I see a trojan horse with Federal Cyber regulation and a win-win for both Federal Contractors and the Insurance Industry Mariam Baksh. The interim Financial Ruling for the DoDs Cyber security programme (CMMC) will encompass FAR regulations for the protection…
Cyber insurance. Is the industry writing more cheques than it can afford to underwrite? Premiums for cyber insurance aren’t high enough to adequately underwrite cover in the event of a sustained systemic cyber incident. The stats make for an interesting…
A date for the diary 26.10.2020. First American Insurance looks to be the first company to be charged under NYDFS NYCRR 500. The charges allege that between October 2014 and May 2019 the company allowed access to over 885 Mn…
Insurers saw a rise in losses associated with direct stand alone cyber policies from 34% in 2018 to 47% in 2019, according to Fitch. Are insurers getting worried that their payouts are increasing and 2020 will continue the trend. In…
Capital, equity markets and insurers rely on an independent assessment of an organisation’s performance. Provided through, amongst other things credit rating agencies, financial updates and market reports, and Q&A of control performance. To price-in cyber risk and for insurers to…
Insurers are good at underwriting risks. Years of understanding risks, collecting data and building models, with a reasonable level of assurance to underwrite policies with certainty. P&C, health, D&O and other traditional policies have a wealth of historic information available.…
An interesting case to watch, as Hiscox the insurance company launches a law suit on the law firm Warden Grier, which suffered a cyber attack in 2016. Resulting in the theft of data belonging to the insurer. Hiscox is claiming…
Could the adoption of a little known bill in California lead to the wider adoption of cyber insurance and deliver far reaching benefits? Whilst cyber insurance is in its infancy on many ways, from the lack of data available to…
If you reside in, or run a business covered by banking Law, Insurance Law or the Financial Services Law in New York state. Then 2020 could be an interesting year from a cyber security and data protection perspective. NYDFS, the…
This week the EIOPA is the European supervisory authority for Insurance and Occupational Pensions set out its priorities for 2020. One being to develop the strategy for cyber underwriting and to harmonize regulatory supervision across Europe. This means promoting appropriate…
