Insurers ‘On the Right Path’ to Managing Cyber Risk Aggregation

NEW YORK — The time to manage cyber risk aggregation is now and it may be an uphill battle against lack of historical data and certainty of the risk, but the industry appears to be on the right track, according to a panel of experts speaking during Advisen’s Cyber Risk Insights Conference here on Oct. 26.

Currently, determining whether insurers are well capitalized to handle the cyber risk aggregation is “basically impossible” due to lack of data, according to Fred Eslami, senior financial analyst and cybersecurity leader for A.M. Best. Traditionally, the roads to impairment for insurers have been underreserving, expanding too quickly, and natural catastrophe losses. Ratings firms have metrics to input into their capital models for those risks – not for cyber, but Eslami added that they are making strides.

“We don’t believe that it’s getting to a point where the so-called cyber PML would exceed earthquake or hurricane levels,” he said.

Erin Ayers, Insurers ‘on the right path’ to managing cyber risk aggregation (November 2, 2017), available with subscription at Advisen Cyber Front Page News.

2017 Information Security and Cyber Risk Management Survey

Advisen and Zurich released a white paper that highlights the results of a survey conducted among risk professionals to get their view of corporate attitudes and strategies around cyber risk and cyber security in general. The 11-page white paper concluded that recent developments warrant a greater need for guidance in developing cyber risk management programs and improving cyber risk policies in general.

This story is an excerpt of the original. The content originally appeared in Advisen Media White Papers.

Zurich | Advisen Ltd. October 2017. 2017 Information Security and Cyber Risk Management Survey [White Paper].

2018 Cyber Risk Insights Conference – Chicago

Advisen returns to Chicago with our Cyber Risk Insights Conference series as a full-day and a half event addressing the critical privacy, network security, and cyber insurance issues confronting risk professionals and their organizations. An expert faculty comprised of leaders in network security, regulation, law enforcement, risk management, and cyber risk insurance will offer their insights on managing risk on a rapidly evolving and increasingly dangerous threat landscape. This day of learning and networking for risk managers, CISOs, CROs, insurance brokers, underwriters, reinsurers, and other risk professionals will present a global perspective on cyber threats, but also will examine how the business and regulatory environment of the Midwest influence cyber risk management decisions.

For more info and registration about this upcoming event, visit the link below:

https://www.advisenltd.com/05/22/2018-cyber-risk-insights-conference-chicago/

The Importance of Speed in Cyber Underwriting

As cyber insurance underwriting evolves, speed is essential. Risks and organizations change rapidly and knowing the right questions to ask, along with the right threat data, can make the process run smoother for brokers, insurers, and their clients.

On Thursday, September 7, join Advisen’s Erin Ayers, Symantec’s Nikon Rasumov, and other panelists for an in-depth discussion of the best ways to present better risk profiles for your cyber clients and close deals more quickly.

This free, one-hour webinar is sponsored by Symantec.

For more info and registration of this webinar, visit https://www.advisenltd.com/2017/09/07/importance-speed-cyber-underwriting/

Advisen Ltd. September 2017. The Importance of Speed in Cyber Underwriting [Webinar].

The Importance of Speed in Cyber Underwriting

This free, one-hour webinar is sponsored by Symantec.

For more info and registration of this webinar, visit https://www.advisenltd.com/2017/09/07/importance-speed-cyber-underwriting/

Advisen Ltd. September 2017. The Importance of Speed in Cyber Underwriting [Webinar].

FICO Survey: 40 Percent of Organizations Do Not Have Cyber Insurance

More than 60 percent of organizations from a recent survey said they expect levels of cyber threats against them to increase, but 40 percent reported not having cyber risk insurance.

According to the results from the survey conducted by Ovum for analytics firm FICO, only about 20 percent of organizations said they have comprehensive cyber insurance to cover all likely risks.

Chad Hemenway, FICO survey: 40 percent of organizations do not have cyber insurance (June 1, 2017), available with subscription at Advisen Cyber Front Page News.

2017 Cyber Risk Preparedness and Response Survey

May 2017

Advisen and Experian are proud to release the results of the 2017 Cyber Risk Preparedness and Response Survey with the theme A Crisis in Cyber Confidence: Risk Experts Concerned Over Continued Client Complacency.

Sponsored by Experian Data Breach Resolution, the 26-page white paper focuses on risk experts’ opinions on their companies’ and clients’ ability to manage a cyber incident and what they think needs to be done to improve their overall security posture.

This story is an excerpt of the original. The content originally appeared in Advisen Media White Papers.

Advisen 2017 Cyber Risk Insights Conference Chicago

Advisen again brings its acclaimed Cyber Risk Insights Conference series to Chicago with a full-day and a half event addressing the critical privacy, network security and cyber insurance issues confronting risk professionals and their organizations. An expert faculty comprised of leaders in network security, regulation, law enforcement, risk management and cyber risk insurance will offer their insights on managing risk on a rapidly evolving and increasingly dangerous threat landscape. This day of learning and networking for risk managers, CISOs, CROs, insurance brokers, underwriters, reinsurers and other risk professionals will present a global perspective on cyber threats, but also will examine how the business and regulatory environment of the Midwest influence cyber risk management decisions.

For more info and registration about this upcoming event, visit the link below:

http://www.advisenltd.com/events/conferences/05/16/2017-cyber-risk-insights-conference-chicago/

2017 Cyber Risk Insights Conference – London

Advisen again brings its acclaimed Cyber Risk Insights Conference series to Europe with a full day, multi-track event in London addressing the critical privacy, network security and cyber insurance issues confronting risk professionals and their organisations. An expert faculty comprised of leaders in network security, regulation, law enforcement, risk management and cyber risk insurance will offer their insights on managing risk on a rapidly evolving and increasingly dangerous threat landscape. This day of learning and networking for risk managers, CISOs, CROs, insurance brokers, underwriters, reinsurers and other risk professionals will present a global perspective on cyber threats, but also will examine how the European business and regulatory environment influence cyber risk management decisions.

For more info and registration about this upcoming event, visit the link below:

http://www.advisenltd.com/media/conferences/03/07/2017-cyber-risk-insights-conference-london/

Bundling Cybersecurity Protection and Risk Transfer Together: What are the Benefits?

November 17, 2016
11:00 am – 12:00 pm ET

Cyber crime costs organizations an estimated $400 billion every year, and this number is growing fast.

With an ever-increasing need for cybersecurity, insurers and cybersecurity vendors are exploring new ways to create innovative product offerings. Bundling a cybersecurity solution with an insurance offering for an organization to gain protection against cyber threats and also transfer cyber risk is one such novel approach. The joint solution offers tremendous benefits to customers and vendors.

Earlier this year, Symantec Cyber Insurance partnered with Chubb and CoverHound to offer a consolidated cyber insurance product tailored for SMBs.

On Thursday, November 17, join Symantec’s Dave Gillmore, Coverhound’s Anita Sathe, Aite Group’s Jay Sarzen, and Advisen’s Chad Hemenway as they provide a closer outlook of these emerging relationships. They will discuss the benefits of this new holistic approach to address cybersecurity challenges. They will also analyze its ability to mitigate insurance claims, enable customers with a strong security posture, access qualified prospects and differentiate insurance products.

This free, one-hour webinar is sponsored by Symantec.

For more info and registration for this webinar, visit http://www.advisenltd.com/events/webinars/2016/11/17/bundling-cybersecurity-protection-and-risk-transfer-together-what-are-the-benefits/

Advisen Ltd. (2016). Bundling Cybersecurity Protection and Risk Transfer Together: What are the Benefits? [Webinar].