Five years ago, Lloyd's of London issued a mandate with the aim of tackling the challenges of insurers’ exposure to silent cyber coverage. Under the mandate, which came into effect on 1 January 2020, insurance companies must state whether first party policies cover cyber-related losses such as cyber-attacks and loss of data. Since then, the Lloyd's mandate has been rolled out in various business classes and has led to a gap in non-malicious cyber coverage across cyber and professional indemnity (PI) cover. Speaking to Insurance Insider, Bhavik Desai, Director of PI discusses this gap and how Markel is addressing it in line with recent events including the CrowdStrike IT outage which took place earlier this year: https://lnkd.in/ed-uUh7J #Cyber #PI #Underwriting #AI
Markel International’s Post
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Cowbell Founder and CEO, Jack Kudale, recently sat down with Business Insurance Editor Gavin Souter to speak on Cowbell’s expansion plans, the company's use of artificial intelligence, and how he feels the federal government can help handle catastrophic cyber risks. Read the full article: https://lnkd.in/g6ee_tZD #cyberinsurance #technologyEO #morecowbell
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Channel Director - SLED @ Foresite Cybersecurity | Sales Enablement, Strategy, Presales Support Helping the public sector to minimize cyber risk.
Munich Re, the industry’s largest cyber underwriter, said it cannot accommodate the scale of cyberwar scenarios, prompting the company to push for clearer cyberwar exclusions in insurance policies: https://lnkd.in/eiRWBFzC Cyber insurers have been aggressive in excluding incidents they say are the result of nation-state conflicts. Review your coverage carefully as even ransomware could be classified as cyberwarfare by an insurer if they can determine it was a nation-led attack.
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Excess Cyber anyone? CRC has you covered! Also check out our Cyber360 for standalone social engineering coverage, limits way past the sublimited $250k. #crcgroup
The CRC / INSUREtrust Cyber Practice Group is proud to announce the launch of CyberIE, a new exclusive excess product. It offers the largest wholesale exclusive cyber capacity available in the domestic marketplace, providing unparalleled protection and flexibility for businesses in need of excess cyber solutions. Learn more here: https://lnkd.in/gfgnWUyC #CRCGroup #PlacingYouFirst #Insurance #InsuranceIndustry
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More exclusive product development to get excited about! Contact your INSUREtrust or CRC Insurance Services broker today to make your client experience better tomorrow than it is today!
The CRC / INSUREtrust Cyber Practice Group is proud to announce the launch of CyberIE, a new exclusive excess product. It offers the largest wholesale exclusive cyber capacity available in the domestic marketplace, providing unparalleled protection and flexibility for businesses in need of excess cyber solutions. Learn more here: https://lnkd.in/gfgnWUyC #CRCGroup #PlacingYouFirst #Insurance #InsuranceIndustry
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Senior Associate specialising in FI, Reinsurance and Contingency disputes resolution at international law firm CMS
Described as ‘the largest outage in the history of IT’ and the ‘most important cyber accumulation loss event since NotPetya in 2017’, there has been plenty written in the insurance press about the recent Crowdstrike outage, how it was caused and the scale of loss facing the (re)insurance industry. In this CMS UK webinar, we take a closer look at the outage’s implications specifically for cedants regarding their existing cyber reinsurance protections and reinsurers seeking to model/price for similar incidents going forwards. Join me, Simon Kilgour and Tristan Hall on 24 September to find out more. Register for the webinar: https://lnkd.in/en_SYh7m #CMSlaw #Insurance #Reinsurance #crowdstrike #cyberattacks
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Curious to learn more on how to manage a regulatory investigation, including how to prepare and respond to a data breach? Tune in next week, as we discuss: · What to expect if a regulator comes calling · Emerging regulation, including: disclosure requirements, artificial intelligence usage and other areas in focus · Cyber insurance coverage nuances and challenges in transferring regulatory risk in today’s cyber insurance market My Gallagher teammate and cyber expert, John Farley and Pennsylvania’s Senior Deputy Attorney General, Tim Murphy will cover important topics like cyber insurance, coverage nuances, emerging regulations, and what to expect if a regulator comes knocking. Register now: https://lnkd.in/gZmuWwJr #Cyber #Insurance #Webinar
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Are you a broker curious about what we’re brewing to help safeguard your clients' employees' personal information? Join us Aug 20, 2024, from 10–10:30 am CST for ‘Cyber Safety over Coffee.’ You’ll learn: • The latest about how we block scams and safeguard employees’ personal information • Why Cyber Crime Insurance is a vital component of your benefit portfolio • How our products are evolving to meet the changing needs of your clients • Our product roadmap, including enhanced credit insights, scam alerts, and international benefit plans Register here: https://bit.ly/4cv417Q
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For my broker network: below will be a great webinar on safeguarding your clients' employees' personal information. Don't miss it! #NortonLifeLock #webinar
Are you a broker curious about what we’re brewing to help safeguard your clients' employees' personal information? Join us Aug 20, 2024, from 10–10:30 am CST for ‘Cyber Safety over Coffee.’ You’ll learn: • The latest about how we block scams and safeguard employees’ personal information • Why Cyber Crime Insurance is a vital component of your benefit portfolio • How our products are evolving to meet the changing needs of your clients • Our product roadmap, including enhanced credit insights, scam alerts, and international benefit plans Register here: https://bit.ly/4cv417Q
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Partnering with and Protecting Enterprise Businesses with Tailored Management Liability Solutions | D&O Advisor | WoodruffSawyer.com
Check out the latest report from Insurance Business America on the evolving landscape of cyber premiums. My colleague, David Anderson, CIPP/US predicts a further decline in rates, especially for large excess towers and higher layers. #cyber #riskmanagement
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Last week I ran a poll... Asking what are the most common types of cyber crime? This was the result. Funds Transfer Fraud (FTF) 25% Business Email Compromise (BEC) 63% Ransomware 13% Something else 0% This is inline with my experience as well but it was interesting to see what my peers thought. And interestingly BEC leads to Ransomware in a lot of cases. Infoprotect UK Sendmarc Chartered Insurance Institute #cybersecurityawareness #insurance #cii #emailfraud
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