Advisen News

Advisen offers a variety of sources to keep on top of the P&C Insurance News. Advisen journalists publish stories in Front Page News every week. Here are some of the latest stories.

Information ‘asymmetry’ in cyber underwriting

By Josh Bradford

NEW YORK—Cyber underwriting has come a long way from the early years. “Back in 1999 and 2000 an account came in and you sent it off to a service provider, they did a report and you went to your X, Y grid of retentions and limits and came up with a price per million; that’s…

Feds learn a lesson on the increasingly intricate world of cybersecurity

By Erin Ayers

Federal cybersecurity may seem like a costly endeavor, but a new report suggests that government agencies could save up to $5 billion annually if they focused on monitoring threats more effectively and automating responses to those threats. A new report from MeriTalk indicates that federal agencies can’t protect themselves quickly enough against attacks, nor can…

Up to $3.5 billion in insured losses from New Zealand quake: AIR

By Chad Hemenway

Catastrophe modeler AIR Worldwide said insured losses will be between $762 million and $3.5 billion from the powerful South Island, New Zealand earthquake on November 14. The estimated cost translates locally to between NZD 1.15 billion and 5.3 billion. “More than 80,000 landslides and 2,600 aftershocks have been recorded following the massive earthquake that struck…

Think tank advises next president to take a stand on cyber

By Erin Ayers

Acknowledging the leadership role that should be played by the federal government in cybersecurity, the Center for Long-Term Cybersecurity at University of California at Berkeley recently outlined a few recommendations for the administration taking office in January. “In two months, a new President will take office. That President will face the most expansive cybersecurity agenda…

Holiday shopping has commenced, but cybersecurity is year-round for retailers

By Erin Ayers

The holiday shopping season may place additional stress on retailers but, after several years of high-profile retail data breaches, cybersecurity has become a year-round pursuit for them, according to a new report from Bay Dynamics. “IT and security professionals say they feel pressure year-round to secure their organizations, not just during the holidays, versus in…

Smaller businesses more aware and afraid of cybercrime: Zurich survey

By Erin Ayers

Small to mid-sized businesses in the US show more concern about cyber crime, including losing customer data.

New firm Mullen Coughlin dedicated entirely to data privacy

By Chad Hemenway

After nearly three years as chair of Lewis Brisbois’ data privacy and network security practice, John Mullen—and his entire team of attorneys—are leaving to start a new law firm dedicated to data privacy as addressed by the insurance industry. “We believe we are the first law firm ever with our breath of experience totally dedicated…

Russia suspected in reported NY Times hack; attacks on journalists ramped up

By Erin Ayers

News broke this week that FBI officials are investigating a cyber attack on the New York Times, allegedly by Russian hackers. First reported by CNN, the hack is thought to be connected to other high-profile cyber events, such as the hacking of the Democratic National Committee (DNC) and release of sensitive emails during the Democratic…

Cyber insurance community mourns, celebrates ‘Cyber Jedi’ Toby Merrill

By Chad Hemenway

In June 2015 Toby Merrill walked up to the podium to receive the Advisen Cyber Risk Award for Cyber Risk Industry Person of the Year in the US. As soon as his name was called, Toby’s peers honored him with a standing ovation. “I love it,” Toby said of the cyber-risk insurance community as he…

Report predicts costs up to $6 trillion due to cybercrime by 2021

By Erin Ayers

Dark and costly days lie ahead for the connected world, according to a recent report that estimated potential future costs of cybercrime at up to $6 trillion by 2021. “Cyberwarfare has crossed from the digital world into our physical realm, and there is a very real potential cybercrime will lead to the loss of human…

Big data aids in federal fight against cyber attacks: report

By Erin Ayers

Federal government agencies plagued by security breaches say they now look to big data analytics for insight into how better to protect themselves and the information they must safeguard, according to a new survey and report from MeriTalk. “Agencies face a perfect storm of cybersecurity threats,” said Steve O’Keeffe, founder of MeriTalk, a public-private partnership…

