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Overcoming Dearth of Data Remains Key to Cyber Insurance Underwriting, Say Experts

Those insurance companies that have already dipped their toes in the water are building a risk database that might give them an advantage. However, unlike hurricanes and other natural events, cyber risks continue to change so it's questionable whether what happened in the 00's is relevant to the risk landscape in the '20s and beyond...: While there are “huge opportunities” on the horizon for the cyber insurance industry, cyber insurance underwriters still face the challenge

Two New London Market Model Cyber Exclusion Clauses Published by IUA

If you assume (probably wrongly) that your current insurance covers you for cyber-related risks, the wording of the policy is going to get updated so you should be under no illusions anymore...: Two new London Market model clauses to help underwriters manage cyber losses have been published by the International Underwriting Association (IUA). The wordings have been developed in order to address issues of non-affirmative or “silent” cover, where traditional insurance polic

Questions to Consider Asking Your Broker About Cyberliability Coverage

Advice from Robinson+Cole, a specialist law firm...: [...] To help with your conversation with your broker, here are some basic questions (this is not an exhaustive list) to discuss with your broker as you evaluate your cyber-liability insurance needs: Confirm first-party coverage for a security incident/data breach for forensic analysis, legal, costs associated with data breach notification to individuals and regulators, and coverage for fines/penalties and costs assoc

Baltimore ransomware nightmare could last weeks more, with big consequences

Cyber risk insurance, especially the ability to call out emergency support, is looking like a very good idea for Baltimore. Pity they are too late for this attack...: [...] To top it off, unlike the City of Atlanta—which suffered from a Samsam ransomware attack in March of 2018—Baltimore has no insurance to cover the cost of a cyber attack. So the cost of cleaning up the RobbinHood ransomware, which will far exceed the approximately $70,000 the ransomware operators demanded,

Wobbly lines: the market’s key trouble spots

This is from Australia, but the same crossover in terms of how cyber risk drives insurance can be seen across the planet...: Cyber: The risk of cyber attacks is increasingly tied to liability risk for top executives, because companies may face reputational and brand damage from data breaches. This is causing a growing tie-in between cyber insurance and directors’ and officers’ insurance (D&O), and clients are increasingly worried about the connection. Exposure of n

LockerGoga cyber attack was a wake-up call: Johansmeyer, PCS

Let's see how the insurance industry deals with this one. The claims process is underway...: The LockerGoga ransomware attack was a wake-up call for the insurance and reinsurance industry and underlines the complex, emerging, and fast-moving nature of cyber risk, according to Property Claim Services (PCS) Co-Head, Tom Johansmeyer. LockerGoga is the strain of ransomware behind the recent Norsk Hydro cyber attack, as well as multiple attacks on other industrial and manufact

RIMS Speakers Offer Guidance on Preparing for Disaster

A view from risk management professionals...: [...] Covering the risk of bodily injury was not [previously] a concern for the cyber insurer or insured. But thanks the Internet of Things, bodily injury is a very real risk from certain cyber crimes. Concerns about criminal mischief prompted California lawmakers to require security on every device connected to the internet, he said. Cyber criminals can threaten the very existence of companies. Gold said a medical practice in

Cybersecurity insurance: Read the fine print

...and use a specialist broker. [...] After consulting with experts, Bounds offers the following suggestions as a means to drive down perceived risk and possibly lower premiums. Those responsible in the company: Should consider buying more cybersecurity coverage when there's a heavy reliance on technology due to the lack of in-house cybersecurity expertise; May find they need less insurance coverage if appropriate cybersecurity practices are employed, and there are i

Designed to help: AI and the rise of the ‘cobots’

Good to see the insurance market thinking ahead about the use of robotics. Worth downloading and reading the reports whether you're in the insurance business or have a potential risk that needs covering...: [...] Artificial intelligence (AI) and robotics are changing the world, and the insurance industry had better change with it. Two new reports from Lloyd’s spell out the risks – and opportunities – as technological change continues to accelerate. One report focuses o