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The Assurance of Cybersecurity Insurance

Insurance as part of the cybersecurity mix for manufacturers...: When manufacturers think about cybersecurity, they automatically think about firewalls, antivirus software and ways to detect network anomalies. They turn to the IT department and the control engineers to make sure mission critical systems are protected from bad actors trying to vitiate operations in order to steal IP, or perhaps cause harm. But there’s a glaring omission in this security model. Beyond the t

Cybersecurity Insurance: How Underwriting Is Changing

Three years ago my company, BrownGlock, developed a rating system for cyber risk which has been picked up by brokers. It seems the insurers themselves are also getting the message that having some form of score against accepted best practise is a sensible approach to determining what risk they are actually covering...: Cybersecurity insurers, faced with growing demand, are looking for new ways to better measure their risks, says Aleksandr Yampolskiy, CEO of SecurityScorecard

Insurance industry reacts after major retailer hit by massive data breach

No comments on covering any potential punitive fines...: Insurance industry reacts  Following the announcement, Beazley international data breach manager Raf Sanchez commended Dixons Carphone’s actions in response to the discovered hacking. “This breach and the speed with which management have moved to contain it and to communicate their efforts not just to regulators but also to the public shows just how important it is to be prepared,” commented Sanchez. “It is almost

Cyber insurance in focus as Dixons Carphone breached

I post this as an example of the 'Aberdeenshire business owner wins presidential election' style of press release. The point that the poster is trying to make is about the lack of cyber risk cover in Ireland. It's a non-sequitur to conflate this with the Dixons Carphone breach, but not unusual...: [...] Dixons Carphone became the victim of a major cyber attack for the second time in three years after discovering unauthorised access to its payment card data. Shares in D

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

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