Ralph Pasquariello, CLCS’ Post

SEC has introduced new amendments mandating covered institutions to establish incident response programs to address unauthorized access to customer information efficiently. These programs are designed to detect, respond to, and recover from incidents. Covered institutions must provide timely notice to affected individuals, ensuring transparency and enabling necessary actions. Cyber Insurance policies play a crucial role in assisting with mandatory reporting requirements, saving companies time to focus on revenue generation. #security #dataprivacy #compliance #cyberinsurance #managementliability #professionalliability RT Specialty

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

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

Businesses today are increasingly dependent on technology, and this means that there are particular risks to consider -- and to get insurance coverage against. Cyber attacks and breaches, which can cost companies major losses of income and data, are rife. At TT Insurance, we offer cyber insurance policies that protect your work from liabilities incurred relating to e-business, the Internet, data, networks and information assets. Our policies cover a broad spectrum of related needs, from IT forensics to media liability to business interruption and more. We would love to discuss cyber safety from a business perspective with you, so please get in touch! #Insurancelnlndia #SecureYourFuture #ProtectWhatMatters #InsuranceSolutions #RiskManagement #CoverageMatters #InsureYourLife #Healthlnsurance #InvestInSafety #FinancialProtection #LifelnsurancePlans #Homelnsurance #Autolnsurance #Travelnsurance #InsuranceQuotes #ClaimProcess #InsurancePolicy #InsuranceCoverage #CustomerSafety #InsuranceForAll

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 into action. We have coverage options for a wide range of occupations, including healthcare, media professionals, and software and technology providers. Our breach response service includes cyber specialists, forensic experts, lawyers, and PR consultants who 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 For full terms, policy wording and disclaimers, see the downloads: https://lnkd.in/gu-K3jET

Regarding the CrowdStrike event ... which was not a cyber-attack but was a cyber incident. I am focused on the intent - and not its impact on the various operating systems or other systems of CrowdStrike's clients. Whatever cyber insurance coverage the impacted companies have, coverage should NOT be triggered by a cyber-attack (because it was not a cyber-attack) but by software failure / software glitches coverage (if the impacted company has a cyber insurance policy which includes software failure / software glitches or similar coverage). #cyber #cyberrisks #cyberincident #crowdstrike #systemfailure #withoutmalice #absentmalice Thomas Yohannan, Esq. Meghan Hannes Patrick Wraight, CPCU, ITP, CIC, CRM, AU Emily Elltoft Emily Selck Stephanie Snyder Frenier Brian S. Wolosky

Could your client’s business survive a cyber-attack?   As of 2023, data breaches in the UK are costing organisations an average of £3.4 million (according to IBM Security Report).   Our research indicates that SMEs do not believe to be at risk of attack and make little effort to prepare for one. Cyber insurance is the safety net your SME clients need in the event of a cyber incident.   We have made it easier for you to quickly and efficiently insure your customers, so when a cyber event happens, they are covered from financial losses, costs of forensic investigations, and data recovery, to legal, crisis management, and public relations assistance.   Find out more about our low-touch broker platform and our comprehensive cyber insurance policy: www.onda.ai/uk #CyberInsuranceSimplified #DataBreach #CyberAttack #CyberInsurance

Global IT Outage Could Cost Cyber Insurers Up to $1.5 Billion According to a study by CyberCube, the global IT outage caused by a faulty CrowdStrike software update on July 19 could lead to significant financial impacts for insurers. Estimates suggest payouts could range from $400 million to $1.5 billion accounting for 3% to 10% of the $15 billion in cyber insurance premiums. Most claims are anticipated to revolve around business interruptions covered under 'systems failure' policies. However determining the insurance compensation may be a process due to the intricate and diverse nature of cyber insurance policy terms. This event highlights the increasing importance of cybersecurity practices and comprehensive insurance coverage in managing the risks posed by software malfunctions and vulnerabilities within supply chains. Read the full article to learn more: https://bit.ly/3WHHlLH #CyberSecurity #CyberInsurance #CrowdStrike

Systemic cyber risks are increasing in frequency and the nature of these long tail exposures dramatically impact insurer loss ratios, pricing and reserves.

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