Posts Tagged ‘cyber risk’



November 15th, 2018

GC Videocast - Emerging Cyber Risks Explained

Posted at 1:00 AM ET

The “years of data breaches,” 2013 and 2014, evolved to healthcare breaches, followed by ransomware attacks. What cyber perils lie ahead?  Guy Carpenter’s Jeremy S. Platt, Managing Director and Cyber Solutions Specialty Practice Leader; and Chris Shafer, Assistant Vice President at Cyber Solutions Specialty Practice, explain in the video.

Continue reading…

November 8th, 2018

Silent Cyber Explained

Posted at 1:00 AM ET

“Silent cyber,” also known as unintended or non-affirmative coverage, refers to the unknown or unquantified exposures stemming from cyber perils that may be triggered within traditional property and liability insurance policies. The systemic nature of the cyber risk means silent cyber may become increasingly more prevalent in virtually every type of insurance policy.

Fundamentally, silent cyber arises from policies that may not explicitly provide a cyber coverage grant or from a cyber exclusion that is poorly worded or unclear. The “gray area” of where liability lies can also arise if insuring agreements are satisfied but the insurer did not price for or contemplate loss scenarios originating from a cyber peril.

For example, a commercial building with a property insurance policy suffers a cyber-attack that leads to a structure fire, which in turn damages the building’s HVAC system; and the event results in disruption in occupancy and use for several weeks. If the building’s insurance policy has no explicit cyber coverage or exclusions or the exclusion for cyber is ambiguous, it can create a gray area about coverage. On the other hand, if the building has cyber insurance that covers the damage to the server, and property insurance that covers the damage to the property, then it may lead to questions over which policy covers the damage to HVAC and which one applies to the business interruption.

Guy Carpenter has best-in-class capabilities and has placed over 30 stand-alone and blended cyber programs globally that protect against non-affirmative silent cyber.

Click here to register to receive e-mail updates >>

November 7th, 2018

Recent Thought Leadership from Guy Carpenter – Asia Pacific Focus

Posted at 1:00 AM ET

Here we present a recap of recent thought leadership from Guy Carpenter focusing on important insurance and reinsurance topics in Asia Pacific.

You may also want to read

Click here to register to receive e-mail updates >>

November 6th, 2018

Evolving Terror Threats - Innovation Needed to Meet Changing Demands

Posted at 1:00 AM ET

New modes of attack are causing a shift from large terrorist events aimed at property destruction to less sophisticated attacks causing mass casualties and fear. With global commerce, tourism and financial markets impacted, demand is growing for modeling, capacity and protection-gap solutions to increase resiliency against such attacks.

Continue reading…

October 28th, 2018

Are You at Risk? Managing Affirmative and Silent Cyber Risk Accumulation - GC@SIRC Commentary

Posted at 9:00 PM ET

herde_thomas_photoThomas Herde, Head of Casualty Specialty, Asia Pacific

Contact

  • Regardless of whether an insurer offers “affirmative” cyber cover, it will likely be exposed to “silent” cyber
  • Most insurers evaluate their silent cyber exposure by way of scenario
  • We are actively assisting our clients in managing their cyber accumulation (affirmative and silent)

Continue reading…

October 25th, 2018

Escalating Threat of Cyber Terrorism

Posted at 2:00 AM ET

The WannaCry and NotPetya cyber-attacks illustrated the magnitude of the damage that cyber-attacks can cause. These two attacks affected organizations in more than 150 countries, prompted business interruption and other losses estimated at well over USD 300 million by some companies, brought reputational damage and resulted in loss of customer data.

Continue reading…

October 18th, 2018

Leading Cyber Insurance Strategies

Posted at 1:00 AM ET

Insurers are undertaking several initiatives to seize opportunities in writing network security and privacy insurance in order to achieve profitable growth. These are some of the actions on which they are focusing:

  • Dedicated Expertise: Insurers are creating dedicated cyber units that utilize their insurance expertise from the property and liability side by blending them to match both first and third party insuring agreements
  • Continue reading…

October 11th, 2018

Healthcare & Cyber Risk – Takeaways

Posted at 1:00 AM ET

We conclude the series on Healthcare & Cyber Risk by listing the five key takeaways from the study Holding Healthcare to Ransom by Marsh & McLennan Companies Asia Pacific Risk Center. Continue reading…

October 8th, 2018

Healthcare & Cyber Risk – Cyber Insurance to Manage Exposure

Posted at 1:00 AM ET

holding-healthcare-to-ransom-cover-image-6Key risks that healthcare organizations face today include patient data exposure, shared system data exposure and employee exposure. Recognizing that cyber risks cannot be eliminated, healthcare organizations are beginning to look to insurance or cyber risk transfer programs as a way to shift the risks, not just as a solution for balance sheet protection but also for contractual evidence and compliance. (1)

Prompted by the wave of high-profile attacks and new data protection rules, annual gross written cyber insurance premiums have grown by 34 percent per annum over the past seven years. (2) The European Union Agency for Network and Information Security has also found a positive correlation between cyber insurance takeup and the level of preparedness, (3) and healthcare organizations are only beginning to recognize this. Continue reading…