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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

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

Business interruption and cyber top Allianz Risk Barometer 2018

  Business interruption (BI) is the most important global risk for the sixth year running, according to the Allianz Risk Barometer 2018. As the risk landscape develops, companies now face an increasing number of scenarios ranging from traditional exposures like water, fire and supply chain disruption, to new intangible risks related to cyber in the ever-digitizing world. Cyber risk has continued an upward trend in the Allianz Risk Barometer 2018, which surveys 1,900 risk experts from 80 countries and ranks the most pressing business risks keeping executives awake at night. Five years ago, cyber ranked #15 in the report, but

January 19, 2018 No Comments vanheldenagencies Business Insurance, Cyber Insurance
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