance services for Professionals risks Price Forbes & Partners is an independent Lloyd s broker based in the heart of London s insurance sector. We trade with all of the major international

More information

CAGNY Spring 2015 Meeting Fundamentals of Cyber Risk. Brad Gow June 9th, 2015 Endurance

CAGNY Spring 2015 Meeting Fundamentals of Cyber Risk. Brad Gow June 9th, 2015 Endurance Fundamentals of Cyber Risk Brad Gow June 9th, 2015 Endurance But consider the kickoff chuckle to a speech given to the Wharton School in March 1977 by Sidney Homer of Salomon Brothers, the leading bond

More information

Cyber Risk Insurance for Agents. Frequently Asked Questions

Cyber Risk Insurance for Agents. Frequently Asked Questions Cyber Risk Insurance for Agents Frequently Asked Questions 1 Cyber Risk Insurance About Great American Insurance Great American Insurance Group s roots go back to 1872 with the founding of its flagship

More information

Protecting your business from cyber crime and data loss. November 2014

Protecting your business from cyber crime and data loss. November 2014 Protecting your business from cyber crime and data loss November 2014 1 QBE - Protecting your business from cyber crime and data loss Foreword Today s business environment moves at a rapid pace with a

More information

MANAGING Cybersecurity Risk AND DISCLOSURE OBLIGATIONS

MANAGING Cybersecurity Risk AND DISCLOSURE OBLIGATIONS MANAGING Cybersecurity Risk AND DISCLOSURE OBLIGATIONS RRD Donnelley SEC Hot Topics Institute May 21, 2014 1 MANAGING CYBERSECURITY RISK AND DISCLOSURE OBLIGATIONS Patrick J. Schultheis Partner Wilson

More information

Joe A. Ramirez Catherine Crane

Joe A. Ramirez Catherine Crane RIMS/RMAFP PRESENTATION Joe A. Ramirez Catherine Crane RISK TRANSFER VIA INSURANCE Most Common Method Involves Assessment of Risk and Loss Potential Risk of Loss Transferred For a Premium Insurance Contract

More information

Cyber Threats and the Insurance Response

Cyber Threats and the Insurance Response Cyber Threats and the Insurance Response Scott Reeves & Laurence Yan Munich Reinsurance Company This presentation has been prepared for the Actuaries Institute 2014 General Insurance Seminar. The Institute

More information

Cybercrime: risks, penalties and prevention

Cybercrime: risks, penalties and prevention Cybercrime: risks, penalties and prevention Cyber attacks have been appearing in the news with increased frequency and recent victims of cybercrime have included well-known companies such as Sony, LinkedIn,

More information

Data Breach and Senior Living Communities May 29, 2015

Data Breach and Senior Living Communities May 29, 2015 Data Breach and Senior Living Communities May 29, 2015 Todays Objectives: 1. Discuss Current Data Breach Trends & Issues 2. Understanding Why The Senior Living Industry May Be A Target 3. Data Breach Costs

More information

The promise and pitfalls of cyber insurance January 2016

The promise and pitfalls of cyber insurance January 2016 www.pwc.com/us/insurance The promise and pitfalls of cyber insurance January 2016 2 top issues The promise and pitfalls of cyber insurance Cyber insurance is a potentially huge but still largely untapped

More information

Cyber Insurance: How to Investigate the

Cyber Insurance: How to Investigate the 10-26-2015 Cyber Insurance: How to Investigate the Right Coverage for Your Company Presented by: Faith M. Heikkila, Ph.D., CISM, CIPM, CIPP-US, ABCP Greenleaf Trust Chief Information Security Officer (CISO)

More information

Protecting Your Assets: How To Safeguard Your Fund Against Cyber Security Attacks

Protecting Your Assets: How To Safeguard Your Fund Against Cyber Security Attacks Protecting Your Assets: How To Safeguard Your Fund Against Cyber Security Attacks Hacks, breaches, stolen data, trade secrets hijacked, privacy violated, ransom demands made; how can you protect your data

More information

Rogers Insurance Client Presentation

Rogers Insurance Client Presentation Rogers Insurance Client Presentation Network Security and Privacy Breach Insurance Presented by Matthew Davies Director Professional, Media & Cyber Liability Chubb Insurance Company of Canada mdavies@chubb.com

