Palestra apresentada por Kara Owens no 6º Encontro de Resseguro do Rio de Janeiro, realizado nos dias 5 e 6 de abril de 2017, no hotel Sofitel Copacabana.
15 Years of Web Security: The Rebellious Teenage YearsJeremiah Grossman
This document summarizes Jeremiah Grossman's 15 years of experience in web security and the state of application security. It discusses threat actors targeting websites, the growing costs of data breaches and cyber insurance, challenges with vulnerability remediation, and the need for more effective software development processes and addressing skill shortages. WhiteHat Security helps companies find and fix application vulnerabilities before exploits.
Convince your board - cyber attack prevention is better than cureDave James
The business case for cyber attack prevention for organisations concerned about the rise in cyber crime and the risk to their data. Includes cyber security tips and resources.
No More Snake Oil: Why InfoSec Needs Security GuaranteesJeremiah Grossman
Ever notice how everything in InfoSec is sold “as is”? No guarantees, no warrantees, no return policies. For some reason in InfoSec, providing customers with a form of financial coverage for their investment is seen as gimmicky, but the tides and times are changing. This talk discusses use cases on why guarantees are a must have and how guarantees benefit customers as well as InfoSec as a whole.
Implementing a Security Management FrameworkJoseph Wynn
1. The document provides an overview of Joe Wynn and his company WynnSecure which focuses on information security strategy and security management frameworks.
2. It outlines an agenda for improving security programs which includes explaining why security programs need to be explained, identifying issues, problems, and solutions.
3. The document describes how to build a security management framework using the NIST Cybersecurity Framework as an example, with services, processes, and attributes to organize and manage a security program.
Cyber Risk Measurement: what 25 CISOs & CROs plan for 2020Kevin Duffey
Chief Risk Officers and CISOs from 25 of our customers & friends debated their SMART objectives for 2020. Here's the results, showing who to involve and how to report progress on cyber risk across 3rd parties during 2020.
Insuring your future: Cybersecurity and the insurance industryAccenture Insurance
How are insurance companies faring when it comes to protecting their assets and their customers from fraud, malware, cyber attacks and a host of other security breaches? The question is important. Insurance companies hold a vast amount of data
including personally identifiable information, personal health information, credit card and bank account data, and trade secrets (their own and sometimes their clients’). Insurers
have a very distributed model for servicing, increasing the risk across the value chain. Aging legacy systems complicate matters even more.
The Digital Multiplier: Five Steps To Digital Success In The Insurance SectorAccenture Insurance
Insurers are investing less than many of their counterparts in other industries in essential digital technology. They’re also achieving lower financial returns on this spending.
The few insurers that are generating good financial returns from their investments in digital technology have a big advantage over their competitors. They have grown revenue 64 percent more than other insurers that have invested heavily in digital technology and achieved a 48 percent better return on equity.
15 Years of Web Security: The Rebellious Teenage YearsJeremiah Grossman
This document summarizes Jeremiah Grossman's 15 years of experience in web security and the state of application security. It discusses threat actors targeting websites, the growing costs of data breaches and cyber insurance, challenges with vulnerability remediation, and the need for more effective software development processes and addressing skill shortages. WhiteHat Security helps companies find and fix application vulnerabilities before exploits.
Convince your board - cyber attack prevention is better than cureDave James
The business case for cyber attack prevention for organisations concerned about the rise in cyber crime and the risk to their data. Includes cyber security tips and resources.
No More Snake Oil: Why InfoSec Needs Security GuaranteesJeremiah Grossman
Ever notice how everything in InfoSec is sold “as is”? No guarantees, no warrantees, no return policies. For some reason in InfoSec, providing customers with a form of financial coverage for their investment is seen as gimmicky, but the tides and times are changing. This talk discusses use cases on why guarantees are a must have and how guarantees benefit customers as well as InfoSec as a whole.
Implementing a Security Management FrameworkJoseph Wynn
1. The document provides an overview of Joe Wynn and his company WynnSecure which focuses on information security strategy and security management frameworks.
2. It outlines an agenda for improving security programs which includes explaining why security programs need to be explained, identifying issues, problems, and solutions.
3. The document describes how to build a security management framework using the NIST Cybersecurity Framework as an example, with services, processes, and attributes to organize and manage a security program.
Cyber Risk Measurement: what 25 CISOs & CROs plan for 2020Kevin Duffey
Chief Risk Officers and CISOs from 25 of our customers & friends debated their SMART objectives for 2020. Here's the results, showing who to involve and how to report progress on cyber risk across 3rd parties during 2020.
Insuring your future: Cybersecurity and the insurance industryAccenture Insurance
How are insurance companies faring when it comes to protecting their assets and their customers from fraud, malware, cyber attacks and a host of other security breaches? The question is important. Insurance companies hold a vast amount of data
including personally identifiable information, personal health information, credit card and bank account data, and trade secrets (their own and sometimes their clients’). Insurers
have a very distributed model for servicing, increasing the risk across the value chain. Aging legacy systems complicate matters even more.
The Digital Multiplier: Five Steps To Digital Success In The Insurance SectorAccenture Insurance
Insurers are investing less than many of their counterparts in other industries in essential digital technology. They’re also achieving lower financial returns on this spending.
