Cyber Insurance Take-Up Rate for New Policies Increases 27% in 2015: Marsh

Greater awareness throughout organizations of cyber risks drove significant increases in the take-up rate of cyber insurance purchased by Marsh clients between 2014 and 2015, according to the latest report from the broker.

Overall, Marsh reported a 27 percent increase in the number of insureds buying standalone cyber insurance for the first time in 2015. The manufacturing industry showed the biggest increase with a 63 percent rise over 2014. Insureds in the communications, media, and technology sector showed the second-largest increase in new purchases at 41 percent.

Erin Ayers, Cyber insurance take-up rate for new policies increases 27% in 2015: Marsh (April 4, 2016), available with subscription at Advisen Cyber Front Page News.

Overcome by Cyber Risks?

January 2016

The Internet and related information and communications tools have delivered enormous benefits to the global economy. These gains, however, are expected to tail off as the technologies become more ubiquitous, while the costs and associated risks look set to rise. The million dollar question, then, is whether the costs outweigh the benefits and what we can do to ensure the best possible outcome.

Zurich Insurance Group and the Atlantic Council’s Brent Scowcroft Center on International Security teamed with the Pardee Center for International Future to conduct an extensive quantitative analysis of this issue. Their findings are published in a new report, Risk Nexus: Overcome by cyber risks? Economic benefits and costs of alternate cyber futures.

This content originally appeared in Advisen Ltd. To read the paper, you must download the Overcome by cyber risks? Report.

Unlocking the Value in Cyber Data: Getting a Clearer View of Risk

January 2016

Advisen wrote a white paper that discusses the importance of evaluating the cyber risk of an organization, as well as underwriting and pricing cyber liability coverage. It looks at the importance of combining technology and insurance to improve chances that an organization can more quickly recover from a cyber attack. The free, 8-page paper is sponsored by PivotPoint.

Mitigating Cybersecurity Risks

Cyber risks have become a major threat that many organizations are wondering whether or not their cybersecurity investments are properly deployed and their insurance programs are as effective as possible.

This content originally appeared in Advisen Ltd. To read the paper, you must download the Unlocking the Value in Cyber Data: Getting a Clearer View of Risk Report.

Cyber Loss: The Incidents are Adding Up for Accounting Firms

November 2015

What do accounting firms stand to lose in the event of a data breach? Apart from losing sensitive client information to data thieves, an accounting firm stands to lose what it values most – its reputation – the key to building a solid client base.

As custodians of financial information, accounting firms, regardless of size and location, have become a prime target of data breach. These firms may be all too familiar with crunching numbers and handling sensitive financial information, but are they well-prepared to face the magnitude of cyber incidents that confront the industry?

Helpful Hacking — Efforts to Identify Security Flaws Increase

As it becomes clearer that anything can theoretically be hacked, security researchers have set out to warn businesses and individuals of the potential risks. However, views differ on whether security flaws in software or equipment should be widely broadcast, or even whether cybersecurity experts should be tampering with connected devices, planes, cars, or medical equipment to test them.

For example, Chris Roberts, the security researcher who was barred from boarding a plane after Tweeting about the numerous times he had hacked into airplane computer systems. Roberts and his attorneys at the Electronic Frontier Foundation claimed that his efforts had only been to improve airplane security.