More information

Cyber Risks in Italian market

Cyber Risks in Italian market Cyber Risks in Italian market Milano, 01.10.2014 Forum Ri&Assicurativo Gianmarco Capannini Agenda 1 Cyber Risk - USA 2 Cyber Risk Europe experience trends Market size and trends Market size and trends

More information

Cyber Risk: Global Warning? by Cinzia Altomare, Gen Re

Cyber Risk: Global Warning? by Cinzia Altomare, Gen Re Cyber Risk: Global Warning? by Cinzia Altomare, Gen Re Global Warning It is a matter of time before there is a major cyber attackon the global financial system and the public needs to invest heavily in

More information

UNDERSTANDING INSURANCE OPTIONS For Early Stage Hedge Funds. Leading by Performance

UNDERSTANDING INSURANCE OPTIONS For Early Stage Hedge Funds. Leading by Performance UNDERSTANDING INSURANCE OPTIONS For Early Stage Hedge Funds Leading by Performance JLT: Understanding insurance options for Early Stage Hedge Funds INSURANCE NEED NOT BE TIME CONSUMING NOR CONFUSING As

More information

Coverage is subject to a Deductible

Coverage is subject to a Deductible Frank Cowan Company Limited 75 Main Street North, Princeton, ON N0J 1V0 Phone: 519-458-4331 Fax: 519-458-4366 Toll Free: 1-800-265-4000 www.frankcowan.com CYBER RISK INSURANCE DETAILED APPLICATION Notes:

More information

Specialty Risk Protector

Specialty Risk Protector Specialty Professional Liability and Data and Network Security Insurance is a single policy that makes it easy for companies to secure the multi-faceted E&O protection our networked world requires. A simplified,

More information

National Corporate Practice. Cyber risks explained what they are, what they could cost and how to protect against them

National Corporate Practice. Cyber risks explained what they are, what they could cost and how to protect against them National Corporate Practice Cyber risks explained what they are, what they could cost and how to protect against them what this briefing covers ff Introduction ff Section 1: What are the risks and the

More information

Managing E-Risks in today s cyberspace: Growth of Cyber Liability Insurance

Managing E-Risks in today s cyberspace: Growth of Cyber Liability Insurance WHITEPAPER MARCH 2014 www.beroe-inc.com Managing E-Risks in today s cyberspace: Growth of Cyber Liability Insurance Abstract With cyber-attacks becoming increasingly sophisticated and frequent, and with

More information

Cyber Threats: Exposures and Breach Costs

Cyber Threats: Exposures and Breach Costs Issue No. 2 THREAT LANDSCAPE Technological developments do not only enhance capabilities for legitimate business they are also tools that may be utilized by those with malicious intent. Cyber-criminals

More information

Lost in Cyber Space? Cyber Risks and (Re-) Insurance

Lost in Cyber Space? Cyber Risks and (Re-) Insurance Lost in Cyber Space? Cyber Risks and (Re-) Insurance PIU - 10 June 2014 Constanze Brand, Swiss Re Europe S.A., New challenges and innovations in reinsurance PIU - 10 June 2014 Lost in Cyber Space? Cyber

More information

Tools Conference Toronto November 26, 2014 Insurance for NFP s. Presented by Paul Spark HUB International HKMB Limited

Tools Conference Toronto November 26, 2014 Insurance for NFP s. Presented by Paul Spark HUB International HKMB Limited Tools Conference Toronto November 26, 2014 Insurance for NFP s Presented by Paul Spark HUB International HKMB Limited Topics Insurance Policies Basics Directors and Officers Liability Insurance Commercial

More information

Knowing Your Enemy How Your Business is Attacked. Andrew Rogoyski June 2014

Knowing Your Enemy How Your Business is Attacked. Andrew Rogoyski June 2014 Knowing Your Enemy How Your Business is Attacked Andrew Rogoyski June 2014 Why Cyber is the New Security 1986: Lawrence Berkeley NL discovers attempt to copy US Government Information on Arpanet 1988:

More information

Airmic Review of Recent Developments in the Cyber Insurance Market. & commentary on the increased availability of cyber insurance products GUIDE

Airmic Review of Recent Developments in the Cyber Insurance Market. & commentary on the increased availability of cyber insurance products GUIDE Airmic Review of Recent Developments in the Cyber Insurance Market & commentary on the increased availability of cyber insurance products GUIDE 1. Executive summary Airmic members have become increasingly

More information

Cyber and Privacy Risk What Are the Trends? Is Insurance the Answer?

