QBE North America’s Post

Many people may laugh now about having an easy day off last Friday due to the Crowdstrike outage, but its impact to businesses is definitely not a joke. According to a CNN article, the cost from the global outage could top USD 1 billion as it affects over 8.5 million devices around the world. Prior to the outage incident, many business operators may not be fully aware of their cyber exposure, and how important the role a cyber insurance policy can play in their overall risk management process. Cyber insurance specialists are dedicated to provide technical assistance and guidance to minimize its impact for its client. Therefore, it is always important review your current cyber insurance and relevant policies, and if you find yourself in need of one, look no further than QBE latest offering: QCyberProtect – a comprehensive and globally consistent cyber policy designed to enhance cyber resilience for a broad range of clients worldwide. QCyberProtect provides tailored coverage for losses arising from current and emerging cyber risks, including, but not limited to, network security, privacy liability, IT and non-IT business interruptions and reputational loss. #QBE #QCyberProtect #CrowdstrikeOutage Lei Yu (于蕾) Kelvin Woo Cynthia Huang QBE Asia QBE Hongkong & Shanghai Insurance Ltd

Looking forward to a very interesting discussion with Arch Capital risk leaders on cyber insurance, pricing and markets. In light of FBI Director Wray's concerning testimony over the potential for severe disruptions of critical infrastructure from major cyber threats, understanding the market for this type of insurance will be illuminating.

The anticipation of the unknown that attraction venues are often known for can come with inherent risks, requiring owners and operators to develop a comprehensive risk management plan, should they need it. ⚠️ With our friends at Honan Insurance Group, we’ve put together this comprehensive guide on risk management to help operators feel prepared, keep their brand reputation intact, and give them peace of mind that they've covered all their bases. Some of the topics we discuss include: 📲The power of digital waivers ⛈️Implementing an extreme weather plan 🔒Cyber security insurance 💥and more! https://lnkd.in/g2wb73ZS

Tune in to the second episode of our series Understanding #Cyber #Insurance, as Marsh’s UK Head of Incident Management, Helen Nuttall is joined by a panel of experts from DAC Beachcroft, S-RM and FTI Consulting to discuss the benefits of incorporating third-party expertise into your incident response strategy. ✔ Gain insight on how they work together with client stakeholders to manage an incident effectively and efficiently. ✔ Hear insightful cases from a legal, forensic IT and crisis communications perspective on how they have supported clients during an incident. ✔ Get tips for putting together your own incident response team. Watch the full video here: https://bit.ly/3PJjXKc

Interesting development regarding the feasibility of a cyber backstop for the insurance industry: "While a well-designed backstop could provide assurance to carriers, and encourage cybersecurity best practices, a poorly designed program could shift too much risk onto the government". Graham Steele, assistant secretary for financial institutions at the Treasury Department. This discussion about a backstop evidences the need for cyber insurance products that bring effective risk management support to the insured. https://lnkd.in/eqPDrBfB

What are the key elements driving capital constraints in the cyber insurance market? #AXIS Senior Cyber Advisor John Donald spoke with Meg Green for Insider Engage’s “5 Min Takes” to discuss his views. John explains how the complexities of the cyber insurance risk landscape call for specialized cyber risk models, and he discusses the vital need for collaboration among those within the cyber insurance industry to share information through thought leadership and education and to establish diverse risk solutions.   Watch the full interview here: https://bit.ly/3tDqSgK  #cyberawarenessmonth #specialtyinsurance #cyberinsurance

"All cyber models are wrong...but some are useful!" John Donald explains why the cyber insurance industry's reliance on cyber models focused on 'inanimate objects', is constraining capital inflow and therefore its growth. It's really worth 5 mins of your time this weekend. The link to John's book on alternative views on modelling and understanding cyber risk is on Insider Engage's site or can be found here https://bit.ly/45F2JUK AXIS (AXIS Capital) #cyberinsurance #cyberrisk #riskmodeling

AM Best highlights the growing importance of cyber insurance in the property and casualty industry due to increasing cyber threats and regulatory shifts. Insurers must prioritize robust risk management, including underwriting, pricing, and reinsurance strategies, to tackle cyber risks effectively. Investing in cybersecurity measures is crucial for mitigating losses and ensuring financial stability. Let's discuss how we can navigate this cyber landscape together! #CyberInsurance #RiskManagement #AMBestInsights #StayProtected #Reinsurance

Cyber insurance goes hand in hand with other Risk Management measures as part of a broader defence. 🛡️ Be prepared and ensure you implement suitable protection to help deter hackers from targeting your business. 🔐 https://bit.ly/2OjTUvp

Inspired by a recent article from Tapan Singhel #cyberrisk #cyberinsurance #AskBimaBhaiSeries addresses in a 2-part video series the increasing threat from #Cybercrimes and the need to address it. Svapan Ananth Consultants Cyber Risk & Insurance - Part 1 #onlinelearning #educationforall #learningbytebybyte #insurancetraining #learningmadeasy