EMERGING CYBER RISK CYBER ATTACKS AND PROPERTY DAMAGE: WILL INSURANCE RESPOND?
|
|
- Paul Lewis
- 8 years ago
- Views:
Transcription
1 EMERGING CYBER RISK CYBER ATTACKS AND PROPERTY DAMAGE: WILL INSURANCE RESPOND?
2 ABOUT JLT SPECIALTY JLT Specialty Insurance Services is the U.S. platform of JLT Group, the leading specialty business adivsory firm. Our client proposition is built upon our specialist knowledge, client advocacy, tailored advice, and service excellence. Our culture reinforces the value of our people with teamwork and collaboration. Together, we place our clients first, champion independent thinking, and expect to be judged on the results we deliver. ABOUT C/EO A key component of JLT Specialty s recent expansion of its U.S. operations has been the formation of the Cyber and Errors & Omissions Practice (C/EO), a team of motivated and skilled people who bring a wealth of experience in complex cyber and E&O placements, and a proven record of success in working with clients of all sizes. We are committed to growing a specialty business in the U.S. market and are aligned with JLT Groups client-first culture and entrepreneurial drive. We pride ourselves on a pragmatic approach that leverages the Cyber and E&O practitioners deep industry and product knowledge. This starts with an interactive exposure identification and priority discussion. We then transform this discussion into a risk transfer solution strategy, including proposed coverages, insurer partners, and execution timeline.
3 Emerging Cyber Risk: Cyber Attacks & Property Damage Will Insurance Respond? 3 FROM THE ELECTRICAL GRID TO FINANCIAL NETWORKS TO THE WATER SUPPLY CYBER ATTACKS AND PROPERTY DAMAGE WILL INSURANCE RESPOND? Many in the cyber security world are referring to 2014 as yet another Year of the Breach with high profile events occurring at Target, Staples, Home Depot, Sony, and Anthem, among others. These incidents all demonstrated the ongoing ability of hackers to infiltrate security systems (no matter how strong) and highlighted the massive costs and disruptions that result from a cyber security incident in which data is stolen. While cyber attacks continue to be a significant exposure for retailers, healthcare companies, and financial institutions (all of whom have large amounts of personally identifiable information), these companies do have the ability to transfer this risk via cyber insurance policies. Though much of the media focus has been on breaches of private records and information, other industries like manufacturing, energy, and utilities are also at risk from cyber attacks. These industries have long been networked through industrial control systems ( ICS ), like SCADA, that monitor and control industrial processes. These open systems now tie together once decentralized facilities; the system were primarily designed for ease of operation and repair security of these systems was a secondary consideration at best. The loss of data and associated economic damages are of minor concern to these industries; their far larger concern is a cyber attack on their ICS that leads to first party damage to physical property. We now know of two major cyber attacks on physical systems that have resulted in destruction or damage to equipment or property (there are unconfirmed reports of more). The 2010 Stuxnet attack on Iranian control systems allegedly carried out by the U.S. and/or Israeli governments is known to have sabotaged centrifuges at a uranium enrichment facility. More recently and perhaps more troubling because of the unknown identity of the perpetrator is the late 2014 attack on a German steel mill. German authorities reported that hackers attacked a ThyssenKrupp plant and disrupted its control systems in a manner that prevented a blast furnace from being shut down. The report does not specify the physical damage, but calls it massive. Similar ICS manage critical operations affecting key infrastructure The far larger concern of these industries is a cyber attack on their industrial control systems (ICS) that leads to first party damage to physical property.
