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?
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The insurance industry will continue to face significant cybersecurity risks as it increasingly relies on digital systems and data. Cyber threats such as data breaches, ransomware attacks, and phishing schemes pose serious risks to sensitive customer information and financial assets. Insurance companies must invest in advanced cybersecurity technologies, implement stringent security protocols, and foster a culture of cybersecurity awareness among employees. #Insurance #Cybersecurity #Data #CyberThreats #Compliance
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Director of Business Development - Financial Services at Baker Tilly Virchow Krause, LLP
We offer a lot of services for financial services organizations, so it’s rare when each client and prospect call seems to land on the same subject... but it does happen every so often, and right now that subject is cybersecurity with a particular focus on the requirements of the amended NY DFS Part 500 Cybersecurity Law, especially for larger (class A) companies. If you have questions, are exploring whether you’re in compliance or just want a sounding board related to the requirements, reach out and let us be a resource for you. My team has worked very closely with insurance regulators and carriers on cybersecurity regulations and can offer unique insights to help you become or remain compliant. #cybersecurity #nydfs #dataprivacy #financialservices #insurance
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#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
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🔒🚗🚨 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
CDK's Cyber Incident: The Dealer's Insurance and Compliance Obligations
event.on24.com
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In a world where businesses of all sizes are vulnerable to cyber attacks and data breaches, cyber insurance offers financial protection and peace of mind, covering costs associated with incident response, recovery, legal fees, and even potential regulatory fines. As cyber threats continue to escalate in complexity and frequency, investing in cyber insurance is not just a prudent business decision but a strategic imperative for long-term sustainability and growth. Read more about the value of cyber insurance: https://buff.ly/3Jzh9gf #CyberInsurance #RiskManagement #BusinessResilience
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Is Your Business Protected Against Cyber Threats? Learn How Cyber Insurance Can Help! Question: What financial benefits does cyber insurance provide for businesses facing cyber threats? Answer: Cyber insurance provides financial protection by covering expenses such as legal fees, data recovery costs, and business interruption losses caused by cyber incidents. It also offers access to expert resources for managing and mitigating cyber risks. This proactive approach not only helps businesses recover from attacks but also strengthens their overall resilience. Are you prepared to protect your business? #FinancialSecurity #CyberInsurance #BusinessProtection #MDMarketInsights #businessanalysis#capitalmarkets #financeindustry #financialservices #investmentanalysis#TradeFloor #dataanalytics #riskmanagement #tradingstrategies #marketresearch#investmentmanagement #assetmanagement #fintech #regulatorycompliance#portfoliomanagement #derivatives #marketanalysis #financialtechnology#quantitativeanalysis #investmentstrategy #businessintelligence#financialinnovation #economicanalysis #hedgefunds #privateequity#TradingSystems #datascience #riskanalysis #financialdata
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MMB Multinational Client Director at Mercer - Enthusiastic professional helping multinational organizations review their benefit plans for better business performance.
Did you miss our webinar on how to manage #cyber claims successfully? Watch it on-demand today to learn more about the changing landscape of cybercrime. #RiskManagement #Insurance
From Incident to Resolution: Managing cyber claims successfully | Marsh
marsh.com
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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
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Can Cyber Insurance Safeguard Your Financial Future? Discover the Benefits! Question: How does cyber insurance help manage financial risks associated with cyber threats? Answer: Cyber insurance is a crucial tool for managing financial risks in the digital age. It covers costs related to data breaches, cyber-attacks, and other cyber threats, ensuring businesses can recover quickly and minimize financial loss. By investing in cyber insurance, you're not just protecting your data—you're safeguarding your financial future. Ready to fortify your defenses? #CyberInsurance #RiskManagement #CyberSecurity #MDMarketInsights #businessanalysis#capitalmarkets #financeindustry #financialservices #investmentanalysis#TradeFloor #dataanalytics #riskmanagement #tradingstrategies #marketresearch#investmentmanagement #assetmanagement #fintech #regulatorycompliance#portfoliomanagement #derivatives #marketanalysis #financialtechnology#quantitativeanalysis #investmentstrategy #businessintelligence#financialinnovation #economicanalysis #hedgefunds #privateequity#TradingSystems #datascience #riskanalysis #financialdata
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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
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