Posts Tagged ‘cyber security’

March 12th, 2019

MMC Cyber Risk Handbook 2019

Posted at 1:00 AM ET

cyber-handbook-cover-image-smallCyber risk is a critical concern for business leaders. According to the World Economic Forum’s 2018 Executive Opinion Survey of more than 12,500 executives, large cyber-attacks are ranked as the #1 risk for doing business virtually across all advanced economies. As companies develop their approach to this dynamic and challenging threat in 2019, there are some emerging trends that they should consider.

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September 6th, 2018

The Role of Cyber Insurance

Posted at 1:00 AM ET

Corporate directors increasingly view cyber insurance as providing more than protection coverage but also as an important component of cyber risk management that can support response and recovery plans, according to the report Cyber Risk Management: Response and Recovery, from Marsh & McLennan’s Global Risk Center and WomenCorporateDirectors. Continue reading…

September 5th, 2018

Determining Needed Cyber Coverage

Posted at 1:00 AM ET

Few firms take advantage of the sophisticated economic models that allow them to effectively assess the likelihood of a cyber-attack, according to a survey by Guy Carpenter sister company Marsh in partnership with Microsoft. Continue reading…

August 30th, 2018

Chart: The Matrix of Cyber and Property Lines Insurance Coverage

Posted at 1:00 AM ET

Chart examines the policy coverage matrix between cyber and property lines of insurance coverage. Below shows how the four types of subject matter (columns A-D) are generally covered by direct policies, relative to the various types of cyber and property perils (rows 1-5). Where cover is predominantly provided by property or cyber, the relevant icon is shown in blue. Where there is a degree of ambiguity, or coverage is limited, the icon is shown in gray.

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August 28th, 2018

The Regulatory Landscape of Data Privacy

Posted at 1:00 AM ET

Here we bring together all the elements of our recent GC Capital Ideas series on the regulatory landscape of data privacy.

From the European Union’s General Data Protection Regulation (GDPR) to  the National Association of Insurance Commissioners (NAIC) Model Law and the New York State Department of Financial Services Regulation (NYDFS), to the  California Consumer Privacy Act of 2018; the eight-part series reports and analyzes the junctures of consumer privacy demands, commercial pursuits and businesses’ responsibilities.

Developments in the Data Privacy Regulatory Landscape (Introduction)

Regulatory Landscape Part I: The New Privacy Order Created by GDPR

Regulatory Landscape Part II: Extra-Territorial Application of GDPR

Regulatory Landscape Part III: New York Department of Financial Services Regulation

Regulatory Landscape Part IV: NYDFS Cybersecurity Act - Risk of Third Party Service Providers

Regulatory Landscape Part V: NAIC Model Law

Regulatory Landscape Part VI: California Consumer Privacy Law

Regulatory Landscape Part VII: Conclusion

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August 23rd, 2018

Revisiting War Exclusion in Cyber Policies

Posted at 1:00 AM ET

With two cyberattacks labeled as being state-supported – NotPetya and WannaCry attributed to support from Russian and North Korean governments, respectively – insurers and insurance buyers should begin a discussion about the wording of war exclusion in cyber insurance policies.

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August 16th, 2018

Being Prepared for Cyber Terrorism

Posted at 1:00 AM ET

terrorism-rep-connections-banner-2Cyberattacks backed by hostile governments are increasingly a reality; companies should adopt strategies to strengthen cyber resilience.

Marsh’s 2018 Terrorism Risk Insurance Report, produced with support from Guy Carpenter, suggests that companies should implement strategies for scenario-based testing, quantifying the potential financial impact of an attack and reviewing options for transferring the financial risk from cyberattacks via insurance. Continue reading…

April 9th, 2018

Large-Scale Cyber-Attacks on the Financial System

Posted at 1:00 AM ET

Cyber-attacks on financial institutions are becoming more frequent, complex, and sophisticated, with potential for far-reaching, systemic impacts. The motivation of cyber-attackers is shifting from purely achieving financial gains to disrupting critical infrastructures, such as through nation-state attacks, which threatens the basis for confidence in the financial system and even national or international stability.

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April 4th, 2018

Cyber Risk Management: Ten Questions to Ask Management About Your Organization’s Cyber Readiness

Posted at 1:00 AM ET

The annual economic cost of cyber-crime is estimated at USD 1.5 trillion and only an estimated 15 percent of that loss is currently covered by insurance. When the next cyberattack comes-and it is a “when,” not an “if”-boards want to be reassured that their organization is prepared to respond and mitigate the damage.

However, research by WomenCorporateDirectors (WCD) and the Marsh & McLennan Companies Global Risk Center suggests that many directors are unclear about how cyber insurance can enhance their organizations’ cyber risk management framework.

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