Alexandra Bretschneider’s Post

First, Alexandra Bretschneider, excellent share. Numerous companies we engage are still operating under the assumption that their policy will cover an event. The devil is always in the details and only after a lot of litigation. Cyber Security and Risk Transfer is a layered approach. If you’re banking on your business survival with an “alamo mentality” of your Cyber Insurance policy being your savior you may want to reconsider. Focus on mitigation, then a well established incident response plan, and finally your cyber insurance policy as the final layer. #arcticwolf #cyberrisk #virginiacybersecurity Brian Atkinson Karl R. Elyse Healey Kanai

Are you sure you're covered? Have you read through your CyberInsurance Policy lately? We did, and see what we found... #CAREReport #CyberInsurance #CARE #businessinterruption

The latent insurance coverage nerd in me can't resist digging into this analysis. The implications of last week’s outage – including the triggering and extent of coverage and policy terms – remain to be seen. With cyber coverage, the T&Cs across the industry still vary widely. Without policy standardization, so begins the process of individually assessing each client's policy. Let the disputes begin. 😬

Who was affected by the recent worldwide tech outage? I was luckily on summer break 🏝️, but I wanted to see the surge in business interruption claims for insurers. While not all businesses may be covered for losses, cyber insurance policies with separate coverage for business interruption may help mitigate economic damages. The event could potentially result in legal claims for CrowdStrike and Microsoft. "Force majeure" clauses may not apply in this case, highlighting the importance of cyber insurance coverage for unforeseen events. This incident serves as a reminder of the need for comprehensive cyber insurance to protect against potential financial losses. As insurance specialists, we can confirm having more demand on the Cyber and Data side too. Do you know if your organization is covered by a cyber insurance? #riskmanagement #cyberinsurance #insuranceclaims #onlinesafety

Cyber business interruption cover is an increasingly important insurance for businesses of all sizes. Yet, risk managers and insurance buyers within companies may find it difficult to gauge the right level of protection they need. For answers, read the insightful article by Laetitia Fouquet, Global Head of Cyber, in Insurance Edge on achieving better alignment in terms of remediation and settlement. #insuranceedge #cyberclaims

Excellent article cyber BI is still very challenging

In this client alert, we highlight the insurance industry’s shift toward narrowing coverage for cyber incidents that result from cyber war or related operations. We explain the high stakes for policyholders, “who could be left without adequate and available coverage for potentially devastating cyber incidents that are alleged to involve sovereign state and government actors.” We break down modifications that major insurers such as Lloyd’s of London made last year and review the insurance industry’s call for a government-backed solution. Read more: https://lnkd.in/gzE8S-B6 Authors: Jan A. Larson and Steven T. #Insurance #Policyholders #CyberIncident #CyberWar

Verisk’s Property Claim Services recently designated the global IT outage caused by the CrowdStrike event as a "cyber catastrophe". Everyone knows the massive business/critical impacts this caused across the globe. Key Points: ->Estimated insured losses range from $250 million to $1.5 billion. ->Business interruption is a primary concern, typically covered under cyber liability policies. ->Experts highlight the aggregation risk and impact on multiple insurers - reinsurers impacted (again...) as well... ->Determining final losses will be a lengthy process due to non-standardized cyber insurance policies. At Thrive Insurance Group, we specialize in comprehensive cyber liability coverage tailored to your business needs. Our dual expertise in IT and insurance ensures robust protection against evolving cyber threats. Article just dropped, read it here: https://lnkd.in/gNUcpSAt If you have questions or need personalized advice, feel free to reach out. We help you Thrive today and protect tomorrow. #CyberSecurity #Insurance #BusinessInterruption #CrowdStrike #CyberCatastrophe #ThriveInsuranceGroup #CyberLiability

A new report from Lockton Re sheds light on the aftermath of a simulated cyber catastrophe and the potential impact on the insurance industry. The report, "A Kaleidoscope of Possibilities: Preparing for Ivan Wiper," examines how a major cyber event could affect each part of the value chain across the industry. While the study suggests that the cyber catastrophe may not be as significant as the largest property catastrophic claims, it could still lead to a significant spike in loss ratios for the cyber line of business. The report also highlights potential problems in adjusting pricing and handling claims. What are your thoughts on the implications for cyber insurance carriers? #cyberinsurance #insurancecoverage

The insurance industry is predicted to withstand losses following Fridays Crowdstrike incident. 2024 has seen several major technology and cyber incidents that one could consider significant. Fitch does not believe preliminary lossess will be material. The challenge will be consequential losses, ongoing claims and litigation. One wonders how the loses from this single day event will materialise going forward? The event like Not Petya was global, but unlike Not Petya it's breadth and depth of impact was significantly greater. It won't take many more incidents like United Health and Crowdstrike to make insurers wake up to digital risk in 2024. Requiring and answer that insurance alone cannot provide. Thaddeus Dziekanowski Brian D. McCarthy Veritas GRC CrowdStrike UnitedHealth Group #cybersecurity #cyberriskmanagement