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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

Death, Taxes, and Cyberattacks

This case will shape the future of cyber risk insurance so worth following, even if it takes years to play out...: [...] Mondelez’s case against Zurich is proceeding in an Illinois court. Merck has filed a similar suit in New Jersey.The trials are likely to drag on for years because several key issues will have to be answered. The first might be: What is cyberwar? In 2006, Secretary of Defense Robert Gates, alarmed by the incessant briefings he was receiving on cyberattacks

Cyber take-up soars as risk awareness grows

It's great that businesses now see cyber risk coverage as 'normal'. As a next step I'd like to see discounts available to companies that can show they have taken steps to implement cyber security best practise...: Cyber-insurance purchases have doubled in five years in the US following high-profile disruptions from the WannaCry and NotPetya attacks, a Marsh report shows. Last year 38% of the global broker’s clients bought cyber cover, up from 19% in 2014, with growing rel

Norsk Hydro’s manufacturing close to regular after cyber assault

This was a criminal act, not a sophisticated nation-state attack. The current estimate is $35m in costs. I'll track this to see what the eventual cost (and insurance claim) turns out to be...: OSLO, April 5 – Production at Norwegian aluminium maker Norsk Hydro was back to near normal after a cyber attack last month, the company said on Friday. The group halted some of its production on March 19 and switched other units to manual operation after hackers blocked its systems

Virulent Ransomware Strains Trust in Cyber Insurance

We're seeing major cases where insurers are refusing to pay out for cyber attacks. This is mainly due to reliance on general liability insurance rather than specially crafted cyber risk policies. Time to review your cover...: [...] At the core, other than balance sheet prowess, insurance companies writing cyber risk aim to gain marginal differentiation at the policy language level and on what constitutes a covered peril. With ransomware, whose origins, motives and latency ar

Insurers Collaborate on Cybersecurity Ratings

It's a start but no substitute for a thorough assessment of how threats translate into risk, what security controls are put in place; and their effectiveness. Just buying the newest shiny techno-toy doesn't make your business secure...: According to The Wall Street Journal, Marsh & McLennan, a professional services company specializing in risk and insurance, will evaluate enterprise cybersecurity technology in a program called "Cyber Catalyst." The article states, "Marsh

Companies at risk as Hiscox rules out DLA Piper’s cyberattack claim

It looks like DLA Piper were relying on general cover rather than specialist cyber risk policies. Time to check your own cover...: [...] DLA Piper, Britain’s biggest law firm by revenue, is bringing a case against Hiscox for refusing to pay out on a multimillion-pound insurance claim for damage caused by the Petya cyberattack, The Times has learnt. The dispute comes as the boards of leading businesses, including Lloyds Bank, Tesco Bank, TSB, Talktalk and British Airways,