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#nationalcybersecuritymonth | Insurance Journal’s Top 10 Cyber Risk Stories of 2019

Source: National Cyber Security – Produced By Gregory Evans Cyber risks were cited as the top concern among businesses of all sizes in 2019, according to a Travelers report released in October. Of the 1,200 business leaders who participated in an insurer-sponsored survey, 55% said they worry some or a great deal about cyber risks, […] View full post on AmIHackerProof.com

Coronet, Coalition Promote Cyber Insurance to SMBs

Source: National Cyber Security – Produced By Gregory Evans

Coronet, a security-as-a-service (SECaaS) and data breach protection platform provider, has announced plans to offer Coalition cyber insurance coverage up to $500,000. In doing so, Coronet and Coalition are making cybersecurity and cyber insurance offerings more available than ever before to small and medium-sized businesses (SMBs), the companies stated.

With the partnership, Coronet’s SMB customers can leverage Coalition cyber insurance tailored to their specific cyber risk exposure requirements, according to the companies. They also can access a bundled insurance offering as part of Coronet’s Platinum product at no additional cost.

Coronet, Coalition Are Growing

The Coronet-Coalition partnership comes as both companies have taken steps to extend their market reach in 2019.

In addition to its Coalition pact, Coronet in September partnered with insurance cloud platform company Slice Labs to deliver cyber insurance via AXA XL. Slice offers cyber insurance underwritten by Indian Harbor Insurance, an AXA XL company, to Coronet’s SMB customers.

Meanwhile, Coalition in May raised $40 million in a funding round led by venture capital firm Ribbit Capital, with participation from investors Greenoaks Capital and Hillhouse Capital. The funding is helping Coalition scale its cyber insurance platform and explore ways to provide free cybersecurity risk management tools to SMBs.

Most Organizations Lack Cyber Insurance

Cyber insurance helps organizations avoid financial losses associated with cyberattacks. However, 62 percent of organizations lack cyber insurance, a recent survey of 581 IT professionals conducted by IT systems and network monitoring software company Spiceworks revealed.

As organizations search for ways to limit cyber risk, the demand for cyber insurance could increase in the foreseeable future. Furthermore, organizations could deploy managed security services in combination with cyber insurance to optimize their security posture.

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#deepweb | Home Insurance valuation MCQ Quantity Surveyors research underinsurance

Source: National Cyber Security – Produced By Gregory Evans

Thousands of Australian property owners could have their homes dramatically underinsured thanks to error-prone online valuation calculators.

New research by MCG Quantity Surveyors claims that some owners could be under-insured by up to 66 percent, heightening the risk of financial losses as Australia lurches into bushfire and flood season.

The find comes after MCG conducted a review of web-based calculators against a detailed professional cost estimation of a home in Sydney’s south-west.

Some properties could be underinsured by up to 66 percent – leaving owners with deep financial losses in the event of a claim. (Nine)

A professional valuation was made on a property in Airds, which calculated the construction cost plus sums for demolition, removal of site debris and consultant’s fees to be $668,559.

Information for the same property was then plugged into five online home insurance calculators which produced a vast array of sums.

Marty Sadlier, director of MCG Quantity Surveyors, said the difference between the professional estimation and the web-based calculator was hundreds of thousands of dollars.

An example of an online home insurance calculator. (Cordell Sum Sure)

“The lowest value calculator assessed the insurance value at $226,160 – or 66 percent below the needed amount, while the highest web-based estimate was $535,000 which is still 20 percent underinsured,” Mr Sadlier said.

“Not only do these calculators tend to under estimate construction costs overall, most don’t include amounts for demolition, debris removal, cost escalations and consultant’s fees.”

Mr Sadlier said the reliance on web-based calculators by insurance companies could see vulnerable home owners at risk.

Mr Sadlier claims that web-based calculators do not take into account the myriad of costs associated with rebuilding. (AAP)

“This epidemic of underinsurance could prove totally shattering, and is due almost entirely to the ongoing use of web-based insurance calculators,” Mr Sadlier said.

“Worst of all, these erroneous calculators continue to be recommended by insurance companies and even government departments, despite long-term evidence of their failings.”

According to the Australian Securities and Investments Commission (ASIC), estimating how much to ensure your home by can become a complex process.

“When estimating how much home building insurance you need, it’s important not only to consider the cost to rebuild your home, but also factor in other costs you may not have thought about, such as accommodation while you rebuild,” ASIC recommends on its money smart website.

“Underinsurance is when you don’t have enough insurance to cover all the costs of rebuilding your home.

“You are considered to be underinsured if your insurance covers less than 90 percent of the rebuilding costs.”

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Is #compliance the best #insurance for #managing #cybersecurity #risk in 2018?

Source: National Cyber Security News

Cybersecurity challenges and risks continue to emerge as top threats to business as usual for large and small organizations alike. The ability to meet these threats requires understanding emerging standards. Compliance with these new standards can help organizations implement a proven risk management framework without having to reinvent the wheel. Demonstrable adherence to such frameworks helps with managing liabilities that may arise.

Compliance to many is a dirty word and often misunderstood especially in the area of information security and risk management. However, in response to the increasing number of data breaches and real economic loss as well as threats to national security, regulators and policy makers are increasingly responding with laws, policies and regulations. There is an increasingly prescriptive set of security requirements that must be met by businesses and organizations operating online. Some of the recent data breaches have shown that cybersecurity risk can originate from the supply chain of vendors and business partners.

