Intangible assets like intellectual property (IP) are some of your most valuable possessions, but surprisingly, they remain underinsured!🥲 A new Aon report reveals the average information asset is worth more than physical assets like buildings and equipment! Look at this gap: ✅ Information assets are more valuable than physical assets (average value: $1.24 billion vs. $1.09 billion). ✅ Information assets face higher potential losses (data breaches: $1.15 billion vs. physical asset destruction: $846 million). ✅ Information assets are less likely to be insured (only 19% vs. 60% for physical assets). But here's the ISSUE: ❌ Only 19% of information assets are insured, compared to 60% of physical assets. 🔥 Cyberattacks are surging, putting your IP at risk. The good news? Cyber insurance is becoming more affordable, and standalone IP insurance is gaining traction. What you can do: 1️⃣ Review your cyber insurance coverage 2️⃣ Consider standalone cyber and IP insurance 3️⃣ Clarify AI risk coverage and exclusions in your policies. Let's discuss it! What do you think about this coverage gap? Does your company have a plan to protect its intellectual property?⚠️ #competitiveedge #IPprotection #intellectualproperty #IPinsurance #insurancesolutions #insurancecompany #insuranceinsights #sandiegoinsurance #sandiegoinsuranceagents #sandiegoCA
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Insurance experts, our team at Digital Insurance wants to know if you think existing business interruption or cyber policies will cover some of the losses due to the worldwide IT outage that is affecting banks, airlines, hospitals and more? What will be some of factors to consider on whether or not there is coverage? What kind of liability could there be for CrowdStrike or Microsoft?
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Government contracting success hinges on smart decisions, and insurance is no exception. With complex regulations and changing regulations, choosing the right independent insurance advisor is crucial. Here’s what government contractors should consider when looking for the right advisor: • Is the advisor truly independent, offering unbiased recommendations across multiple carriers? • Does the advisor have a team of professionals who possess deep experience and a proven track record of success? • Does the advisor demonstrate a clear understanding of FAR requirements, cyber risks, and other concerns specific to GovCon businesses? Check out the guide to learn more: https://hubs.li/Q02qJQQd0 #govcon #riskmanagement #insurance
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Head of Specialty Lines | Certified Cyber Insurance Specialist (CCIS) | Senior Insurance and Reinsurance Broker
🔴Global IT Outage Caused by CrowdStrike Update Could Cost Insurers $1.5 Billion ❗️ 📍Massive Financial Impact: The faulty CrowdStrike update could lead to up to $1.5 billion in insurance payouts, highlighting the severe financial risks of IT disruptions. 📍Insurance Payouts: Estimated between $400 million and $1.5 billion, representing 3-10% of global cyber premiums. 📍Claims Focus: Primarily for business interruption under "systems failure" coverage, not traditional cyberattacks. 🔴As businesses become increasingly interconnected and reliant on technology, the risks of IT disruptions grow. 🆘 Investing in comprehensive #cyberinsurancepolicy is not just a precaution—it's a strategic necessity in today's digital landscape. #cyberinsurancepolicy #managingrisk #transferrisk #cyberrisk #cyberresilience
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💡 The proliferation of Cyber Due Diligence in transactions may be at an inflection point, increasingly driven by requirements from insurers underwriting security risks for W&I insurance. 🔍 How can shareholders and investors side-step avoidable risk on investment capital and future returns? Learn more: https://lnkd.in/eEArfMJw Contact our experts Remy Gaudic and Abhishek Pathak to discover how BearingPoint Capital can support you in navigating Cyber security related challenges during transactions. #DueDiligence #Insurance #CyberDueDiligence
Cyber Diligence, powered by W&I insurance, is reaching escape velocity
bearingpoint.com
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As organizations navigate the complexities of the digital era, third-party liability claims have become a major financial burden. In our Emerging Trends: Cyber Insurance series, Newfront experts Jennifer Wilson, CCIC, and Michele Lepper analyze recent company data, which shows these claims to be among the most frequent and severe, ranking in the top tier for highest cost per claim event. Read the series here: https://lnkd.in/g4CiH992 #cyber #insurance #brokerage #ai #claims
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Modernizing Insurance | Business | FinTech | Cyber| Employee Benefits & Workers Comp| DE&I
The rising threat of third-party liability has emerged as a critical financial challenge for businesses of all sizes. Check out our series below and hear from Newfront's cyber experts Jennifer Wilson, CCIC and Michele Lepper.
As organizations navigate the complexities of the digital era, third-party liability claims have become a major financial burden. In our Emerging Trends: Cyber Insurance series, Newfront experts Jennifer Wilson, CCIC, and Michele Lepper analyze recent company data, which shows these claims to be among the most frequent and severe, ranking in the top tier for highest cost per claim event. Read the series here: https://lnkd.in/g4CiH992 #cyber #insurance #brokerage #ai #claims
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OOOOOF. CrowdStrike. Claims made under 'Systems Failure" coverage could cost cyber insurers $1.5 BILLION. If you're at all interested in the quantitative side of risk and insurance, read this article
CrowdStrike Outage Could Cost Cyber Insurers $1.5 Billion
databreachtoday.com
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Cybersecurity News (7/31/24): CrowdStrike Outage Costs U.S. Fortune 500 Businesses $5.4 Billion — How and Where Do Businesses Go to Recover Those Losses? — Can the Cybersecurity Liability Insurance Market Absorb These Losses? — Is It a National Security Risk When a “Glitch” By a Single Operator Can Upset the Economy and Multiple Industries? #crowdstrikeglitch #cyberlosses
CrowdStrike Outage Drained $5.4 Billion from Fortune 500: Report
informationweek.com
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🚨 Hot off the Press! Fitch Ratings has released its latest report, revealing significant changes in the cyber insurance industry, including a 2% drop in premiums for 2023. What’s driving these shifts? 📈 Tighter Underwriting 📈 Rising Competition 📈 Price Moderation Read the full report to learn more about these industry shifts and what they mean for the future of cyber insurance >>> https://lnkd.in/duuKrR2N #cyberinsurance #report #underwriting
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Gallagher Updates Regulation for Artificial Intelligence Gallagher’s Cyber practice remains laser focused on emerging technology and the potential for increased risks as organizations begin to use them. Throughout 2024, we’re concentrated on evolving compliance requirements for... Read more! #SUMCares #securityUnderwriting #securityunderwritingmanagers #insurance #insuranceagent #insurancebroker #insuranceindustry #insurancebroker #insurancebrokerage #insuranceadvisors #insuranceservices #insurancenews #insuranceagents
Gallagher Updates Regulation for Artificial Intelligence
insurancejournal.com