Cyber and Privacy Risk What Are the Trends? Is Insurance the Answer? Minnesota Society for Healthcare Risk Management September 22, 2011 Cyber and Privacy Risk What Are the Trends? Is Insurance the Answer? Melissa Krasnow, Partner, Dorsey & Whitney, and Certified Information

More information

The Future of Cyber Insurance

The Future of Cyber Insurance The Future of Cyber Insurance The Future of Cyber Insurance In 2013, UK and Irish businesses alone sustained an average of more than 70 new infections a day, putting them both in the top 10 countries

More information

CREDIT, POLITICAL & SECURITY RISKS ANALYTICS & CONSULTANCY. Protecting business and securing opportunity

CREDIT, POLITICAL & SECURITY RISKS ANALYTICS & CONSULTANCY. Protecting business and securing opportunity CREDIT, POLITICAL & SECURITY RISKS ANALYTICS & CONSULTANCY Protecting business and securing opportunity CREDIT, POLITICAL & SECURITY RISKS CONSULTANCY Protecting business and securing opportunity INTRODUCTION

More information

What is Cyber Liability

What is Cyber Liability What is Cyber Liability Ubiquitous Warfare Espionage Media Operational Data Security and Privacy Tech 1 Data Security and Privacy Data Breach Response Costs Privacy Regulatory Action Civil Litigation INSURABLE

More information

Cyber Liability Insurance Data Security, Privacy and Multimedia Protection

Cyber Liability Insurance Data Security, Privacy and Multimedia Protection Page 1 of 5 Cyber Liability Insurance Data Security, Privacy and Multimedia Protection What is a Cyber Risk? Technology is advancing at such an alarming rate and business is more and more reliant on IT

More information

An Introduction to Cyber Liability Insurance. Catherine Berry Senior Underwriter

An Introduction to Cyber Liability Insurance. Catherine Berry Senior Underwriter An Introduction to Cyber Liability Insurance Catherine Berry Senior Underwriter What is cyber risk? Exposures emanating from computer networks and the internet The Cyber Risk Phenomenon The incredible

More information

Mitigating and managing cyber risk: ten issues to consider

Mitigating and managing cyber risk: ten issues to consider Mitigating and managing cyber risk: ten issues to consider The board of directors is responsible for managing and mitigating risk exposure. A recent study conducted by the Ponemon Institute 1 revealed

More information

CYBER/ NETWORK SECURITY

CYBER/ NETWORK SECURITY CYBER/ NETWORK SECURITY FINEX AUSTRALIA ABOUT US >> We are one of the largest insurance brokers in the world >> We have over 180 years of history and experience in insurance; we currently operate in over

More information

EMERGING CYBER RISK CYBER ATTACKS AND PROPERTY DAMAGE: WILL INSURANCE RESPOND?

EMERGING CYBER RISK CYBER ATTACKS AND PROPERTY DAMAGE: WILL INSURANCE RESPOND? EMERGING CYBER RISK CYBER ATTACKS AND PROPERTY DAMAGE: WILL INSURANCE RESPOND? ABOUT JLT SPECIALTY JLT Specialty Insurance Services is the U.S. platform of JLT Group, the leading specialty business adivsory

More information

Cyber and Data Security. Proposal form

Cyber and Data Security. Proposal form Cyber and Data Security Proposal form This proposal form must be completed and signed by a principal, director or a partner of the proposed insured. Cover and Quotation requirements Please indicate which

More information

Be Afraid, Be Very Afraid!!! Hacking Out the Pros and Cons of Captive Cyber Liability Insurance

Be Afraid, Be Very Afraid!!! Hacking Out the Pros and Cons of Captive Cyber Liability Insurance Be Afraid, Be Very Afraid!!! Hacking Out the Pros and Cons of Captive Cyber Liability Insurance Today s agenda Introductions Cyber exposure overview Cyber insurance market and coverages Captive cyber insurance

More information

Aon Risk Solutions Global Risk Consulting Captive & Insurance Management. Cyber risk and the captive market - a match made in the cloud?

