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Canada’s data breach reporting law & impact on cyber insurance

How Canada’s data breach reporting law can help brokers sell (and companies purchase) cyber coverage based on facts, not fear Improved cyber risk data arising from breach reporting would give Canadian brokers “the ability to frame the discussion [with clients] in a way that relies less on people’s concerns and fears, and more on some objective quantification of what the risk might look like to an organization,” says Gregory Eskins, national specialties and cyber practice leader for Marsh Canada Limited. How Canada’s data breach reporting law can help brokers sell cyber based on facts, not fear

March 26, 2018 No Comments vanheldenagencies Business Insurance, Cyber Insurance

How do the US and Canada differ in their fight against insurance fraud?

Fraudsters will always find a way to cheat the system. All lines of business are vulnerable to the crime, including insurance, and organizations worldwide face the sometimes cumbersome task of continuously fortifying their operations to keep the tricksters at bay. Some countries are more active in their response to insurance fraud than others, according to Dan Gumpright, product manager, Global Insurance Solutions, BAE Systems Applied Intelligence. The issue is “significant” across North America, but the response mechanisms differ between Canada and the US. More info: https://www.insurancebusinessmag.com/us/news/breaking-news/how-do-the-us-and-canada-differ-in-their-fight-against-insurance-fraud-93954.aspx

March 8, 2018 No Comments vanheldenagencies Uncategorized

Different dimensions of cybercrime.

Cybercrime is defined as a crime in which a computer is the object at the crime checking, phasing, spamming, or is used as a tool to commit an offense Cybercrimes composes a wider range of activities but these can generally be broken into two categories. Crimes that target computer networks or device those types of crimes include viruses and denial of service. Crimes that use computer networks advance other criminal activities. These types of crimes include cybercrime, phasing and fraud or identify theft. . More info on this…. http://www.mondaq.com/canada/x/677494/Security/Cybersecurity+Disclosure+SEC+Publishes+Guidance+for+Public+Companies

March 2, 2018 No Comments vanheldenagencies Uncategorized

Canada: Cybersecurity Disclosure: SEC Publishes Guidance For Public Companies

The Securities and Exchange Commission’s Chair Jay Clayton issued a statement on February 21 about public companies’ cybersecurity disclosures:   “In today’s environment, cybersecurity is critical to the operations of companies and our markets…I urge public companies to examine their controls and procedures, with not only their securities law disclosure obligations in mind, but also reputational considerations around sales of securities by executives…”   More Details: http://www.mondaq.com/canada/x/677494/Security/Cybersecurity+Disclosure+SEC+Publishes+Guidance+for+Public+Companies

February 28, 2018 No Comments vanheldenagencies Uncategorized

Management liability risks grow

Sexual harassment claims are going to remain an issue, while claims against the pharmaceutical industry stemming from the opioid crisis may emerge as an issue as well, said speakers at the Professional Liability Underwriting Society’s 2018 Directors & Officers Symposium. Read full article

February 6, 2018 No Comments vanheldenagencies Business Insurance

Officers & directors should manage cyber crises with resilience, says former DOJ official

Nobody blames a company for being hit by a hurricane, said John P. Carlin, a partner with Morrison & Foerster L.L.P. in Washington, D.C., who was formerly assistant attorney general for the U.S. Department of Justice’s national security division, in making an analogy between a cyber attack and a hurricane. He spoke at the Professional Liability Underwriting Society’s 2018 directors & officers symposium in New York on Thursday. The test should be on a firm’s ability “to get back into business after the hurricane,” he said during a one-on-one interview with Jack Flug, New York-based managing director within Marsh L.L.C.’s

February 5, 2018 No Comments vanheldenagencies Business Insurance, Cyber Insurance

Cyber claims against directors and officers to rise in 2018, says Aon firm Stroz Friedberg

We’re going to see more liability claims against directors and officers (D&O) over cyber incidents in 2018, according to Aon’s cybersecurity arm, Stroz Friedberg. While cyber D&O claims have been largely dismissed in the past, escalating cyberattacks and a regulatory clampdown mean D&Os are likely to be increasingly held responsible for the handling of cyber incidents, according to the newest report from the firm. Currently, cyber events rank among the top three triggers for D&O derivative actions, but these claims are expected to intensify in 2018, the Stroz Friedberg report found. Read full article

January 22, 2018 No Comments vanheldenagencies Business Insurance, Cyber Insurance
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