May 11th, 2018

Week’s Top Stories: May 5 - 11, 2018

Posted at 10:01 AM ET

Internet of Things: Building Cyber Resilience in a Connected World: The Internet of Things (IoT) is driving huge advances in organizational efficiency, reinventing the customer experience and spurring business innovation and opportunities. But the explosion of IoT devices is also dramatically changing the cyber risk landscape, creating new product vulnerabilities and system exposures for organizations that make or deploy them. In the new Insight from Guy Carpenter sister company, Marsh, “The Internet of Everything: Building Cyber Resilience in a Connected World,” we explore how internet-connected devices - from toys and refrigerators, to medical devices and industrial control systems - are introducing or increasing cyber risk for businesses that design, manufacture, service or use IoT products.

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Maintaining Relevance in the Age of Innovation: Technology is embedded in nearly every aspect of our lives, including in many businesses’ critical functions. The Internet of Things (IoT) ecosystem is growing exponentially, while many organizations are reaping benefits from “going digital..” An increasing number of companies are exploring the applications of artificial intelligence (AI), blockchain, and other technologies.

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Hawaii Volcanic Activity: On Thursday, May 3, the Island of Hawaii experienced an eruption in the Kilauea volcano summit. Two large earthquakes occurred the following day among hundreds of smaller quakes and some large aftershocks. There have been a total of 10 fissures confirmed so far by the County of Hawaii, with an estimated 387,000 square feet of lava spread. At least 35 structures have been destroyed according to the Government of Hawaii, and evacuations have affected at least 1,700 people. The most severely affected area is the Leilani Estates Subdivision, which is located directly in the Lower East Rift Zone. It is too early to estimate the scope and severity of impacts, and our first thoughts and concerns are with those directly affected by this active event.

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Guy Carpenter Licenses First-of-its-Kind Cyber Risk Modeling Platform from CyberCube Following Strategic Alliance: Guy Carpenter & Company today announced that its two year strategic relationship with CyberCube Analytics, formerly part of Symantec Corporation, has produced the industry’s first cyber risk modeling platform with an inside-out view of cyber risk exposure.

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United States Reinsurance Capacity for Terrorism: In 2017, according to Guy Carpenter, the combined property and workers compensation private conventional-only terrorism reinsurance capacity was estimated to be USD 2.5 billion per cedent program. Reinsurance capacity for coverage that includes Nuclear, Biological, Chemical and Radiological, especially in Tier 1 cities and central business districts, has become increasingly challenging to secure over the past two years due to the accumulated aggregate constraints of some markets and is estimated to range between USD 500 million and USD 1 billion per program.

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And, you may have missed….

2018 North Atlantic Hurricane Season: Seasonal outlook providers continue to issue early predictions for the 2018 North Atlantic hurricane season. The Weather Company (IBM) is expecting a season of near-normal activity. Earlier this month, the Tropical Meteorology Project at Colorado State University (CSU), predicted a season more in line with the 1995-2017 elevated average. Meanwhile, North Carolina State University (NCSU) issued a prediction for above-normal activity, relative to the 1995-2017 average.

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