State of the Cyber Insurance Market: 10 Lessons Learned From Major Retailer Breaches

Posted by on August 22, 2014 | Be the First to Comment

White-Paper-Hero_State-of-Cyber-Market

It is not an overstatement to say that there is a “pre-Target and “post-Target” state of the cyber market for major retailers from both the underwriting and the client side.

In November–December 2013, cyber thieves executed a well-planned intrusion into Target’s computer network and the point-of-sale terminals at its 1,800 stores around the holiday season and successfully obtained not only 40 million customers’ credit and debit card information, but also noncard customer personal data for as many as 70 million customers.

But Target was not alone, as in that same time period, retailers such a s Neiman Marcus and Michaels were also reportedly exposed with 1.1 million and 3 million cards at their respective establishments.

Read my newest white paper that features a comprehensive snapshot of the Target case study, the 10 lessons learned from the underwriters and pointe of view, as well as a peer group perspective on the current state of the cyber insurance market.

International Engagement on Cyber: Developing Global Norms for a Safe, Stable, and Predictable Cyber Environment

Posted by on March 18, 2014 | Be the First to Comment

Cyber security has become a major priority for governments on a global scale. In February 2014, the U.S. government launched a Cyber Security Framework under Executive Order 13636 to support critical infrastructure industries in improving defenses against a cyber attack.

 On March 4th, international leaders including Secretary Michael Chertoff, General Michael Hayden, Rear Admiral Michael Brown, and Senator Sheldon Whitehouse, gathered in Washington D.C. to debate how the global community can come together to implement a common security approach.

 The International Engagement on Cyber 2014 was hosted by Georgetown University Institute for Law, Science and Global Security, and took place as planned, despite the threat of winter weather interrupting the meeting.

 The day included four panel discussions on topics such as national cyber strategies, Internet governance, national cyber security in a post-Snowden era, and the development of international norms for cyberspace.

 Key to overcoming our global cyber security challenges is an increased willingness for both the private and public sectors to share information, such as threat intelligence. I was pleased to participate in a panel discussing private/public partnerships to protect critical infrastructure. Co-panelists included Adam Sedgwick from NIST (National Institute of Standards and Technology), the architect of the new cyber security framework, as well as representatives of the Department of Homeland Security.

 The federal government has engaged the insurance industry directly to support the roll out of the framework and I expressed support for the initiative, as it will cement cyber security as a boardroom risk.

 For more information about cyber security, read my white paper, The Ever-Evolving Cyber Laws, and visit Lockton’s Cyber & Technology website.

Lockton Expert Talks Cyber Insurance with Marketplace

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High profile data breaches have brought cyber insurance into the media spotlight. Estimates indicate more than 70 million people who shopped at Target between Thanksgiving and Christmas had their personal data compromised, costing the company $60 million. However, Target expects to see that number drop to $17 million, thanks to cyber insurance coverage.

 In a recent story by American Public Media’s Marketplace, Lockton cyber expert Emily Freeman talks about the growing demand for cyber coverage. She stresses that this coverage serves only as a safeguard.

 “We sit on the shoulders of their best efforts to prevent the event from happening in the first place,” said Freeman.

 Cyber policies can be contingent on a company having protection measures in place to stave off a cyber attack or lessen its impact.

 Learn about Lockton’s Cyber Risk capabilities.

Lockton’s Beeson to Chair Cyber Risk Insights Conference in London

Posted by on January 31, 2014 | Be the First to Comment

Lockton’s cyber expert Ben Beeson will chair Advisen’s upcoming Cyber Risk Insights Conference in London on Tuesday 25 February 2014. Risk managers and insurance buyers may attend at no charge.

The agenda features 30 speakers discussing topics such as data security, privacy legislation, and the evolution of coverage products. The keynote address will be given by Lord Reid, Principal at the Chertoff Group and Chair of the Institute for Security and Resilience Studies. He was a Member of Parliament and served as a cabinet minister under Prime Minister Tony Blair.

“I am thrilled and honored to be chairing this conference,” said Ben Beeson. “Given the recent rash of cyber attacks, it’s crucial for risk managers to have a clear view of the threats and know their cyber insurance coverage options.”

The conference will explore the range of cyber risks with emphasis on emerging areas of concern where London insurance markets have taken a global leadership position. While the focal point is cyber insurance solutions, the agenda aims to give risk managers an understanding of the full range of cyber-related risk and insurance issues.

For more information and to register, visit the Cyber Risk Insights Conference website.

World’s Largest Cyber Risk Conference Free for Risk Managers and Buyers of Insurance

Posted by on October 16, 2013 | Be the First to Comment

Advisen’s Cyber Risk Conference is taking place on Thursday, October 24th at the Grand Hyatt in New York. The all-day event is the world’s largest cyber risk event for risk management and insurance professionals. Risk managers and buyers of insurance can attend free of charge.

 I am honored to be among the 35 confirmed speakers for the day. Adam Sedgewick, Senior Information Technology Policy Advisor for the National Institute of Standards and Technology will give the morning keynote.

 During my presentation, I will focus on why cyber risks now sit firmly in the boardroom. Drivers include:

  • SEC guidance regarding cyber risk identification and disclosure
  • Greater federal government scrutiny and focus on defending industry against cyber attacks
  • Trend towards greater privacy regulation and legislation (as seen recently in the widening of personal data definition in California)

 Learn more and register for the event: http://events.Signup4.com/AdvisenCyberInsights2013