US Relationship Status with GDPR: It’s Complicated

The time for US companies to get ready for the EU’s General Data Protection Regulation is now and it’s all hands on deck.

“Who shouldn’t?” answered Liz Walker when asked who within an organization should prepare for the directive, which will transform how businesses process and handle data. It is scheduled to go into effect May 25, 2018.

“This isn’t just a legal department or compliance issue, or a risk management issue,” said Walker, head of enterprise risk and global insurance at Groupon Inc., during a recent Advisen webinar sponsored by CyberScout. “This is going to touch every aspect of your business.”

Chad Hemenway, US relationship status with GDPR: It’s complicated (October 5, 2017), available with subscription at Advisen Cyber Front Page News.

Economic, Geopolitical Risks Most Worry Global Business Leaders: World Economic Forum Survey

A recent World Economic Forum (WEF) survey revealed that while unemployment/underemployment represented the top global risk concerning business leaders, North American businesses cited terrorist attacks, large cyberattacks, climate change, and technology risks as their main worries.

“While the threat of a large cyberattack remains a chief business concern among North American executives, 2017 saw an increase in concern for terrorist attacks and climate risks, most likely due to recent high profile events,” said Martin South, president, Marsh US and Canada. “Businesses should work with their risk advisers to thoroughly examine how these threats could impact their operations and determine appropriate risk management and business continuity measures. The good news, particularly for technology risks, is the insurance market is flush with capacity and now routinely provides protection for business interruption exposure in addition to more traditional cyber liability.”

Erin Ayers, Economic, geopolitical risks most worry global business leaders: World Economic Forum survey (September 21, 2017), available with subscription at Advisen Professional Front Page News.

Executive Order Emphasizes Improvement of Federal Agencies’ Cyber Practices

The White House released a long-awaited executive order on cybersecurity last week that shows a focus on protecting federal agencies and critical infrastructure from cyber intrusions but left the private sector wondering what role it can play in the future.

The order noted that the federal government “has for too long accepted antiquated and difficult–to-defend IT. Effective risk management involves more than just protecting IT and data currently in place. It also requires planning so that maintenance, improvements, and modernization occur in a coordinated way and with appropriate regularity.”

Erin Ayers, 2017 Verizon data breach report sees no end for cyber events (April 28, 2017), available with subscription at Advisen Cyber Front Page News.

Mitigating Supply Chain Risk

June 2017

Aircraft Builders Council released a white paper that looks at the potential product liability exposures faced by companies in the aerospace sector. The 4-page paper highlights the importance of product liability insurance in the aviation industry and introduces a new aircraft products liability insurance facility.

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

Product Recalls Can Be Costly, But Many Businesses Do Not Buy Coverage

From vehicles to mobile phones to nut butter, product recalls have the potential to seriously affect businesses’ bottom lines, but many organizations don’t realize the need for product recall insurance, according to Florian Beerli, senior vice president at Chubb.

“There’s a lack of education and understanding of what the coverage does cover,” Beerli said in a recent interview with Advisen. Some manufacturers may feel they have coverage for costs related to recalling and replacing products along with financial loss through their product liability coverage. This common mistake leaves businesses open to increased risk, according to Beerli.

“They underestimate the cost,” he said. “A recall can put a company out of business. It becomes a risk management tool.”

Erin Ayers, Product recalls can be costly, but many businesses do not buy coverage (April 10, 2017), available with subscription at Advisen Professional Front Page News.

Understanding the Impact of GDPR on Customers and the Insurance Market

December 7, 2016 (Wednesday) at 11am EST

A regulatory sea-change is occurring in the European Union, which will have deep impact on the perception and treatment of cyber risk in the region – and will shape the insurance market for cyber coverage outside of the US.

On December 7, 2016, Advisen will host a webinar that will address the likely impact of the EU General Data Protection Regulation (GDPR) on the risk management environment in the EU. It will also delve into some best practices companies need to adopt to comply.

GDPR creates new risks for EU companies, some of which are insurable, others not. This session will explore how increased transparency on cyber security standards may affect risk management standards, and consequently lead to more insurance purchase.

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

For more info and registration for this webinar, visit http://www.advisenltd.com/events/webinars/2016/11/09/understanding-the-impact-of-gdpr-on-customers-and-the-insurance-market/

Advisen Ltd. December 2016. Understanding the Impact of GDPR on Customers and the Insurance Market [Webinar].

From Silos to Synergy: Achieving Efficiency Through Collaborative Risk Management Technology

December 1, 2016 (Thursday) at 11am EST

The risk management ecosystem of insured, broker, TPA and carrier is undergoing a technology revolution which could greatly reduce lags, duplications, and inefficiencies in risk information transfer.

On December 1, Advisen will host a webinar to discuss how data-sharing platforms can create effective and seamless collaboration – leading to better data quality and risk analysis, as well as improved processes and cost reductions.

Panelists will use case studies to highlight how uniform data entry and multi-party collaboration across a shared system can break down silos and create synergy.

This session will also discuss the shift towards improving the client experience through the use of risk management technology.

This free, one-hour webinar is sponsored by Origami Risk.

For more info and registration for this webinar, visit http://www.advisenltd.com/events/webinars/2016/11/07/from-silos-to-energy-achieving-efficiency-through-collaborative-risk-management-technology/

Advisen Ltd. (2016). From Silos to Synergy: Achieving efficiency through collaborative risk management technology [Webinar].

Risk Resiliency Combined with Risk Agility Translates Into Long-Term Success: PwC

Organizations that develop both resilient and agile business practices will see greater flexibility and success over time, according to a new study from PricewaterhouseCoopers (PwC).

“Companies today that leverage risk management as both an offensive and defensive tactic are leading the way in maintaining long-term success,” said Dean Simone, leader of PwC’s U.S. Risk Assurance practice. “Finding that right median will come differently to companies and industries across the board, but the key is to strike a balance that allows for growth at a comfortable pace, relevant to the risk appetite and tolerance levels set by management and accepted by the board.”

Erin Ayers, Risk resiliency combined with risk agility translates into long-term success: PwC (April 28, 2016), available with subscription at Advisen Professional Front Page News.

K2 Intelligence’s Ray Kelly: Identify Critical Assets and Narrow Threats

K2 Intelligence is looking to hitch the experience of former New York City Police Commissioner Ray Kelly to its practice, joining other former government officials at the corporate-investigations firm.

Kelly late last year was named vice chairman at K2 Intelligence and will give his insight to the design and development of worldwide clients’ enterprise risk solutions.

Hemenway, Chad. “K2 Intelligence’s Ray Kelly: Identify critical assets and narrow threats.” Advisen Ltd, 29 January 2016. Web. 3 February 2016.

Risk Diagnostic Series: Environmental Report

December 2015

Advisen wrote a white paper that examines the environmental risk landscape, the risk management response, and the role of insurance in addressing environment risks. The free, 4-page paper is sponsored by Starr Companies.

Addressing Environmental Risk

Regulations including the Comprehensive Environmental Response Compensation and Liability Act of 1980 (CERCLA or Superfund Act) and the Resource Conservation and Recovery Act of 1976 (RCRA) increasingly expose businesses with operations that could impact the environment to fines and penalties, civil liability, and criminal prosecution. Environmental contamination has been a focus of regulatory enforcement for decades, yet many companies, especially those from industries not traditionally perceived as environmental offenders, may be unaware of their potentially devastating exposure to environmental risks.

Download the Risk Diagnostic Series: Environmental Report