At-Bay’s Post

Read mine & the teams thoughts on the cyber market and the number one risk posed to our clients.

2023 was a year of change and challenges in the cyber market, but what can we expect in 2024? Our senior underwriter corporate cyber John Sinclair shares predictions on pricing, capacity, claims and systemic risk in large corporate cyber with CIR magazine. A must read! https://hubs.ly/Q02gCdjh0 #cyberinsurance #2024cybertrends

Day 1 of #FraudRetreat2023 is in the bag and boy, do I have a lot to unpack for you! Amanda "Jo" Erven, CPA, CIA, CFE, CTQA really put together such a great line up! Paul Roberts started us off this morning with the riveting Bernie Madoff investigation. He broke the case down by the numbers. $68.4 bil - investment totals clients thought $20 Bil - Actual cash investments $16 Bil recovered (Holy Moly!) 10,000 + victims 45 years of Fraud at this firm 14 agents assigned to this case I loved when he said "We need to continue the education so that people don't fall for this again." Next up "Recession-Proof your Cybersecurity" with Danny Collins. Organizations experience an increase in risk exposure during a recession to cybersecurity threats and probability of a successful attack that results in financial, reputational, and/or operational losses. Did you know it takes 207 days to detect a breach and 70 days to contain it?? He dove into the various components needed to build a recession-proof cybersecurity program and the importance of mapping security to the business strategic objectives. Establish Governance and Select a framework Strategic Alignment and defining core capabilities Select KPI's and KRI's Monitoring and Execution Reporting and Feedback I truly appreciated his perspective on proving the value that these teams provide to the organization. Robert Berry finished the morning with "The funny thing about Fraud: How 3 simple C's can help you fight it." At first he offered statistics that made us all mad about fraud. Then he said that the funny thing about fraud is that we over complicate it. Criminals are laughing all the way to the bank. He told the tale of the crazy, " Toilet Paper Caper", and the mysterious case of the "Missing Chicken Wings". The 3 C's that can help fight fraud are: 1. Culture is a component. (Why aren't we auditing culture?) 2. Controls Count. (Trust is not a control) 3. Compensation is critical. A fraud fighter must be able to tell the story. "Well........" Robert told many! Great presentation! I will do another post for Day one part two. #fraudfighters #fraudmanagement #fraudinvestigations #networking #opportunities #event #grateful #share

As clients in heavy industry and manufacturing look to insurance to cover property damage that occurs due to cyber attacks, Harry Curtis explores the risks that arise at the intersection of cyberspace and the physical world plus what options for cover exist for businesses facing fires, floods and explosions. https://hubs.li/Q02yMWCB0

Mark your calendars for Intelligent Insurer #CommercialLines Innovation Europe 2023 panel discussion on October 4 moderated by Cowbell's Matthew Jones about Enhancing #CyberRisk Understanding for Better Risk Assessment

At Crawford, we are known for expertise that is deep and eminent … and our people love sharing their knowledge with you, our clients and industry partners. It was no exception when one of our cyber experts (Lucas Bressanutti, CA, CFE of Crawford Forensic Accounting Services), held a webinar recently for over 300 of our good friends at Marsh Australia and New Zealand.   No cost “value adds” are a feature of being in business with Crawford.   If you’d like to discuss a session to grow your team's knowledge, don’t hesitate to reach out to James Merchant, Allison Watts or Angela Fitzpatrick. #cyberclaims #cyberattack #cyberinsurance #knowledgesharing #RESTORE

The Cyber ILS market is waking up. Great summary of 2023 developments by Artemis.bm.

“Each government is going to take a different policy on its priorities and how it chooses to engage…” – Anthony Shapella, Deputy Chief Underwriting Officer   The team at Insurance Insider and S&P Global Market Intelligence hosted a Geopolitical Risk webinar, which looked at the uncertainty and instability this elevated risk poses to the insurance market. SiriusPoint’s Anthony Shapella shared his thoughts on affected business lines, the link between geopolitics and cyber threats, the importance of named perils, and more. See the replay here: https://lnkd.in/escm9_9C #geopoliticalrisks #insurance #reinsurance

Happy Friday. Here’s Bruce Carnegie-Brown, the Chairman of Lloyd's, opening up the event on Wednesday. Interestingly, Cyber is not only the fastest growing sector at Lloyds, but they’ve been pricing it since 1999 when under their own admition, they knew little about! But by pricing risk you know little about, you exchange data with customers. And everyone knows - data is king! This mirrors our own Pricing Decision Intelligence platform which automatically captures every decision in the workflow to drive the tight feedback loops that give you the edge others can’t find. hyperexponential #insurance #technology

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