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Corporates rush to take cover in light of GDPR

It's a bit like last minute Christmas shopping...: Chennai:With just over a week left for the May 25 deadline for Indian corporates to comply with the EU based data privacy regulations or GDPR, companies are rushing for insurance cover against any risks that might arise from the impending regulation. The General Data Protection Regulation (GDPR) requires businesses to protect personal data and privacy of EU citizens for transactions that occur within EU member states. Sim

Lloyd’s Says It’s Eyeing Cyber Windfall Thanks To GDPR

I can see the need for a renewed focus on insurance, but I'd like to see more effort in adhering to GDPR principles rather than mitigation through third parties...: Law360, London (May 16, 2018, 6:18 PM BST) -- Lloyd’s of London is ready for the formidable European Union data protection rules that go live next week and is anticipating a surge of business as companies rush to buy cyber insurance, the market’s chief executive told Law360 in an exclusive interview on Wednesday.

Biba 2018: Biba launches cyber insurance guide for brokers

It's a start, but I'd recommend talking to a specialist broker about cyber risk...: The British Insurance Brokers’ Association (Biba) has launched a new guide to help brokers understand cyber risks and the insurance solutions available to mitigate these risks. The guide has been created in collaboration with CFC, the specialist insurance provider behind the trade body’s cyber insurance scheme, According to Biba, cyber insurance is, for many, one of the most misundersto

How UK Brokers View Cyber Insurance

Cyber risk is still very much a specialist subject...: [...] The “DAS Market Barometer: Cyber” measured brokers’ level of understanding when it comes to cyber risks and cyber insurance, how they understand their clients’ needs, and their perception of the cyber insurance market. According to this research, the cyber insurance market appears to be developing rapidly with 58 percent of insurance brokers expecting it to grow even further in the next two years. However, th

Buffett warns on cyber risks

I believe the Sage of Omaha has pointed at the emperor's clothes and declared them lacking...: Warren Buffett said he doesn’t want Berkshire Hathaway being a leader on cyber insurance because neither he nor others in the industry really know the risk, according to a May 5 Bloomberg News report. "I don’t think we or anybody else really knows what they’re doing when writing cyber" insurance, Buffett said at his firm’s annual meeting in Omaha, Nebraska. "We don’t want to be

Cyber insurance might do a better job at regulating than regulations can

Obviously biased but an interesting view. However, in less litigious countries than the U.S. the power of regulation is still needed to drive change...: The market for cybersecurity insurance is enjoying annual double-digit growth among companies of all kinds, according to insurance-sector sources, and industry observers are now saying insurance could do a better job keeping businesses in line than government regulations can. “The insurance market is doing a good job of p

‘Money-saving’ insurance mutual moves step closer

Forming a mutual to deal with a class of risk is a sensible idea, Expect to see the establishment of more mutual funds...: A group of councils has taken a further step towards creating a mutual with the intention of saving money on their insurance bills and improving the level of cover they get. Councils spend about £650m a year on insurance, ranging from property damage and fleet cover to employers’ liability and protection against cyber-attacks. LGC reported in July

How Should Business Handle the Changing Nature of Terrorism?

[...] Marsh’s 2018 Terrorism Risk Insurance Report, prepared with support from Guy Carpenter, explores terrorism trends, the state of the terrorism insurance marketplace, and mitigation strategies for global businesses. Among the report’s key findings: Acts of terrorism have increasingly come against soft targets and been perpetrated by “lone wolves” and small groups with no direct connection to known terrorist organizations, while past attacks were carried out primar

Milliman study: Risk management evolving from a control function to a strategic business partner …

Whilst obviuosly a puff-piece to promote an actuarial firm, the linked report points to an opportunity for insurance firms and specialist brokers to have a different relationship with clients...: HONG KONG, April 5, 2018 /PRNewswire/ -- Milliman, Inc., a premier global consulting and actuarial firm, today announced the release of its latest report, "Enterprise risk management: Global best practices and key challenges in Asia." The study examines the evolution of the risk fun

Insurance Company Denies Hacked Cryptocurrency Exchange’s Damages Claim

And this is why you need to work with a broker that understands the risks and the process to get appropriate insurance cover that will actually pay out...: Yapian Corp., the operator of a crypto exchange called Youbit which was hacked twice, has been denied an insurance claim of about $2.8 mln for the last hack that occurred in December of an alleged seventeen percent of the company’s assets, as reported by the Wall Street Journal. The security breach of mid-December of t

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