4 4 Emerging Cyber Risk: Cyber Attacks & Property Damage Will Insurance Respond? German authorities reported that hackers attacked the plant and disrupted its control systems in a manner that prevented a blast furnace from being shut down. The report does not specify the physical damage, but calls it massive. throughout the world from the electrical grid to financial networks to the water supply and the harm caused by a cyber attack on systems in these industries could be catastrophic. From an insurance perspective, the news is not as encouraging when compared to data breaches. The insurance industry does understand that better solutions are needed; insurers in both the property and cyber markets are beginning, albeit slowly, to address the issue. The genesis of most cyber policies was third party loss scenarios for events like passing along a computer virus or harm caused by any sort of network breach. The goal was to cover a company for the liability it incurred due to a cyber event rather than its own losses. First party coverage was also available for loss of intangible property (data or software, but never hardware) and for loss of income or extra expense due to a cyber attack that shut down a network. But the waiting periods were long, triggers and loss calculations difficult, and coverage was often sublimited. Over time, sublimits eased but scenarios where networks were down long enough for insureds to show losses remained rare. As data breaches became the driving issue for cyber placements, first party coverages for breach response and reimbursement of regulatory fines and penalties were added so that both the insured s costs and the third party damages were covered. As mentioned above, these policies are performing very well through established claim payments. But, like most E&O policies, property damage and bodily injury claims are excluded, and claims for damage to the insureds hardware or any other tangible property of the insured or others are not covered. Coverage for first party business interruption losses due to a security failure has also improved, but long waiting periods remain common. The cyber marketplace is slowly beginning to address first party physical property damage caused by cyber events, but coverage is limited and untested. AIG, through their CyberEdge PC product, has attempted to address the issue here in the U.S. This policy offers coverage on an excess and difference-in-conditions basis. It addresses coverage gaps in other policies (e.g., property, casualty, energy, aerospace, environmental, terrorism, etc.), where cyber-related exposures may be excluded or where coverage is limited. To the extent the underlying policy fails to respond to a property damage claim resulting from a cyber event, the CyberEdge policy would drop down to respond. To date, few policies have been written, but the product merits consideration. In London, a handful of carriers (including From the electrical grid to financial networks to the water supply, the harm caused by a cyber attack on systems in these industries could be catastrophic.
5 Emerging Cyber Risk: Cyber Attacks & Property Damage Will Insurance Respond? 5 The cyber marketplace is slowly beginning to address first party physical property damage caused by cyber events, but coverage is limited and untested. Aegis and Brit) offer various coverages to address this risk, but the underwriting has been focused in the property space; premium and program structure (significant retentions) have been inhibitors to buying coverage. Brit, in particular, has created a stand-alone product that affirmatively offers coverage for the first party property damage and, through a consortium, can offer up to $350M in coverage. Acceptance and adoption will take time, and to date standalone options have yet to gain traction, but such offerings indicate that an evolution in coverage has begun. The other avenue for coverage is traditional property policies. However, some carriers offer named peril policies (more common for smaller companies) that are designed to respond to covered causes of loss and perils, (e.g., fire, lightning, explosions, flood). Cyber events have not been included in these lists and they are unlikely to be added. Larger companies usually purchase all risk policies that eliminate this issue. But on these policies, the trends are mixed. For many industries, a number of leading property carriers fully intend to cover property damage that results from a cyber attack. For example, should a hacker attack an industrial system, prevent a machine from shutting down, and cause it to overheat and start a fire, these polices would respond to the property damage caused by said fire. Though their language is often less than definitive, these carriers confirm that their policies cover loss from a fire regardless of the cause. However, other markets, with similarly vague language, state that they are not covering this risk. Whether due to limited cyber underwriting expertise, fear of aggregation issues, reinsurance concerns, or all of the above, they are unwilling to provide coverage for property damages as envisioned in the fire example above. These carriers limit damages to electronic data or software and not tangible property, and are increasingly specifically barring coverage by exclusion or carveback, with this practice more prevalent in certain industries. Energy companies, in particular, face unique challenges in this marketplace. For example, the Institute Cyber Attack Exclusion Clause CL380 is a well-established endorsement barring coverage for cyber events and is especially common in the energy industry. Recently, some markets in London have been willing to carve back or agree to a limited buy back on this exclusion, but acceptance remains uneven and sporadic. Certain Bermuda insurers are also beginning to offer property damage coverage arising out of cyber events, but overall capacity and interest is limited. For terrorism coverage to be triggered, the US government must certify the act as terrorism. With no historical experience to rely upon, it is unclear how this will work in practice.
