Posts Tagged ‘risk management’



April 19th, 2018

Cyber Insurance Adoption is Increasing

Posted at 1:00 AM ET

The role of insurance in enhancing cyber resilience is increasingly being recognized by policymakers around the world, and the Organisation of Economic Co-operation and Development is recommending actions to stimulate cyber insurance adoption. Globally, it is expected the level of future demand for cyber insurance will depend on the frequency of high-profile cyber incidents as well as the evolving legislative and regulatory environment for privacy protections in many countries. In India, for example, there was a 50 percent increase in companies buying cybersecurity coverage from 2016 to 2017.

A new report from Marsh & McLennan’s Global Risk Center and WomenCorporateDirectors outlines everything directors need to know to position cyber insurance within a comprehensive risk management framework.

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April 5th, 2018

Organizations Have Made Some Revisions in Risk Mitigation Approaches in Response to New Technologies

Posted at 1:00 AM ET

While treasury and finance professionals are managing risks associated with technology enhancements at their companies, 28 percent report that their organizations have not taken steps to revise their approach to risk mitigation in response to increased risks. Fifteen percent of respondents confirm their companies have revised their risk mitigation approaches significantly to combat these new or increased risks. The remaining 57 percent of companies have made some revisions to their risk mitigation strategies.

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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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March 15th, 2018

Cyber Risk Management Response & Recovery

Posted at 1:00 AM ET

The annual economic cost of cyber-crime is estimated at US$1.5 trillion, yet only an estimated 15% of that loss is currently covered by insurance. Given these staggering economic losses, and the increasing frequency with which attacks occur, it’s no surprise that cyber insurance is increasingly being recognized as a critical tool to enhance cyber resilience. The Organization of Economic Co-operation and Development (OECD) and other policymakers around the world are recommending actions to stimulate cyber insurance adoption.

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March 12th, 2018

Formal Risk Appetite Missing

Posted at 1:00 AM ET

A formal risk appetite statement is missing at a majority of companies, although that could be changing.

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February 28th, 2018

Predictive Analytics Most Likely to Increase Risk Management Efficiency

Posted at 1:00 AM ET

Predictive analytics is a technology being used at some organizations-and being evaluated at others-to manage risk within Treasury and Finance. Two-thirds of survey respondents believe that this technology will increase risk management efficiency.

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February 1st, 2018

Cyber Risk in an Interconnected World; Part II

Posted at 1:00 AM ET

platt-jeremyJeremy S. Platt, Managing Director and U.S. Cyber Specialty Practice Leader

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The new year will also offer cyber carriers the chance to seize opportunities created by innovative technologies to adapt lessons from other lines of business. Today, risk management of a cyber event reflects characteristics of pandemic containment. The medical community has developed clearly defined metrics and rigorous procedures for public and private stakeholders to reduce the impact of an outbreak. Similarly, the date of occurrence, duration, common source connection, frequency and severity are significant factors in adjusting cyber (re)insurance claims, and often depend on some level of collaboration with public entities. But as discussed above, a common currency to analyze and discuss cyber exposures is still being perfected. Quantification of cyber losses is also complicated by “silent” all-risk policies where cyber is the peril, but no cyber exclusions exist.

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January 29th, 2018

Getting practical with Emerging Risks

Posted at 1:00 AM ET

containersWidespread political volatility and rapid technological advances are spurring companies to question not just their resilience, but also their fitness for purpose in the new world order. Yet, many companies are unsure what practical steps they should be taking with regard to major strategic uncertainties and potential shocks.

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January 25th, 2018

Understanding Systemic Cyber Risk; Insights Through Pandemic Behavior

Posted at 1:00 AM ET

platt-jeremybhamory-crop-smshafer-chris-sm1Jeremy S. Platt, U.S. Cyber Specialty Practice Leader, Guy Carpenter; Bruce Hamory M.D., Chief Medical Officer for Health and Life Sciences at Oliver Wyman Consulting and Christopher Shafer, Assistant Vice President, Guy Carpenter

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  • Jeremy S. Platt is Managing Director and U.S. Cyber Specialty Practice Leader at Guy Carpenter; Bruce Hamory, M.D. is a Partner and Chief Medical Officer for Health and Life Sciences at Oliver Wyman Consulting. They represent operating companies of Marsh & McLennan Companies.

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