The Australian Prudential Regulatory Body. A regulator who provides oversight of Australian regulated financial entities, covering local and foreign deposit takers, life, health and direct insurers has released a standard (CPS 243), to 1. Clearly define the information security-related roles…
Cyber insurance is one risk transfer mechanism. But it won’t protect you from failure to comply to regulation, or the fines of failing to comply. View Original Post
An interesting article on cyber insurance. With underwriters saying they need more data to accurately model and underwrite the risk. In my opinion cyber risk bares no relation to most traditional insurance risks. Cyber is systemic in nature, the speed,…
I’m not convinced there is a viable back stop that governments or insurers could afford and the last time a meaningful government backstop was used it bailed out the banks in 2008. The Bank of England has raised concerns that…
Have your messages been safe when using WhatsApp, doesn’t look like they have. Following this release from the company, reported by the BBC. The report claims that it may have been a private firm, working for a government. Using VOIP…
The cost of the ransomware at Norsk Hydro was $52Mn in the first quarter. If I read this correctly, the attack took place around the 19th of March that’s about 2 weeks before the end of the quarter. Their cyber…
An interesting article which raises several questions relating to cyber insurance. It contains some great content links which look at the question of, is cyber risk an insurable risk. It raises some interesting questions, with the regulatory landscape enforcing cyber…
A great article. Recent cyber events, globalization, JIT manufacturing, a lack of understanding of cyber risk management and the associated costs are pitting the cyber policy holder against the insurers. Did the insurance industry jump into something it didn’t understand…
The financial impact following last weeks ransomware attack at Norsk Hydro estimated at $41Mn. With some operations still impacted and a likely full recovery taking weeks. There are also concerns raised about the insurance coverage and longer term reputational damage.…
Cyber risk is an enterprise wide risk, which is complex to understand and manage. The insurance industry is wading in, investing in insuretech to help get a better handle on understanding and managing the risk. View Original Post