6 6 Emerging Cyber Risk: Cyber Attacks & Property Damage Will Insurance Respond? Finally, depending upon the nature of the attack, terrorism coverage could provide cover for property damage, even if the underlying property policy did not contemplate cyber triggers. For terrorism coverage to be triggered, the U.S. government must certify the act as terrorism. With no historical experience to rely upon, it is unclear how this will work in practice. The recent Sony attack has been blamed by some on terrorism, but there are mixed views as to who was really involved. As evidenced by the Sony event, disagreements are to be expected and, especially for cyber events, the government may be reluctant or unable to certify a terrorist act, making legal disputes likely. Enterprise-wide cyber activity and cyber losses are increasingly broader than the loss of data, and companies in all industries should review their exposures and consider insurance solutions to mitigate or transfer their particular risks. Our view is that, ultimately, this risk belongs in property policies but much work remains to be done as carrier views on these risks and coverages remain in flux. On privacy risks, the maturing cyber insurance marketplace has seen significant improvements in coverage over the past few years. With the omnipresent cyber threat expanding, we expect insurance coverage in the cyber arena to continue to evolve to solve our clients concerns around property loss as well. Steve Bridges Senior Vice President Cyber and E&O Practice Steve.Bridges@jltus.com JLT Specialty Insurance Services Inc. 300 S. Wacker Dr., 24th Floor Chicago, IL JLT Specialty s Cyber and E&O Practice (C/EO) is a talented team of people who bring a wealth of experience in complex cyber and E&O placements and a proven record of success working with clients of all sizes. At the forefront of developments and trends related to risk, coverage, and claims, we utilize our knowledge and experience to design innovative and market-leading coverage and positive claim results for our clients.
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 informationTHE C/EO PERSPECTIVE: WHAT YOU DON T KNOW WILL HURT YOU
THE C/EO PERSPECTIVE: WHAT YOU DON T KNOW WILL HURT YOU Cyber Liability in the Boardroom What you don t know will hurt you. ABOUT JLT SPECIALTY JLT Specialty Insurance Services is the U.S. platform of
More informationGALLAGHER 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 informationReducing 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 informationCyber-insurance: Understanding Your Risks
Cyber-insurance: Understanding Your Risks Cyber-insurance represents a complete paradigm shift. The assessment of real risks becomes a critical part of the analysis. This article will seek to provide some
More informationGood morning Chairman Moran, Ranking Member Blumenthal and members of. the subcommittee. My name is Catherine Mulligan and I am Senior Vice President
Catherine Mulligan, SVP Zurich Testimony before the US Senate Commerce Committee Subcommittee on Consumer Protection, Product Safety, Insurance, and Data Security Hearing Titled: Examining the Evolving
More informationAirmic 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 informationCYBER 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 informationHit ratios are still very low for Security & Privacy coverage: What are companies waiting for?
