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Cyber insurance policies expected to become more similar in next few years: CIFF speaker

May 26, 2017 by Angela Stelmakowich

A lot more convergence in cyber insurance policies is expected within the next few years as policies, exclusions and wording get tested and case law develops, John Elbl suggested Wednesday during a panel discussion at MSA Research Inc.’s Canadian Insurance

News Technology

Hurdles to digital transformation remain, half of respondents have formal strategy: global survey

May 24, 2017 by Canadian Underwriter

Some things seem to persist, including how inflexible IT systems, organizational silos and security concerns continue to rear their heads as obstacles to global enterprises adopting formal strategies for digital transformation. So suggests the Enterprise Digital Transformation Strategies: Turning Disruption

News InsuranceLegislation / RegulationMarkets / CoveragesMergers and AqcuisitionsTechnology

WannaCry ransomware attack “arguably the first ever cyber-catastrophe”: RMS cyber expert

May 16, 2017 by Canadian Underwriter

The global WannaCry ransomware attack is “arguably the first ever cyber-catastrophe,” an expert in cyber risk management from RMS said on Tuesday. Tom Harvey said in a statement that the cyberattack “clearly demonstrates the systemic nature of the risk, with

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

Global cyber attacks expected to up demand for related insurance, U.S. market could grow 10-fold: Fitch Ratings

May 16, 2017 by Canadian Underwriter

Fitch Ratings expects demand for cyber insurance protection will increase in the wake of the slew of recent ransomware cyber attacks in 150-plus countries, but cautions against aggressive expansion that could prove credit-negative. “Growth in corporate anxiety from cyber-related threats

News InsuranceTechnology

U.S. enterprises reporting renewed preference for in-house, domestic IT services: Clutch survey

May 4, 2017 by Canadian Underwriter

How much of a priority organizations view IT services seems to be influencing decisions around using in-house resources rather than outsourcing services to an external vendor, suggests a new survey of IT decision-makers south of the border. Released Wednesday, the

News InsuranceMarkets / CoveragesTechnology

Known, hidden risks in supply chains demand an overall strategy for evaluating and mitigating risk: QBE

April 26, 2017 Angela Stelmakowich

PHILADELPHIA – The multitude and variety of risks are becoming more predictable, indicating multinational and domestic companies can benefit from taking a look at how global interdependence affects each link of their supply chain, says Jamie Luce, senior vice president,

News InsuranceMarkets / CoveragesProfessional Development

Workplaces should consider the value of staff reporting, observation in combating potential terrorism, violence

April 25, 2017 Angela Stelmakowich

PHILADELPHIA – The value of staff monitoring and reporting to identify behaviours that may seem linked to the risk of terrorism and workplace violence should not be underestimated, Harry Rhulen, chief executive officer of Firestorm, suggested Tuesday during an educational

News InsuranceMarkets / CoveragesTechnology

Silent cyber a big issue, most companies with insurance book have exposure: AIR Worldwide’s Stransky

April 25, 2017 Angela Stelmakowich

PHILADELPHIA – Silence is decidedly not golden when it comes to cyber risk, Scott Stransky, assistant vice president and principal scientist for AIR Worldwide, suggested to Canadian Underwriter in advance of the RIMS 2017 Annual Conference & Exhibition. Silent cyber

News InsuranceProfessional Development

Common language holds promise of advancing risk management efforts: Seaman

April 24, 2017 Angela Stelmakowich

PHILADELPHIA – Risk managers are developing a language that translates worldwide, an advance that bodes well for both the profession and the organizations risk professionals are serving, RIMS president Nowell Seaman suggested during the opening session of the RIMS 2017

News InsuranceMarkets / CoveragesTechnology

Risk professionals should move to fill the understanding gap around disruptive technologies

April 24, 2017 Angela Stelmakowich

PHILADELPHIA – Risk managers will need to take the lead in organizational efforts to address complex challenges and opportunities in an environment that increasingly features rapidly advancing disruptive technology risks, suggests a joint report from broker and risk advisor Marsh

News InsuranceMarkets / CoveragesTechnology

Investments to fight cyber breaches must include technology, people and risk transfer: WTW cyber head

April 24, 2017 Angela Stelmakowich

PHILADELPHIA – Considering human risk is essential when determining how best to combat data breaches and associated costs, but the human element is routinely overshadowed by technology in organizational efforts to bolster cyber security, says Anthony Dagostino, global head of

News InsuranceProfessional Development

RIMS supports charity in its fight against childhood cancer

April 23, 2017 Angela Stelmakowich

PHILADELPHIA – RIMS, the risk management society, has announced that Alex’s Lemonade Stand Foundation (ALSF) is the beneficiary of the society’s 2017 Community Service Day Project, sponsored by ESIS. The project, which this year focuses on combating childhood cancer, is