There has been much debate over whether a federal cyber insurance backstop should exist in case of a catastrophic cyber event. Sezaneh Seymour, Ph.D., VP and Head of Regulatory Risk and Policy, offers her opinion on the nuances that should exist in a federal backstop to cover cyber physical incidents that are not covered by property or cyber policies — all while avoiding the transfer of the financial consequences to taxpayers. Explore her point of view in Business Insurance.
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Curious about your insurance coverage? Delve into the complexities of cyber coverage variations across jurisdictions with insights from Ben Milam and Aaron Campbell in their latest post on the It Pays to Be Covered blog. [https://bit.ly/4aVd2qg]
One Phrase, Multiple Interpretations – How Your Scope of Cyber Coverage Can Vary Depending on Your Jurisdiction
https://www.itpaystobecovered.com
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Managing Partner @ Higginbotham - Business Liability Insurance for Contractors | Heavy Civil & Highway | Construction | Oil and Gas | Real Estate | Trucking
Short, interesting read on the Cyber Liability insurance market. Warren Buffett agrees that trying to underwrite profitability for a cyber risk environment might be “fashionable” but is likely RAT POISON (!!). The Cyber Liability insurance market continues to evolve….it is certainly a quickly growing concern for ANY business owner, but will the insurance be affordable? Will enough insurance carriers stay in the market to drive competition? Lots of unanswered questions. #cyberliability #insurance #commercialinsurance #p&cinsurance
While describing cyber insurance as a “fashionable” and profitable business, Berkshire Hathaway’s head of insurance operations said aggregation and loss costs have kept the company away from the risk for the most part. https://lnkd.in/g9nBKTFp
Berkshire's Jain on Cyber: 'The Mindset Should Be You're Not Making Money'
insurancejournal.com
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In an ever-evolving commercial insurance landscape, the concept of resilience stands out as paramount. As businesses grapple with increased claims, shrinking profit margins, and emerging risks like cyber threats, the need for adaptable and comprehensive insurance solutions has never been more pressing. This article delves into the dynamic realm of commercial insurance, shedding light on the challenges posed by shifting market conditions and the pivotal role that captive insurance plays in bolstering resilience. Join us as we explore the strategies adopted by industry leaders and look into the forward path for businesses seeking to fortify their insurance coverage amidst a sea of changes. #cicservices #cybersecurity https://lnkd.in/gKEsB-Ku
Fewer Options, More Fees - CIC Services LLC
https://www.captivatingthinking.com
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The #SEC has voted 3-2 to adopt new rules that require public companies to disclose “material” #cybersecurity incidents within four days. Policyholder may face challenges complying with new rules. Learn more from Business Insurance: https://hubs.li/Q0230gBs0
SEC cyber reporting rule presents compliance, insurance complexities - Business Insurance
businessinsurance.com
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Our Webinar series begins next week with Lesley Fitzpatrick discussing Cyber Insurance. Be sure to register early. #cyberinsurance #ProfessionalIndemnityInsurance #DirectorsandOfficersInsurance #ContractorsInsurance
Our Robertson Low Webinar Series launches next week with **Cyber Insurance** - Join me on the 3rd October at 11am to discuss all things CYBER. 3rd October - Cyber Insurance 10th October - Professional Indemnity 17th October - Directors and Officers Insurance 24th October - Contractors Insurance All CPD approved - REGISTER TODAY - https://lnkd.in/e_drE-NV Look forward to seeing you all then, Lesley
CPD Webinars - Robertson Low
robertsonlow.com
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Make Friends with Your Cyber Insurance Agent, Part 1—Why It Matters In an era of rising rates and denied claims, it’s easy to see insurance companies as adversaries. Part 1 of this two-part series looks at why it’s better to see your insurers as partners and leverage their tools and expertise. Later this week, we cover how to do it. https://lnkd.in/gY-fEJsg
Make Friends with Your Cyber Insurance Agent, Part 1—Why It Matters | Focal Point
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Insurance market Lloyd’s of London has indicated that it will move to require its insurance groups to exclude “catastrophic” nation state cyber attacks from cyber insurance policies from 31 March 2023. https://lnkd.in/gWqHbysg. #business #cyberinsurance #businessinsurance #businesssecurity
Lloyd’s to end insurance coverage for state cyber attacks | Computer Weekly
computerweekly.com
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Connector | Event Manager | Sponsorship Manager | Volunteer | Always Learning | Client Specialist | Refreshingly Wicked
Southwest Airlines’ Cyber Coverage Suit Takes Off. With a new year lands a new court decision to consider as companies grapple with losses resulting from a computer system failure under a cyber insurance policy. This decision is important for corporate policyholders because it refuses to take a narrow view of which first-party business income losses are covered under a cyber insurance policy. Read the full Alert by Avedis Bekhloyan and Scott Godes below.
Southwest Airlines’ Cyber Coverage Suit Takes Off | Barnes & Thornburg
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Begun work on my 2nd book. This one is focused on insurance and cyber. 1st book: “Stone Tablets to Satellites: The Continual Intimate but Awkward Relationship Between the Insurance Industry and Technology".
2wI have a hard time with the argument about moral hazard. There is moral hazard present in every insurance line of business. I also have a hard time when an insurance carrier makes an argument about a federal backstop: the fox wants to keep guarding the hen house. Great example of talking within an echo chamber, though. Cyber risks are entirely different than any other risks the insurance industry has experienced in its extremely long history. Cyber risks should be backstopped by the Federal Government… even if doing that totally removes a premium stream from incumbent and startup insurers and their brokers.