Hit ratios are still very low for Security & Privacy coverage: What are companies waiting for? Authored by Neeraj Sahni and Tim Stapleton Neeraj Sahni is Director, Insurance Channel at Kroll Cyber Investigations
More informationWillis Healthcare Practice 11 th Annual Forum July 10,2007. Managing and Insuring Risks in Network Privacy/Cyber Risk
Willis Healthcare Practice 11 th Annual Forum July 10,2007 Managing and Insuring Risks in Network Privacy/Cyber Risk What is Network Security & Privacy Insurance? Created to cover gaps in traditional insurance
More informationcyber 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 informationAon 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 informationCYBER LIABILITY INSURANCE MARKET TRENDS: SURVEY. October 2014. Sponsored by:
CYBER LIABILITY INSURANCE MARKET TRENDS: SURVEY October 2014 CYBER LIABILITY INSURANCE MARKET TRENDS: SURVEY Global reinsurer PartnerRe collaborated with Advisen to conduct a comprehensive market survey
More informationADVANCED CYBER ATTACKS ON GLOBAL ENERGY FACILITIES
MARSH RISK MANAGEMENT RESEARCH ADVANCED CYBER ATTACKS ON GLOBAL ENERGY FACILITIES MARCH 2014 CONTENTS 1 PROTECTING ENERGY FACILITIES AGAINST GROWING CYBER RISKS 2 ENERGY SECTOR TARGETED DISPROPORTIONATELY
More informationInsurance implications for Cyber Threats
Lillehammer Energy Claims Conference Lillehammer March 7, 2014 Insurance implications for Cyber Threats How enterprises need to prepare for the inevitable JLT is one of the world s largest providers of
More informationHow To Cover A Data Breach In The European Market
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 informationMichael Gaudet 2015 PHC 7/23/2015. Key Broker Challenges
Cyber 2015: The Market, Choosing Coverages and AEGIS Update Broker s Perspective Michael Gaudet Marsh FINPRO Energy, Power & Utility Industry Leader Marsh USA, Inc. Key Broker Challenges Coverage consistency
More informationCyber Terrorism and Australia s Terrorism Insurance Scheme. Physically Destructive Cyber Terrorism as a Gap in Current Insurance Coverage
Cyber Terrorism and Australia s Terrorism Insurance Scheme Physically Destructive Cyber Terrorism as a Gap in Current Insurance Coverage Cyber Terrorism? 2013 cyber attacks on the websites of media companies
More informationIn an ever changing business and social environment it has become increasingly
DIRECTORS AND OFFICERS INSURANCE ISSUES By: National Business Institute June 20, 2008 Howard L. Lieber FISHER KANARIS, P.C. 200 South Wacker Drive 22nd Floor Chicago, Illinois 60606 312/474-1400 In an
More informationData 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 informationBe 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 informationRISKY 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 informationData Breach Incidents
Data Breach Incidents A Risk Mitigation Snapshot: 2014 into 2015 Contributing Authors: Jessica Flinn, James Sheehan, William J. McDonough If not already on the enterprise risk radar screen, cyber risks
More informationReducing Cyber Risk in Your Organization
Reducing Cyber Risk in Your Organization White Paper 2016 The First Step to Reducing Cyber Risk Understanding Your Cyber Assets With nearly 80,000 cyber security incidents worldwide in 2014 and more than
More informationSecond Annual Conference September 16, 2015 to September 18, 2015 Chicago, IL
Second Annual Conference September 16, 2015 to September 18, 2015 Chicago, IL Using Insurance Coverage to Mitigate Cybersecurity Risks To Warranty and Service Contract Businesses Barry Buchman, Partner
More informationCAGNY 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 informationTestimony of PETER J. BESHAR. Executive Vice President and General Counsel. Marsh & McLennan Companies
Marsh & McLennan Companies, Inc. 1166 Avenue of the Americas New York, NY 10036 +1 212 345 5000 Fax +1 212 345 4808 Testimony of PETER J. BESHAR Executive Vice President and General Counsel Marsh & McLennan
More informationInfluence of Cyber Risk on the P&C Insurance Market
Influence of Cyber Risk on the P&C Insurance Market Edmund D Douglas, FCAS, MAAA June 2016 2016 Willis Towers Watson. All rights reserved. Agenda Cyber Risk and Fire Risk the Parallels State of P&C Insurance
More informationThe 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 informationCyberinsurance: Insuring for Data Breach Risk
View the online version at http://us.practicallaw.com/2-588-8785 Cyberinsurance: Insuring for Data Breach Risk JUDY SELBY AND C. ZACHARY ROSENBERG, BAKER HOSTETLER LLP, WITH PRACTICAL LAW INTELLECTUAL
More informationImplementation of the Cybersecurity Executive Order
Implementation of the Cybersecurity Executive Order November 13 th, 2013 Ben Beeson, Partner, Lockton Companies Gerald J. Ferguson, Partner, BakerHostetler Mark Weatherford, Principal, The Chertoff Group
More informationDATA BREACH, NETWORK SECURITY, CYBER LIABILITY, PRIVACY PROTECTION: ARE YOU INSURED?