Aon Risk Solutions Global Risk Consulting Captive & Insurance Management. Cyber risk and the captive market - a match made in the cloud? Aon Risk Solutions Global Risk Consulting Captive & Insurance Management Cyber risk and the captive market - a match made in the cloud? With increasing news coverage of cyber-attacks and despite indications

More information

Cyber Risks Management. Nikos Georgopoulos, MBA, cyrm Cyber Risks Advisor

Cyber Risks Management. Nikos Georgopoulos, MBA, cyrm Cyber Risks Advisor Cyber Risks Management Nikos Georgopoulos, MBA, cyrm Cyber Risks Advisor 1 Contents Corporate Assets Data Breach Costs Time from Earliest Evidence of Compromise to Discovery of Compromise The Data Protection

More information

ACE European Risk Briefing 2012

ACE European Risk Briefing 2012 #5 ACE European Risk Briefing 2012 IT and cyber risk respondent profiles The research was carried out between 13 April and 3 May 2012. The sample comprised 606 European risk managers, CROs, CFOs, COOs

More information

4/30/2015 CYBER LIABILITY AND AVIATION AGENDA LEARNING OBJECTIVES. Presented by Hal Hunt May 3, 2015

4/30/2015 CYBER LIABILITY AND AVIATION AGENDA LEARNING OBJECTIVES. Presented by Hal Hunt May 3, 2015 CYBER LIABILITY AND AVIATION Presented by Hal Hunt May 3, 2015 AGENDA Introduction Leaning Objectives Threat Examples Underwriting Protection/Cyber Policy Summary 2 LEARNING OBJECTIVES Understand Key Terms

More information

2015 PIAA Corporate Counsel Workshop October 22 23, 2015 Considerations in Cyber Liability Coverage

2015 PIAA Corporate Counsel Workshop October 22 23, 2015 Considerations in Cyber Liability Coverage 2015 PIAA Corporate Counsel Workshop October 22 23, 2015 Considerations in Cyber Liability Coverage Chris Reese Vice President, Director of Underwriting Connie Rivas Asst. Vice President, Contracts and

More information

To set out changes to Lloyd s monitoring of Cyber risks, including a new definition for risk code CY and a new risk code CZ

To set out changes to Lloyd s monitoring of Cyber risks, including a new definition for risk code CY and a new risk code CZ market bulletin Ref: Y4842 Title Purpose Type From Cyber Risks & Exposures To set out changes to Lloyd s monitoring of Cyber risks, including a new definition for risk code CY and a new risk code CZ Event

More information

cyber invasions cyber risk insurance AFP Exchange

cyber invasions cyber risk insurance AFP Exchange Cyber Risk With cyber invasions now a common place occurrence, insurance coverage isn t found in your liability policy. So many different types of computer invasions exist, but there is cyber risk insurance

More information

Enterprise Security Governance. Robert Coles Chief Information Security Officer and Global Head of Digital Risk & Security

Enterprise Security Governance. Robert Coles Chief Information Security Officer and Global Head of Digital Risk & Security Enterprise Security Governance Robert Coles Chief Information Security Officer and Global Head of Digital Risk & Security Governance and Organisational Model Risk Mgmt & Reporting Digital Risk & Security

More information

OECD PROJECT ON CYBER RISK INSURANCE

OECD PROJECT ON CYBER RISK INSURANCE OECD PROJECT ON CYBER RISK INSURANCE Introduction 1. Cyber risks pose a real threat to society and the economy, the recognition of which has been given increasingly wide media coverage in recent years.

More information

CYBER & PRIVACY INSURANCE FOR FINANCIAL INSTITUTIONS

CYBER & PRIVACY INSURANCE FOR FINANCIAL INSTITUTIONS CYBER & PRIVACY INSURANCE FOR FINANCIAL INSTITUTIONS 1 As regulators around the world move to tighten compliance requirements for financial institutions, improvement in cyber security controls will become

More information

CYBER LIABILITY & INFORMATION SECURITY

CYBER LIABILITY & INFORMATION SECURITY MAIN: 919.926.4623 TOLL-FREE: 855.490.2528 WEBSITE: www.sentinelra.com CYBER LIABILITY & INFORMATION SECURITY In today's world, terms such as data breach and cyber liability are not new. With each year,

More information

Understanding. your Cyber Liability coverage

Understanding. your Cyber Liability coverage Understanding your Cyber Liability coverage TEXAS MEDICAL LIABILITY TRUST 901 S. Mopac Expressway Barton Oaks Plaza V, Suite 500 Austin, TX 78746-5942 P.O. Box 160140 Austin, TX 78716-0140 800-580-8658

