John Kreuzer’s Post

I am, to coin an English term Royally confused. We want to see growth in cyber insurance GWP; cyber risk is an emerging risk that requires the insurer to have underwriting flexibility; Insurers are becoming more selective in the clients they take on; lawmakers are skeptical about regulating elements of cyber policies; government is discussing the need to create a Federal backstop and becoming the insurer of last resort; cyber attack frequency and complexity is rising unabated, with no signs that cyber insurance is going to do anything more than act as a right of bang solution. We now have cyber regulation, transferring cybersecuirty 'Left of bang'. The only clarity one sees ahead for the cyber insurers and the insured; is there is no clarity over how organisations will manage cyber risk and cyber risk transfer. When cyber insurers are in the perfect position to support their clients manage cyber risk. Thaddeus Dziekanowski Brian D. McCarthy Veritas GRC #cybersecurity #cyberinsurance #cyberriskmanagement

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

First American fined $1M by NYDFS over 2019 cybersecurity breach. A title insurance company has agreed to pay a $1 million fine and enhance compliance measures following allegations of inadequate protection of customers’ personal data, particularly during a cybersecurity breach in 2019. First American Title Insurance Company, the nation’s second-largest title insurer, reportedly failed to address a known vulnerability on its proprietary storage platform, EaglePro, before a cybersecurity journalist uncovered the issue months later, as per the New York State Department of Financial Services (NYDFS). Read more about the Cybersecurity Breach: https://lnkd.in/g2nXRJgE Don’t wait till you get hit by a cyber-attack give us a call to get your business secure. Employee Security Awareness Training: https://lnkd.in/gSSZhUBE https://jndsupport.com | 1.888.288.3007 | [email protected] #cybersecurity #Securityawareness #JNDSupport

What if You're Wrong ? Does your company continue to roll the dice with #cyberinsurance ? Sophos reports that Cyber recovery cost exceed the amount of insurance that companies have. CYE states that 80% of businesses are underinsured with their Cyber Insurance, and in extreme cases by 3,000%. Guessing on #cyberlimits is a dangerous game costing your companies $ millions in unpaid claims. Underwriters are doing their part insisting that #cybersecurity is increased. #CRQ (Cyber Risk Quantification) is imperative, however Cyber Insurance Assessment and Financial Risk Evaluation should be mandatory. At The Tech Collective we dive deep into security and liability assessments, helping #MIS providers and their clients to #GetItRight ! The Tech Collective, U.S. Secret Service, Federal Bureau of Investigation (FBI),U.S. Department of Homeland Security https://lnkd.in/ei5BhXwv

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?

#AXIS Head of International Cyber Claims Duncan Pease published an article alongside Tony Kriesel featured in Insurance Day discussing the evolving cyber market and how cyber insurance extends beyond risk transfer, providing value-added services. Duncan and Tony emphasize the importance of continuous engagement, stricter standards, and access to pre-approved vendors to help companies mitigate and manage cyber risks effectively.       Read the full article here:  https://lnkd.in/eh3RRmMW    #cyberrisk #SpecialtySolutionsElevated   

#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.

In today's digital age, cyber threats are a growing concern for businesses of all sizes. Cyber insurance is no longer a luxury; it’s a necessity. The immediate impact of a cyber attack and its flow-on effects can seriously hinder a company’s ability to operate, which is where Delta's Cyber Liability policy is called to action. We even have coverage options for a wide range of occupations including healthcare, media professionals, and software and technology providers. And our breach response service includes cyber specialists, forensic experts, lawyers, and PR consultants who exclusively focus on assisting Insureds through an incident. Read more below or contact Miro Dordevich or Joanna Quigan for a quote, or chat today! https://lnkd.in/drNubyHX

A few weeks ago the global IT outage that affected 8.5m computers around the world caused widespread disruption to businesses, healthcare systems, transport and individuals. This incident occurred when security company Crowdstrike sent out a corrupted software update to its huge number of customers. Although it has since been confirmed by Crowdstrike’s CEO this was not a cyber attack, the scale and impact of the outage has only further raised awareness of the damage that could arise in the wake of a real cyber attack. Cyber insurance is becoming an increasingly important consideration for businesses of all sizes, however in recent years insurers have become more cautious about underwriting cyber insurance policies as they try to minimise their exposure to risk and creating a ‘hard market’ for cyber insurance. This can make it more challenging for many businesses to secure coverage, but there are steps they can take to present a more favourable risk profile to insurers. Find out more about how to obtain the best cyber insurance terms in our latest article: https://lnkd.in/e-pAnmdX #cyber #cyberinsurance #cybersecurity #Crowdstrike #insights #TysersBrokers

Don't miss out on TOMORROW's 'Cyber Insurance, Claims and Third Party Risk' webinar with Wotton & Kearney and Triskele Labs! Join us tomorrow and see what all the fuss is about. Register HERE: https://hubs.la/Q02Fx7lb0 Key Takeaways: ➡️ An overview of the current cyber threat landscape for SMEs ➡️ An update on DUAL’s newly enhanced Cyber product ➡️ An update on DUAL’s cyber claims experience ➡️ Claims case studies - with a focus on outsourced technologies ➡️ Key privacy and claims process consideration ➡️ An overview of the forensic process from Triskele Labs