DATA BREACH, NETWORK SECURITY, CYBER LIABILITY, PRIVACY PROTECTION: ARE YOU INSURED? February 3, 2012 Steve Brown, Agency Manager West Virginia Medical Insurance Agency How many in the audience today will
More informationInsurance & Risk Management Update: November 2011
Insurance & Risk Management Update: November 2011 Jeffrey A. Lind, CPCU, CIC Clark Insurance November 17, 2011 Topics Current state of the insurance marketplace Property & Liability Flood Risk Hurricane
More informationTHE TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION ACT
WILLIS NORTH AMERICA A Willis Client Advisory Program Overview: THE TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION ACT A Willis Client Advisory Program Overview: THE TERRORISM RISK INSURANCE PROGRAM
More informationUnderstanding the Cyber Risk Insurance and Remediation Services Marketplace:
Understanding the Cyber Risk Insurance and Remediation Services Marketplace: A Report on the Experiences and Opinions of Middle Market CFOs September 2010 Betterley Risk Research Insight for the Insurance
More informationOECD 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 informationPennsylvania House Veterans Affairs and Emergency Preparedness Public Hearing
Pennsylvania House Veterans Affairs and Emergency Preparedness Public Hearing Cyber-Terrorism: The Security of Banking, Financial and Insurance Systems Thursday, October 16, 2003 Pennsylvania Insurance
More informationCommercial Insurance >
Commercial Insurance AIG Commercial Insurance combines one of the world s farthest reaching property casualty networks with our diversified, multichannel distribution network to offer our customers a broad
More information(1) Commercial Crime Insurance or Employee Fidelity Bond
INSURANCE (A) GENERAL CONSIDERATIONS This document presents the minimum insurance requirements as set forth by the United States Trustee Program (USTP). A standing trustee must purchase property insurance
More informationComprehensive Solutions for Information Technology Companies
Hanover Technology Advantage Comprehensive Solutions for Information Technology Companies Protect your business with the right property and general liability coverage. All of the property that makes up
More informationSpecialty 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 informationWhat 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 informationCyber 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 informationDon t Wait Until It s Too Late: Top 10 Recommendations for Negotiating Your Cyber Insurance Policy
Privacy, Data Security & Information Use Insurance Recovery & Advisory Cyber Insurance June 17, 2015 Don t Wait Until It s Too Late: Top 10 Recommendations for Negotiating Your Cyber Insurance Policy By
More informationCYBER & PRIVACY LIABILITY INSURANCE GUIDE
CYBER & PRIVACY LIABILITY INSURANCE GUIDE 01110000 01110010 011010010111011001100001 01100 01110000 01110010 011010010111011001100001 0110 Author Gamelah Palagonia, Founder CIPM, CIPT, CIPP/US, CIPP/G,
More informationCyber 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 informationDemystifying 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 informationManaging Technology Risk with Cyber Insurance. Paul Rohmeyer, Ph.D. Associate Industry Professor School of Business Stevens Institute of Technology
Managing Technology Risk with Cyber Insurance Paul Rohmeyer, Ph.D. Associate Industry Professor School of Business Stevens Institute of Technology 1 Key Points The state of the cyber insurance marketplace
More informationBusiness Owner s Policy (BOP)
A. BOP: What It Is B. BOP: Why You Need It C. BOP: What It Covers D. BOP: What It Costs E. BOP: Coverage Options F. BOP: Claims G. BOP: How To Buy It H. BOP: 10 Good Things To Ask About Business Owner