More information

Cybercrime Security Risks and Challenges Facing Business

Cybercrime Security Risks and Challenges Facing Business Cybercrime Security Risks and Challenges Facing Business Sven Hansen Technical Manager South Africa East Africa Security Conference August 2013 1 Agenda 1 What is Cyber Crime? 2 Cyber Crime Trends 3 Impact

More information

CYBER INSURANCE. Cyber Insurance and Gaps in Traditional Insurance. Cyber and E&O Team Willis FINEX North America

CYBER INSURANCE. Cyber Insurance and Gaps in Traditional Insurance. Cyber and E&O Team Willis FINEX North America CYBER INSURANCE Cyber Insurance and Gaps in Traditional Insurance Cyber and E&O Team Willis FINEX North America Privacy & Network Security (Cyber) Insurance COVERAGE MODULES Privacy Expense Consumer Notification

More information

PRODUCT HIGHLIGHTS CYBER SECURITY LIABILITY

PRODUCT HIGHLIGHTS CYBER SECURITY LIABILITY PRODUCT HIGHLIGHTS CYBER SECURITY LIABILITY Benefits of this Program Philadelphia Insurance Companies Cyber Security Liability program provides both First and Third Party coverage for numerous classes

More information

Cyber Risks and Insurance Solutions Malaysia, November 2013

Cyber Risks and Insurance Solutions Malaysia, November 2013 Cyber Risks and Insurance Solutions Malaysia, November 2013 Dynamic but vulnerable IT environment 2 Cyber risks are many and varied Malicious attacks Cyber theft/cyber fraud Cyber terrorism Cyber warfare

More information

Cyber Risk Management

Cyber Risk Management Cyber Risk Management A short guide to best practice Insight October 2014 So what exactly is 'cyber risk'? In essence, cyber risk means the risk connected to online activity and internet trading but also

More information

YOUR TRUSTED PARTNER IN A DIGITAL AGE. A guide to Hiscox Cyber and Data Insurance

YOUR TRUSTED PARTNER IN A DIGITAL AGE. A guide to Hiscox Cyber and Data Insurance YOUR TRUSTED PARTNER IN A DIGITAL AGE A guide to Hiscox Cyber and Data Insurance 2 THE CYBER AND DATA RISK TO YOUR BUSINESS This digital guide will help you find out more about the potential cyber and

More information

Privacy and Data Breach Protection Modular application form

Privacy and Data Breach Protection Modular application form Instructions The Hiscox Technology, Privacy and Cyber Portfolio Policy may be purchased on an a-la-carte basis. Some organizations may require coverage for their technology errors and omissions, while

More information

Cyber Liability Insurance Data Security, Privacy and Multimedia Protection

Cyber Liability Insurance Data Security, Privacy and Multimedia Protection Page 1 of 5 Cyber Liability Insurance Data Security, Privacy and Multimedia Protection What is a Cyber Risk? Technology is advancing at such an alarming rate and business is more and more reliant on IT

More information

MANAGEMENT LIABILITY BLIND SPOTS. Insurance coverage insights for Logistics, Transportation, Supply Chain, and Technology Companies

MANAGEMENT LIABILITY BLIND SPOTS. Insurance coverage insights for Logistics, Transportation, Supply Chain, and Technology Companies MANAGEMENT LIABILITY BLIND SPOTS Insurance coverage insights for Logistics, Transportation, Supply Chain, and Technology Companies The Center of Innovation for Logistics The Center of Innovation for Logistics

More information

Cyber and data Policy wording

Cyber and data Policy wording Please read the schedule to see whether Breach costs, Cyber business interruption, Hacker damage, Cyber extortion, Privacy protection or Media liability are covered by this section. The General terms and

More information

THE ANATOMY OF A CYBER POLICY. Jamie Monck-Mason & Andrew Hill

THE ANATOMY OF A CYBER POLICY. Jamie Monck-Mason & Andrew Hill THE ANATOMY OF A CYBER POLICY Jamie Monck-Mason & Andrew Hill What s in a name? Lack of uniformity in policies: Cyber Cyber liability Data protection Tech PI The scope of cyber insurance First party coverage

More information

April 2011. Cyber risks: Understanding your insurance protection

April 2011. Cyber risks: Understanding your insurance protection April 2011 Cyber risks: Understanding your insurance protection The information contained in this paper provides only a general overview of subjects covered. It is not intended to be taken as advice regarding

