Keyword
cyber insurance
What underwriters want to know from brokers when placing cyber coverage
March 28, 2018 by Greg MeckbachBrokers placing cyber insurance should take a good look at their clients’ information security culture, a computer security expert advises. What is “often overlooked by brokers is that underwriters really care about the security culture of an organization [applying for…
Profitable global cyber market one incident away from a correction, analyst warns
March 27, 2018 by Greg MeckbachGlobally, commercial insurance customers are getting a great deal on cyber insurance right now, but this will only last until a major cyber incident causes a huge, one-time loss for the property and casualty insurance industry, a computer security expert…
How Canada’s data breach reporting law can help brokers sell cyber based on facts, not fear
March 22, 2018 by David GambrillCanada’s forthcoming implementation of mandatory data breach reporting may create an opportunity for the country’s commercial brokers to have conversations with their clients about cyber insurance risk based on concrete data instead of fear, a Marsh Canada broker says. Improved…
These simple questions can defuse your client’s resistance to cyber
February 26, 2018 by Jason ContantClients’ arguments against purchasing cyber insurance can often easily be defused, delegates attending NetDiligence’s Cyber Risk Summit heard Friday. Lindsey Nelson, international cyber team leader with CFC Underwriting, said she is often surprised when she hears companies saying they don’t…
A broker’s walkthrough of cyber insurance with a client
February 25, 2018 by Jason ContantThe majority of clients that Marsh Canada meets with – anecdotally 70-80% – still don’t understand what a cyber insurance policy does, Jeremiah Tonn, vice president of the brokerage’s cyber practice, said on Friday. Speaking at NetDiligence’s Cyber Risk Summit…
Why brokers placing cyber should ask about outbound firewall rules
February 5, 2018 Greg Meckbach, Associate EditorWhile brokers are usually not computer geeks, those who place cyber insurance can ask some basic questions to gauge their clients’ risk and figure out whether they overlooked a major security precaution known in tech jargon as outbound firewall rules.…
This is what your cyber policies should focus on
February 1, 2018 by Jason ContantBusiness interruption should be the focus of cyber insurance policies nowadays, Lindsey Nelson, international cyber team leader with CFC Underwriting, said to Canadian Underwriter in an interview on Monday. “I think it might be a matter of insurers are really…
Where you will find your next commercial cyber clients
January 29, 2018 by Jason ContantCyber insurance is evolving into the non-privacy space, with insurers moving more into business interruption coverage, Catherine Evans, vice president of Marsh Canada, told Canadian Underwriter Monday. “Insurers are pushing more into the areas where it’s really more of an…
Are your cyber clients ‘red-teaming?’
January 26, 2018 Greg Meckbach, Associate EditorBrokers placing cyber insurance should advise their commercial customers that it’s not enough to just have a plan to respond to computer security breaches — they need to test the plan, or “red-team” it. “An incident response plan is not…
What is creating confusion in the cyber insurance market?
January 25, 2018 by Jason ContantThe lack of understanding around what is covered and how products are priced continues to sow confusion in the cyber insurance market. Robin Shufelt, assistant vice president of technology and cyber with The Sovereign General Insurance Company (a member of…
The cyber extortion threat that your policies may overlook
January 24, 2018 by Jason ContantA new cyber threat has emerged and it’s something that cyber insurance policies may not even cover. Proactive extortion occurs when a cybercriminal contacts a selected company, by email or even “snail mail,” and informs the company that it has…
Buying a cyber policy? Make sure it’s retroactive
January 24, 2018 by Jason ContantWhen it comes to cyber insurance policies in Canada, retroactivity is noticeably absent from coverage, a cybersecurity expert told Canadian Underwriter Tuesday. Consider the following example: unbeknownst to a business, malware had existed in the organization’s computer system since November…