More informationCYBER 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 informationJoe 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 informationTHE 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 informationTen Questions Your Board Should be asking about Cyber Security. Eric M. Wright, Shareholder
Ten Questions Your Board Should be asking about Cyber Security Eric M. Wright, Shareholder Eric Wright, CPA, CITP Started my career with Schneider Downs in 1983. Responsible for all IT audit and system
More information2015 Global Cyber Impact Report
2015 Global Cyber Impact Report Sponsored by Aon Risk Services Independently conducted by Ponemon Institute LLC Publication Date: April 2015 2015 Global Cyber Impact Report Ponemon Institute, April 2015
More informationCyber 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 informationAirmic 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 informationHow To Get A Good Deal On Insurance In Korea
Our specialist insurance services for Property risks About Us 1 Our Service 2 Manufacturing and Process Industries 3 Airports and Ports 4 Agricultural Industries 5 Hi-tech and Bio-tech 6 Heavy Metal Industries
More informationManaging Cyber Threats Risk Management & Insurance Solutions. Presented by: Douglas R. Jones, CPCU, ARM Senior Vice President & Principal
Managing Cyber Threats Risk Management & Insurance Solutions Presented by: Douglas R. Jones, CPCU, ARM Senior Vice President & Principal Overview Recent Trends and Loss Exposures Risk Management Strategies
More informationGLOBAL PROPERTY. Commercial Property START
Commercial Property START A LEADER About Global Property AIG s Global Property division brings sophisticated and extensive capabilities to our clients risk management programs. AIG s unrivalled worldwide
More informationCyber Risk State of the Art
Proudly presents Cyber Risk State of the Art Matthew Davies, Chubb Insurance Catherine Dowdall, Canada Post Mike Petersen, Marsh 1 Agenda 1. Who is At Risk? 2. New/Emerging Risk and Trends 3. Canada Post
More informationCyber 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 informationInsurance Coverage In Consumer Class Actions
This article first appeared in the October 2010 issue of The Corporate Counselor. Insurance Coverage In Consumer Class Actions John W. McGuinness and Justin F. Lavella The business world is an increasingly
More informationSolutions for Your Unique Healthcare Risk Management Challenges
Solutions for Your Unique Healthcare Risk Management Challenges Rising to Meet your Healthcare Challenges Beecher Carlson s National Healthcare Practice is acutely aware of what is ailing healthcare providers.
More informationPolicy Considerations for Covering Special Exposures. Claire Lee Reiss Program Director National League of Cities Risk Information Sharing Consortium
Policy Considerations for Covering Special Exposures Claire Lee Reiss Program Director National League of Cities Risk Information Sharing Consortium Special exposures Coverage that targets a loss with
More informationGlobal Energy Practice CYBER GAP INSURANCE CYBER RISK: FILLING THE COVERAGE GAP
Global Energy Practice CYBER GAP INSURANCE CYBER RISK: FILLING THE COVERAGE GAP 1 Cyber Gap Insurance CYBER RISK: A GROWING CONCERN For the last quarter of a century, the global energy sector has relied
More informationCommon Misconceptions of Liability Insurance
1 Common Misconceptions of Liability Insurance Common Misconceptions of Liability Insurance 2 An outline of today's session:- Most brokers need to be able to explain the products they sell. Liability however
More informationTail-Coverage Solutions For Imaging Centers
Tail-Coverage Solutions For Imaging Centers PROTECT YOUR FACILITY AND PHYSICIANS WITH ROLLING IBNR AND MORE Prepared by: Brad Hatfield Vice President - Program Underwriting & Risk Management Services National
More informationGALLAGHER CYBER LIABILITY PRACTICE. Cyber Risk Exposures and Solutions