Understanding this dynamic, the U.S. Department of Defense started the ball rolling in 2013 requiring businesses and contractors to implement 110 specific security requirements described in NIST Special Publication 800-171 as part of a modification to the Defense Federal Acquisition Regulation Supplement (DFARS).

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Companies #Look To #Cyber Insurance For #Protection Against #Hackers

more information on sonyhack from leading cyber security expertsSource: National Cyber Security – Produced By Gregory Evans You have health insurance, car insurance, homeowner’s insurance, how about cyber insurance?   More and more local businesses are buying protection for themselves from huge financial losses in a cyber-attack.   Cyber protection is a fairly new offering in the insurance industry.  But one Sioux Falls development company […] View full post on AmIHackerProof.com | Can You Be Hacked?

Cybersecurity #insurance only a #piece of #data #protection #strategy

Source: National Cyber Security – Produced By Gregory Evans

Many organizations are reinforcing their cybersecurity strategy by signing up for cybersecurity insurance. Cybersecurity insurance is still in its nascent stage of development, but businesses worldwide are beginning to recognize its importance in today’s evolving threat landscape: Auditing firm PwC predicts insurance policy premiums to grow to $7.5 billion by the end of the decade.

At the recent MIT Sloan CFO Summit in Boston, panelists during a session titled Cybersecurity: How much is too much? talked about the role cybersecurity insurance plays in an organization’s overall cybersecurity strategy.

“In terms of cyber insurance, it is a pretty new industry; it’s still maturing,” Aparna Ramesh, ‎CFO at the Federal Reserve Bank of Boston, said. “I think it will be interesting to see what kind of analysis and information comes out once this industry matures.”

Designed to mitigate financial losses from incidents like data breaches, cyber insurance can protect businesses from some of the risks involved in doing business online. Cybersecurity insurance policies can help cover extra expenditures such as regulatory costs and meeting customer notification requirements that result from the theft or destruction of digital assets.

But Pietr Lindahl, senior director of cyber threat reduction and strategic analysis at ‎Philips, advised organizations against solely relying on cyber insurance.

“It may help soften the blow from a financial perspective, but hasn’t done anything to protect your brand reputation or ensure business continuity,” Lindahl said.

Several factors are considered when budgeting and planning an organization’s cybersecurity investments such as insurance policies, Lindahl said. The amount of money budgeted will vary based on the company’s risk profile, what kind of information they have that could be targeted and what kind of proprietary information they have, he added. He also advised organizations to annually reevaluate their threat landscape and risk appetite.

Scott Ward, CFO at Cybereason and a co-panelist, sees cybersecurity insurance as “just another tool in the toolkit” of organizations trying to prevent and prepare for cyberattacks.

To think of it as a silver bullet is wrong, Ward reinforced. After Target’s huge 2013 data breach, cyber liability insurance covered only 36% of the companies associated costs, he reminded the audience.

“A lot of technology is still evolving, changing and improving and the same has to be said with cyber insurance policies. There is a lot of work going into those policies in the development and understanding what’s covered and what’s not. It’s definitely a work in progress,” Ward said.

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Court Enforces $4.8M in Insurance Coverage for Email Scam

Source: National Cyber Security – Produced By Gregory Evans

The legal landscape for insurance coverage for business email scams remains unsettled, but a recent decision from a Manhattan judge ordering an insurer to cover $4.8 million in losses for a company that fell victim to a “spoofing” scam may give plaintiffs a new weapon in coverage disputes. Southern District…

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Cybersecurity insurance: A new answer to online crime

Source: National Cyber Security – Produced By Gregory Evans

Cybersecurity insurance: A new answer to online crime

Cybersecurity insurance has been gaining prominence over the past couple years across a variety of sectors. Now it’s poised to be the next big thing for consumers. For a barometer, look no further than American International Group Inc.’s newest consumer product called Family CyberEdge. According to AIG executives who spoke…

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Cyber Crime Fears Drive Up Demand for Anti-Hacker Insurance

To Purchase This Product/Services, Go To The Store Link Above Or Go To http://www.become007.com/store/ Source: National Cyber Security – Produced By Gregory Evans For companies and organizations, an attack by hackers can inflict financial losses, corporate embarrassment and legal action. For insurers jumping into the …

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Cyber insurance business booming alongside hacks, but are the risks covered?

Source: National Cyber Security – Produced By Gregory Evans

Cyber insurance business booming alongside hacks, but are the risks covered?

When an insurance company sells protection against a house fire or car accident, it leans on decades of data from past experience to price policies. For every 1,000 houses you insure you have a rough idea how many will burn. That basic yet key ingredient is all but missing in the growing business of cyber insurance, in which business is booming as the list of hacking incidents from Target to Ashley Madison grows. Add to the mix the ever-changing nature of hacks and different levels of security sophistication among companies, and the challenges mount alongside the opportunities. “There are many unknowns,” said Nick Galletto, cyber risk services leader for the Americas at Deloitte. Hacks such as the one that hit adultery website Ashley Madison can give an idea of the cost of the fallout of such an event. But that doesn’t come close to providing the depth of data insurers use to create and measure the underwriting standards when they sell protection against house fires, break-ins and car accidents. Paul Schiavone, regional head of financial lines in North America at the corporate and specialty division of Allianz Group, said the global insurer is writing cyber insurance policies and is excited […]

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