Cowbell’s Post

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

United States Cyber Insurance Market Report by Component, Insurance Type, End Use Industry, and Region 2023-2028 Explore Full Report: https://lnkd.in/edtB-cyK The market in the United States is primarily driven by the escalating number of cyber threats, compelling organizations to seek financial protection against potentially devastating cyber incidents. #UnitedStatesCyberInsuranceMarket #markettrends #marketresearch #marketreport #marketforecast #marketanalysis

Munich Re estimates that by 2025, Cyber premiums will reach a value of $22bn. This is clearly a rapidly-growing market, where increasingly sophisticated hackers are posing more severe threats to businesses and insurers. However, stressing why Cyber insurance is so crucial to clients (particularly to those are not too tech-savvy), can be difficult. This article helps to break it down into layman’s terms, and we thought that there may some little ‘snippets’ in here that could help. https://lnkd.in/epVneBUk   #insurancecareers #insurancenews #insurancejobs #cyberinsurance

#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.

#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

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

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

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?

🔒🚗🚨 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

🔐 Stay ahead of evolving threats to safeguard your business. Our 'Protecting Your Business' Bundle provides essential insights for peace of mind in an ever-changing landscape. Key Topics we cover are: ✅ Cyber Crime ✅ Insurance ✅ IP Find out more here: https://ow.ly/kUai50QgHFb #WEAREUMi