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Unleashing the Potential of the Cyber Insurance Market

16/07/2018 22:56

Cyber insurance has huge potential but the cyber insurance market remains frustratingly immature and is not keeping pace with threats and technology. Whereas many businesses have property insurance, only about 20-35% have specific cyber insurance in the United States and Europe. The existing...

Financial sector vulnerable to cyber attacks, could cost $100B a year: IMF report

24/06/2018 08:42

The International Monetary Fund--or IMF--says average annual potential losses from cyber-attacks could be close to 9% of banks’ net income globally, or around $100B. In a severe scenario that figure could go as high as $350B. Here are the report's takeaways: Financial institutions are...

CFC launches cyber insurance guide for brokers at BIBA 2018

17/06/2018 14:24

Specialist insurance provider behind BIBA’s cyber insurance scheme, CFC, will be launching its new BIBA Cyber Guide at BIBA 2018. While one of the most talked about topics in business insurance, cyber insurance also seems to be one of the most misunderstood. CFC’s new guide aims to cut through the...

Cyber Claims Case Study: The importance of cover for data re-creation

17/06/2018 14:22

Cyber risk often touches companies in unexpected ways. In May 2017, an engineering firm learned this when it lost access every last piece of data it held. This included all of the firm’s technical drawings, prints and complex design specifications. We’ve created a in-depth case study about the...

The Blockchain GDPR Puzzle: An Expert Weighs In

12/06/2018 07:14

It’s no wonder when you bring two massive technology shifts together experts in each area rush to weigh in at the intersection. Akshay Sharma, Principal Analyst for the boutique advisory firm neXt-Curve, shared strong views in a note published last month on the potential to invoke blockchain...

Free E-Book Demystifying Cyber Insurance: For data breach and more: 5 Steps to the Right Coverage

20/05/2018 20:15

Today’s cyber risks come in all shapes and sizes, from disclosure of protected information due to hacking or employee negligence, through network shutdown or impairment, regulatory violations, and everything in between. About the author Judy Selby Judy Selby is a...

Are GDPR fines insurable in the countries where you operate?

18/05/2018 08:27

The potential financial impact of the General data Protection Regulation (GDPR) has generated concern across organizations globally. It is important for you to be aware of how the insurability of fines, legal and other costs and liabilities following a data breach is approached in different...

What can maritime insurers learn from cyber liability insurers?

11/05/2018 07:37

I first got involved in cyber liability insurance back in 2011. An underwriter contacted me for some advice around a new ‘cyber’ thing that they were planning to launch and had seen me speak at a conference. What I discovered about the nascent industry shocked me: premiums set with no...

Governing Cyber Risk: A Guide for Company Boards

27/04/2018 07:03

Boards are facing the challenge of having to innovate to keep up with evolving digital technology and ensuring their firms are resilient to new cyber threats. There has been a lot of commentary on the technical aspects of cyber security, but less has been said about how boards can ensure...

Equifax has spent $242.7 million on its data breach so far

27/04/2018 06:23

The spending is shifting more toward data security and IT systems. Equifax carries $125 million in cybersecurity insurance with a $7.5 million deductable. Equifax's first quarter earnings report highlighted expenses due to its September 2017 data breach and how the spending is shifting more toward...

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