US government names first federal CISO

By Erin Ayers

The United States government took another step in improving its cybersecurity posture by appointing the nation’s first federal chief information security officer — Gregory J. Touhill, a retired brigadier general. Touhill has been serving as the Department of Homeland Security’s (DHS) deputy assistant secretary for cybersecurity and communications developed programs to protect government systems and…

Economic losses from Louisiana floods over $10B; insured losses much lower

By Erin Ayers

Catastrophes in the month of August took a serious economic toll, with total damages from the “historic” Louisiana floods expected to top $10 billion and an earthquake in Italy leaving 266 people dead, according to Aon Benfield’s latest global catastrophe report. “A slow-moving area of low pressure brought multiple days of extreme rainfall across parts…

FTC chair suggests nature of “personally identifiable” info is changing

By Erin Ayers

A recent speech by Federal Trade Commission chairwoman Edith Ramirez offers clues to how the active regulatory agency will view the use of data analytics by businesses and what the future of “privacy” will entail. “As new technologies and business models continue to emerge, however, we hear with increasing frequency the claim that technological innovation…

Cyber in property policies, drones, and labor laws areas to watch for insurance buyers

By Erin Ayers

Insurance coverage for cyber-related property damage, new regulations for drones, and upcoming changes to federal labor laws topped the list of concerns for insurance buyers according to Marsh report.

Billions in potential marine insurance losses as RMS ranks the top 10 riskiest ports

By Erin Ayers

RMS found that the two riskiest ports are in Japan; six are in the United States, and the final two in Europe.

Global spending on information security set to rise to $81.6B

By Erin Ayers

Researchers at Gartner expect worldwide spending on information security products and services to grow another 7.9 percent to $81.6 billion this year

“Tenuous” geopolitical landscape bears watching by risk managers: RIMS report

By Erin Ayers

The current global geopolitical landscape has become one of the most unstable in recent memory, a fact that has serious economic & organizational implications for risk managers.

It’s a small world when it comes to the cybersecurity talent gap

By Erin Ayers

According to a new report from Intel Security, 82% of respondents reported a shortage of talent when seeking cybersecurity hires.

Willis report sees added complexity for cyber claims with government involvement

By Erin Ayers

Willis’ most recent cyber claims briefing found that the claims process could become increasingly complicated by the interplay between organizations holding consumer data and the government seeking data.

Public-private partnership is key to combating cybercrime, says UK report

By Josh Bradford

According to a UK report, cybercrime now exceeds all other crime combined in the UK. It is a growing problem costing the UK economy billions per year.

‘Extreme space weather’ carries trillion-dollar risk for US power grid: report

By Erin Ayers

A severe solar storm could shut down the US power grid for months and cause up to $2.7 trillion in damage in a new report from the Cambridge Centre for Risk Studies and AIG.

Infosec professionals not concerned about US election’s effect on cybersecurity

By Erin Ayers

A recent survey of information security professionals showed a relative lack of concern over the current US presidential election’s effect on global cybersecurity.

Employee theft shatters trust when good workers go bad: Hiscox

By Erin Ayers

According to the 2016 Hiscox Embezzlement Study, 40 percent of all employee theft crimes are committed by individuals in the finance or accounting role.

Hackers have all the time in the world to strike – but organizations can defend themselves

By Erin Ayers

Cyber criminals continue to disrupt their targets’ operations and a new report from Cisco recommends reducing their “time to operate” by shifting defense strategies to a holistic approach to security.

Uncertainty reigns for insurers and UK heads for the Brexit

By Erin Ayers

The UK’s vote to leave the EU last week surprised the world, and now has the international insurance community assessing the potential effects – and the key word is uncertainty.

Ransomware rises to ‘epidemic’ levels: Kaspersky report

By Erin Ayers

The number of computer users affected by ransomware in the past year grew 17.7 percent over the previous year, according to a recent report from Kaspersky Labs

TigerRisk’s Rod Fox: Benign catastrophe losses won’t last forever

By Chad Hemenway

For now, low insured losses from catastrophes are one reason the insurance rates remain soft; it is a buyer’s market.