GALLAGHER CYBER LIABILITY PRACTICE Cyber Risk Exposures and Solutions Cyber Risk Exposures and Solutions Arthur J. Gallagher & Co. s Cyber Liability Practice has the expertise and the desire to deliver
More informationSmall Business Insurance Basics
Small Business Insurance Basics WHAT INSURANCE SHOULD MY BUSINESS HAVE? Most businesses need to purchase at least the following four types of insurance: Property Insurance Liability Insurance Business
More informationCYBER LIABILITY INSURANCE MARKET TRENDS: SURVEY
CYBER LIABILITY INSURANCE MARKET TRENDS: SURVEY October 2015 CYBER LIABILITY INSURANCE MARKET TRENDS: SURVEY Global reinsurer PartnerRe has once again collaborated with Advisen to conduct a comprehensive
More informationUnderstanding Professional Liability Insurance
Understanding Professional Liability Insurance Definition Professional liability is more commonly known as errors & omissions (E&O) and is a form of liability insurance that helps protect professional
More informationHow to Sell Cyber Insurance to Different Industries
How to Sell Cyber Insurance to Different Industries MODERATOR: Mickey Estey, Senior Vice President, RT Specialty PANELISTS: Manny Cho, Vice President, Regional Underwriting Manager, AXIS Pro Michael Lamprecht,
More informationCyber Liability. AlaHA Annual Meeting 2013
Cyber Liability AlaHA Annual Meeting 2013 Disclaimer We are not providing legal advise. This Presentation is a broad overview of health care cyber loss exposures, the process in the event of loss and coverages
More informationWILLIS SPECIAL REPORT: 10K DISCLOSURES HOW RETAIL COMPANIES DESCRIBE THEIR CYBER LIABILITY EXPOSURES
WILLIS SPECIAL REPORT: 10K DISCLOSURES HOW RETAIL COMPANIES DESCRIBE THEIR CYBER LIABILITY EXPOSURES This special report examines the cyber risk disclosures made by the retail sector of the Fortune 1000.
More information8 2014/2015 INSURANCE COVERAGE RENEWAL
Clause No. 8 in Report No. 12 of the was adopted, without amendment, by the Council of The Regional Municipality of York at its meeting held on June 26, 2014. 8 2014/2015 INSURANCE COVERAGE RENEWAL recommends
More informationFire Damage Liability (Sublimit of Personal Injury/property Damage Coverage Limit)
SUMMARY SEPTEMBER 29, 2013 TO SEPTEMBER 29, 2014 NAMED INSURED: Southern California Council of Quilt Guilds and their Member Organizations PROGRAM TERM: 9/29/2013 to 9/29/2014 INSURANCE COMPANY: Associated
More informationZurich Public Sector Solution
Zurich Public Sector Solution Solutions for an Evolving Public Sector Managing risk for a Public Sector entity has taken on an unprecedented level of complexity. Consider for a moment the evolving risks
More informationAchieving Cyber Resilience. By Garin Pace, Anthony Shapella and Greg Vernaci
Achieving Cyber Resilience By Garin Pace, Anthony Shapella and Greg Vernaci Cyber security has become the single most important risk to company Boards of Directors around the world. This is not a surprise
More informationData 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 informationThe NIST Cybersecurity Framework Encouraging NIST Adoption Via Cost/Benefit Analysis
The NIST Cybersecurity Framework Encouraging NIST Adoption Via Cost/Benefit Analysis Paul A. Ferrillo March 2015 The NIST Cybersecurity Framework Encouraging NIST Adoption Via Cost Benefit Analysis Until
More informationAn 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 informationManaging business risk
Managing business risk What senior managers need to know about business continuity bell.ca/businesscontinuity Information and Communications Technology (ICT) has become more vital than ever to the success
More informationPractical Cyber Law: Why the Standard of Care Requires Lawyers to Have a Basic Understanding of Cyber Insurance
Practical Cyber Law: Why the Standard of Care Requires Lawyers to Have a Basic Understanding of Cyber Insurance By Shawn Tuma & Katti Smith Data breaches have become far more common than most people realize.
