Cyber is still an emerging risk, and as such, requires a degree of flexibility in underwriting to properly serve the needs of policyholders. In yesterday's congressional hearing, as detailed in The Wall Street Journal by James Rundle and Catherine Stupp, Cowbell's Jack Kudale discussed the evolution of cyber threats and the flexibility that insurers must have to customize their policies accordingly. https://lnkd.in/gPh3qSjD #CyberInsurance #CyberResilience #InsuranceInnovation #MoreCowbell
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On this #NationalInsuranceDay, a great read from James Rundle and Catherine Stupp in the The Wall Street Journal featuring commentary from Jack Kudale at Cowbell. Insurers told a congressional hearing Thursday that they need the flexibility to determine what they will and won’t cover under cyber policies, saying they are still trying to understand the risks associated with cyberattacks. The House Committee on Homeland Security’s subcommittee on cybersecurity and infrastructure protection held the hearing to explore how cyber insurance is being used by critical-infrastructure operators, amid warnings of hacking efforts from China and Russia. Jack Kudale, chief executive of Pleasanton, Calif.-based insurer Cowbell Cyber, said during the hearing that cyber is still an emerging risk, and as such, requires a degree of flexibility in underwriting to properly serve the needs of policyholders. “Over the last 10 years, the terminology in coverage has been evolving, and we’re still not there. Putting limitations and standardization might hurt how nimble we are,” he said. The evolution of cyber threats also means that insurers must have the flexibility to customize their policies accordingly, he added. #cyber #cybersecurity #infosec #infosecurity #cyberattack #insurance #cyberinsurance #Cyberresilience #InsuranceInnovation #TechEOInsurance #MoreCowbell #tech #technology
Insurers Warn Standardizing Cyber Policies Could Limit Future Coverage
wsj.com
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#ALIGNEDInsurance emphasizes the importance of #CyberLiabilityInsurance in protecting against digital threats and their impacts on #Businesses. They offer tailored solutions to address unique #Cyber risks, focusing on comprehensive coverage for data breaches, third-party system damages, data/code loss, and cyber extortion. Their policies cover direct and indirect consequences of cyber incidents, including lost income, operational expenses, and reputational damage. ALIGNED's approach caters to businesses of all sizes, ensuring financial security and peace of mind in the digital era. https://bit.ly/43qxjle #LiabilityInsurance #Insurance #InsuranceBroker #InsurancePolicies #Insurance #CyberLiabilityCoverage
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Begun work on my 2nd book. This one is focused on insurance and cyber. 1st book: “Stone Tablets to Satellites: The Continual Intimate but Awkward Relationship Between the Insurance Industry and Technology".
The "better" actuaries and underwriters will tell their management that because there is not enough credible data, the insurance product should not come to market. At all. (Re)insurers and brokers have been enjoying the safety of the insurance industry generating profit from the sales of cyber insurance over the last 20+ years. That situation will soon come to an end as cyber risks become more complex (and maximum probable losses either hard to estimate or have estimates that result in combined ratios over 100%) and systemic cyber attacks become the norm. Think CrowdStrike on steroids ... #cyber #cyberrisks #systemiccyberattacksthenorm #crowdstrikeonsteroids
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In 2023, cyber attacks have become a significant concern in the digital world. Businesses and organizations are not only facing financial losses but also dealing with reputational damage and legal consequences. The cost of recovering from a cyber attack can be overwhelming, leading to long-term financial repercussions. Contact us to see how Cyber Insurance can help to mitigate these costs. #CyberInsurance #CyberAwareness #AskAebly
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#InsuranceNation #cyberliabilityinsurance #callus #accountreview #independentinsuranceagency #choicesmatter Cybercriminals may target insurers because the company files contain sensitive policyholder information and they believe insurance companies have deep pockets to extort. Most insurers and insured business owners understand the gravity of falling victim to a cyberattack but may not prioritize good cyber hygiene in everyday practices, which could have devastating consequences.
3 ways to improve cyber hygiene | PropertyCasualty360
propertycasualty360.com
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🔒🚗🚨 Worried about data breaches and cyber-attacks? Stay informed and protected with our Data Security Resource Hub! The FTC has implemented new regulations to safeguard your privacy, and we're here to help you navigate through it all. Check out our data security hub for the latest articles and resources to stay up to speed on data security best practices. 🖥️ Plus, a reminder that we will be hosting a webinar this Thursday with AssuredPartners. We'll cover CDK's Cyber Incident and discuss the insurance and compliance obligations that dealers need to be aware of. It's crucial information that you won't want to miss! Use the links below to access our resource hub and register for our webinar! #DataSecurity #Cybersecurity #Webinar #AutoDealer #FTC #StayProtected 🔐 Webinar: https://hubs.ly/Q02DhbCc0 Resource Hub: https://hubs.ly/Q02Dhf4m0
CDK's Cyber Incident: The Dealer's Insurance and Compliance Obligations
event.on24.com
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The SEC's new cyberattack reporting rule significantly alters the landscape for public companies and insurers. This rule emphasizes directors' accountability in cybersecurity governance, potentially leading to enforcement actions and shareholder claims. It complicates insurance coverage, with Director and Officer (D&O) policies increasingly excluding cyber incidents and cyber insurance often not covering SEC actions. This development necessitates a strategic reassessment of insurance programs by public companies. Below you can find three recommendations we have for ensuring you are adequately covered. The SEC's rule is a game-changer, signaling a heightened regulatory focus on cybersecurity. Companies must adapt by enhancing their cybersecurity measures and strategically managing their insurance portfolios to navigate these new challenges effectively. #insurancenews #underwriting #insurance https://lnkd.in/gYZZgBnR?
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This week, we will be sharing 5 reasons solo firms fail. 1️⃣ Falling victim to a cyber crime. In looking into ALPS Insurance's cyber claims over the past 14 years, solo firms are anything but “off the radar” of cybercriminals. Consider a free consultation with our Risk Manager Mark Bassingthwaighte or reach out to our sales team to learn more about our options for cyber coverage. Read the full blog here: 5 Reasons Solo Firms Fail https://hubs.ly/Q02tP2KV0
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The recent global IT outage proved how businesses are exposed to systemic cyber risk and its potential impact to insurers. In fact, at a recent event our cyber risk experts predicted that an unprecedented pace of geopolitical and technological change will fuel cyber risk globally. So, how should insurers protect themselves? Dr. Kennet K. Otto, Anand Patel and Georgy Matov FIA MSc BSc (Hons), leaders in cyber insurance, have set out the ‘Eight golden rules of cyber insurance’ for a sound and profitable cyber portfolio. In this video, Kennet Otto talks about the first of these rules, ‘Absolute consequence in underwriting is key’, and why cyber insurance must be considered independently. To find out more about these rules and how we’re helping insurers navigate emerging cyber risks, contact us at ict@wtwco.com #Cyber #CyberOutage #CyberRisk #CyberUnderwriting #SystemicRisk
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The threat of Cybersecurity still looms 🔒 In a recent survey, it was revealed that Cybersecurity poses the greatest financial threat to Ireland over any other financial crime. Read more on these survey findings 🔗 https://lnkd.in/eFErhAMi Don't fall victim to cyber-attacks and provide your business with much-needed security today. Discuss your insurance options now ⬇️ 📞 051 872 080 🌐 https://lnkd.in/ehHmcNdV 🔗 https://lnkd.in/ezez8gbV #Cybersecurity #Insurance #Ireland #SME #Cyberattack
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