More information

Cyber-Crime Protection

Cyber-Crime Protection Cyber-Crime Protection A program of cyber-crime prevention, data breach remedies and data risk liability insurance for houses of worship, camps, schools, denominational/association offices and senior living

More information

Technology, Privacy and Cyber Protection Modular application form

Technology, Privacy and Cyber Protection Modular application form Instructions The Hiscox Technology, Privacy and Cyber Portfolio Policy may be purchased on an a-la-carte basis. Some organizations may require coverage for their technology errors and omissions, while

More information

GRC/Cyber Insurance. February 18, 2014. Start Time: 9 AM US Pacific, Noon US Eastern, 5 pm London. Join the conversation: #ISSAWebConf

GRC/Cyber Insurance. February 18, 2014. Start Time: 9 AM US Pacific, Noon US Eastern, 5 pm London. Join the conversation: #ISSAWebConf GRC/Cyber Insurance February 18, 2014 Start Time: 9 AM US Pacific, Noon US Eastern, 5 pm London Join the conversation: 1 Generously sponsored by: 2 Welcome Conference Moderator Allan Wall ISSA Web Conference

More information

Cyber Insurance White Paper

Cyber Insurance White Paper Cyber Insurance White Paper This document provides an introduction to cyber insurance. This is a modern insurance product in response to modern security problems. Learn how to reduce your premiums. Author:

More information

CYBER RISK INSURANCE. Presented By: Jonathan Healy

CYBER RISK INSURANCE. Presented By: Jonathan Healy CYBER RISK INSURANCE Presented By: Jonathan Healy Contents Cyber Risk Threat Sources Cyber events worldwide What is covered by a Cyber Liability policy Risk Identification The gaps in traditional policies

More information

Cyber Exposure for Credit Unions

Cyber Exposure for Credit Unions Cyber Exposure for Credit Unions What it is and how to protect yourself L O C K T O N 2 0 1 2 www.lockton.com Add Cyber Title Exposure Here Overview #1 financial risk for Credit Unions Average cost of

More information

Cyber security Keeping your business resilient

Cyber security Keeping your business resilient Intelligence FIRST helping your business make better decisions Cyber security Keeping your business resilient Cyber security is about keeping your business resilient in the modern technological age. It

More information

Introduction to. Kidnap+ Ransom. Insurance

Introduction to. Kidnap+ Ransom. Insurance Introduction to Kidnap+ Ransom Insurance Introduction Today s world has seen a number of factors combining to shape an ever-changing investment environment - especially in emerging markets. This backdrop

More information

Distributor Liability Contract Risk Management THOMAS DOUGLASS APRIL 15, 2015

Distributor Liability Contract Risk Management THOMAS DOUGLASS APRIL 15, 2015 Distributor Liability Contract Risk Management THOMAS DOUGLASS APRIL 15, 2015 Today s Agenda What are we talking about today? What is Risk Evolution of risk management Understand the importance of Risk

More information

www.bonddickinson.com Cyber Risks October 2014 2

www.bonddickinson.com Cyber Risks October 2014 2 www.bonddickinson.com Cyber Risks October 2014 2 Why this emerging sector matters Justin Tivey Legal Director T: +44(0)845 415 8128 E: justin.tivey The government estimates that the current cost of cyber-crime

More information

Cyber Insurance as one element of the Cyber risk management strategy

Cyber Insurance as one element of the Cyber risk management strategy Cyber Insurance as one element of the Cyber risk management strategy Stéphane Hurtaud Partner Governance, Risk & Compliance Thierry Flamand Partner Insurance Leader Laurent de la Vaissière Director Governance,

More information

Airmic review of the supply chain insurance market Review of recent developments in the supply chain insurance market

Airmic review of the supply chain insurance market Review of recent developments in the supply chain insurance market REPORT Airmic review of the supply chain insurance market Review of recent developments in the supply chain insurance market 1. Executive summary Increasingly complex supply chains, together with greater

More information

MANAGING DIGITAL RISKS IN THE RETAIL WORLD

MANAGING DIGITAL RISKS IN THE RETAIL WORLD Risk Insight WILLIS RETAIL PRACTICE MANAGING DIGITAL RISKS IN THE RETAIL WORLD The retail sector has been revolutionised by developments in the digital world, opening up a whole new way to access consumers

More information