More informationBoard Approved June 9, 2014
Board Approved June 9, 2014 Our casualty insurance package policy includes coverage for General Liability, Educators Legal, Employment Practices, Automobile Liability, Auto Physical Damage and Workers
More informationHow To Buy Cyber Insurance
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 informationCyber/Information Security Insurance. Pros / Cons and Facts to Consider
1 Cyber/Information Security Insurance Pros / Cons and Facts to Consider 2 Presenters Calvin Rhodes, Georgia Chief Information Officer Ron Baldwin, Montana Chief Information Officer Ted Kobus, Partner
More informationWHITE PAPER BREACH, PRIVACY, AND CYBER COVERAGES: FACT AND FICTION CYBER COVERAGES
BREACH, PRIVACY, AND CYBER COVERAGES: FACT AND FICTION IDT911 1 DEFINITIONS 1. Cyber Programs - Focuses on services and systems related to technology and their use in business. Risks addressed include
More informationRISK CONTROL SERVICES. Global Specialty Lines
RISK CONTROL SERVICES Global Specialty Lines RSA Risk Control a continuum of service Risk is everywhere. That is an undisputable fact. But how you manage or control risk is the key to protecting your people,
More informationBeyond Data Breach: Cyber Trends and Exposures
Beyond Data Breach: Cyber Trends and Exposures Vietnam 7 th May 2015 Jason Kelly Head of Asia Financial Lines AIG Agenda Why do companies need cyber protection Example of Cyber attack worldwide and in
More informationDistributor 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 informationBest practices and insight to protect your firm today against tomorrow s cybersecurity breach
Best practices and insight to protect your firm today against tomorrow s cybersecurity breach July 8, 2015 Baker Tilly Virchow Krause, LLP Baker Tilly refers to Baker Tilly Virchow Krause, LLP, an independently
More informationArchitects and Engineers Professional Liability Insurance Summary
Architects and Engineers Professional Liability Insurance Summary Underwritten by a member of the QBE Insurance Group (QBE) This insurance is an annual contract unless stated otherwise in the quotation
More informationJLT Mining. The Canadian economy is, in part, driven by a robust and sophisticated Mining Industry.
Mining Jardine Lloyd Thompson (JLT) is an international group of Risk Specialists and Employee Benefits Consultants and one of the largest companies of its type in the world. We offer a distinctive choice
More informationCyber Insurance in an Evolving Liability Landscape: Informed, Strategic Expectations Monday, February 29, 2016 2:00pm 3:00pm
Cyber Insurance in an Evolving Liability Landscape: Informed, Strategic Expectations Monday, February 29, 2016 2:00pm 3:00pm Kimberly B. Holmes, Esq., RPLU VP, Product Development, Chief Underwriting Office
More informationHelping you protect your good intentions
School Foundation Insurance Program TM School Foundation Insurance Program Liability Coverage Helping you protect your good intentions Coverage for Directors, Officers, Trustees, Employees & Volunteers
More informationOur 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 informationCyber Risks Connect With Directors and Officers
Cyber Risks Connect With Directors and Officers Implications of the New SEC Guidance on Cyber Security February 2012 Lockton Companies, LLC The Securities and Exchange Commission (SEC) has changed the
More informationLondon Business Interruption Association Technology new risks and opportunities for the Insurance industry
London Business Interruption Association Technology new risks and opportunities for the Insurance industry Kiran Nagaraj Senior Manager, KPMG LLP February 2014 Agenda Introduction The world we live in
More informationTHE DIGITAL AGE THE DEFINITIVE CYBERSECURITY GUIDE FOR DIRECTORS AND OFFICERS
THE DIGITAL AGE THE DEFINITIVE CYBERSECURITY GUIDE FOR DIRECTORS AND OFFICERS Download the entire guide and follow the conversation at SecurityRoundtable.org Investment in cyber insurance Lockton Companies
More informationACE 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