Cowbell’s Post

Five years ago, Lloyd's of London issued a mandate with the aim of tackling the challenges of insurers’ exposure to silent cyber coverage. Under the mandate, which came into effect on 1 January 2020, insurance companies must state whether first party policies cover cyber-related losses such as cyber-attacks and loss of data. Since then, the Lloyd's mandate has been rolled out in various business classes and has led to a gap in non-malicious cyber coverage across cyber and professional indemnity (PI) cover. Speaking to Insurance Insider, Bhavik Desai, Director of PI discusses this gap and how Markel is addressing it in line with recent events including the CrowdStrike IT outage which took place earlier this year: https://lnkd.in/ed-uUh7J #Cyber #PI #Underwriting #AI 

Cyber criminals want to steal your data, and your money, shut down your operations, and wreck your reputation. The right insurance coverage can help your district or business recover faster. Contact us to learn how we can help you protect your district or business www.hsip.com/tcw. #CyberLiabilityInsurance #RecoverWithConfidence #HighstreetTCWRiskManagement #seepossible.

Financial crime is becoming more sophisticated with advancements in AI. Offering crime, D&O, and cyber insurance is essential, but prevention is the ultimate safeguard. Chris Muir, senior development underwriter for financial institutions, talks about how the focus needs to be on making it harder for cyber criminals. Find out more >> https://lnkd.in/eMDdRnAH #FinancialInstitutions #Insurance

Insurtech Insights USA starts tomorrow! Come and see us and CPI OpenFox at booth 519 to find out how we’re mitigating the impact of disinformation and false evidence in Claims & Fraud investigations. Event details: 📅 June 5 - 6 🏢 Javits Center, New York 🔍 Booth 519 Book a meeting with us at the show to discover how you can reduce your investigation backlog with innovative software solutions (link in comments) 🔽 #insurtechinsights #insurtechinsights2024 #insurtech #insurance #claimsandfraud #siu Insurtech Insights Dutch Ridge Consulting Group (DRCG), LLC Lockdown Cyber Security

Cyber Coffee Break I didn't know what I was going to post about until an hour ago when Barry Rabkin woke me with his post: IBNR Many agents today don't even know its meaning. Incurred but not reported. Insurance companies keep a little pot of gold in reserves somewhere because they know, particularly in the GL and ML world that this will happen. The actuaries over time, have been able to estimate what it could be and so far, have done a pretty good job on those reserves. Barry's point being, how do you reserve what you don't know exists with cyber as it grows exponentially, and now we are adding AI to the pot. Barry sure knows how to stir the sh#t. This is cyber's Achilles Heel. So many cyber incidents occur every day that never get reported that may cause claims down the road, its unfathomable. They don't get reported out of fear of losing clients, or looking dumb or just not caring because someone thinks it doesn't matter. It does. It will. Now, what do we do about it. Barry may be right. Cyber may not last, at least as we know it. #cyberinsurance #cybercoffeebreak #insuranceissexy #womenininsurance #womeninconstruction #womeninmanufacturing

🎥 Early indications suggest the recent CrowdStrike outage will not trigger any cyber cat bond payouts... https://lnkd.in/gi-Q7S_B Paul Schultz | Aon | George Abbott 📨 The Insurer TV's News in Focus asset is only available to subscribers. To gain unlimited access to our premium content, visit: https://lnkd.in/exGh33VY #TheInsurerTV #NewsinFocus #ILS #cyber #insurance #reinsurance #insuranceinterview #reinsuranceinterview #insurancemarket #reinsurancemarket #insurancenews #reinsurancenews

Make sure to RSVP for tomorrow’s free webinar where terrorism and cyber insurance experts will discuss challenges in the current market and potential areas for research and improvement in modeling and underwriting. https://bit.ly/3VSc3S0

I found this case study on the cyber-attacks that hit Las Vegas casinos back in September 2023 to be really interesting. While big corporations often make headlines for cyber-attacks, small and medium-sized businesses are frequent targets due to their limited cybersecurity resources. Insufficient employee training, tight budgets, and limited law enforcement attention make companies vulnerable. Partnering with a top cyber insurance carrier can provide a lot of proactive solutions that minimize the chance of a cyber-attack ever happening.

We have a busy few months ahead attending some great events and conferences, so here's what we have in store: 🔹 Security and Policing, Farnborough, UK. 🔹 Insurtech Insights Europe, London, UK. 🔹 Insurtech Insights USA, New York. Keep your eyes peeled for more information and updates on all three of these events. #securityandpolicing #insurtechinsights #insurtech #policing #insurance Insurtech Insights CPI OpenFox Dutch Ridge Consulting Group (DRCG), LLC Lockdown Cyber Security