The few insurers that are generating good financial returns from their investments in digital technology have a big advantage over their competitors. They have grown revenue 64 percent more than other insurers that have invested heavily in digital technology and achieved a 48 percent better return on equity.
Cyber risk represents both risk and opportunity for insurance companies. While cyberattacks can result in multi-billion dollar losses, there is growing demand from companies for cyber insurance coverage. Actuaries can help develop sustainable cyber insurance products by analyzing available breach data, determining appropriate policy terms, and encouraging policyholders to strengthen cybersecurity. Offering generous policy limits alongside strict security requirements and high deductibles allows insurers to expand in this area while properly managing risk. The increasing need for cyber coverage represents a chance for actuaries to add value and for insurers to generate new revenue streams.
Insurance Service Meeting 2016 - Andrea Eichhorn CNseg
Cognitive solutions are transforming the insurance industry by helping insurers shift their focus from cost cutting to improving customer engagement and experience. Insurers are leveraging cognitive technologies like IBM Watson to better understand customers, more accurately assess risk, improve processes across the insurance value chain, and develop new personalized products and services. Adopting a cognitive strategy allows insurers to achieve strategic priorities like reducing costs and risk while enhancing the customer experience through human-like interaction with data and analytics.
The document discusses cybersecurity challenges and capabilities in the insurance industry based on a survey conducted by Accenture Security. Some key findings include:
- Insurance companies have made progress in their cybersecurity capabilities but around 20% of attempted breaches are still successful, exposing risk.
- While insurance leaders are confident in their cyber defenses, attackers are becoming more sophisticated so overconfidence could be an issue.
- Insurance companies need to invest more in advanced technologies like AI and automation to keep up with cyber criminals.
- Achieving mastery in cybersecurity for insurance companies would mean things like identifying breaches quickly, involving more than just the security team, and focusing on the right performance metrics beyond just underwriting losses.
Privacy & Security in Feb 2020: new Fintech regulations on Cyber Security at ...Kevin Duffey
Presented to an expert audience at the PrivSec Congress in London on 4th Feb 2020, this presentation uses PayPal & Travelex as topical examples, showing why cyber security of private data processed by suppliers is an increasing concern of Financial Regulators.
And then it demonstrates what your peers are doing to comply with those new regulations.
Let’s work together to mitigate risks.
The document discusses several topics related to using big data analytics in the healthcare and insurance industries:
- Annual losses to healthcare fraud in the US and EU total between $70-260 billion and $30-100 billion respectively. Analytics can help detect, prevent, and combat fraudulent activity.
- A bank used customer transaction data and social media to provide personalized, targeted messages and gifts to valued customers.
- Health insurers use claims data and text analysis to identify candidates for disease management programs and determine data quality issues.
- Insurers are exploring using social media to investigate claims and potentially set insurance rates, which regulators may not permit.
- SAS provides analytics solutions to help insurers with claims
We found that while cyber security was named as the topmost future tech adoption for organizations in 2019, cyber security is now the second tech priority for 2021 but with a higher budget than previously allocated. We also discovered that cloud security currently holds more importance with CISOs, CTOs and CIOs than data security and privacy.
Cyber Resilience: managing 3rd Party Risks in Financial ServicesKevin Duffey
This document discusses cyber resilience and third party risks in financial services. It focuses on three areas: 1) Measurement - obtaining independent and timely data on suppliers' cyber posture compared to peers. 2) Mitigation - engaging suppliers to identify exploitable vulnerabilities to reduce risks. 3) Management - implementing governance dashboards to show executives how the firm compares to competitors on issues like breach response capability. Throughout, it provides examples of suppliers that have been breached and emphasizes the importance of continuously monitoring key suppliers' cybersecurity.
Cost of Cybercrime Study in Financial Services: 2019 Reportaccenture
Now in its 9th year, this new Accenture presentation explores the impact associated with cybercrime, quantifying the cost of cyberattacks and analyzing trends in malicious activities in the financial services industry. And this year for the first time, we look to the future so that financial services organizations can better target their funds and resources and open up new revenue opportunities to unlock economic value.
FORUM 2013 Cyber Risks - not just a domain for ITFERMA
This document summarizes cyber risks and insurance responses. It discusses evolving cyber threats facing European companies and how cyber risks are not just an IT issue. Key points include: most clients are extremely concerned about cyber attacks; the top causes of data breaches are hacking and stolen credentials; and cyber insurance claim volumes have risen significantly in recent years. The document also outlines how cyber insurance can help respond to incidents by providing services like breach coaching, legal defense, forensic investigations, and crisis management. Finally, it discusses challenges with relying solely on traditional insurance policies to address cyber risks and the need for specialized cyber insurance products and risk mitigation strategies.
CIS13: FCCX and IDESG: An Industry PerspectivesCloudIDSummit
This document summarizes a workshop on the National Strategy for Trusted Identities in Cyberspace (NSTIC). The workshop agenda includes presentations on NSTIC pilots testing multifactor authentication, attribute exchange networks, and privacy-preserving authentication. It also covers the Identity Ecosystem Steering Group, the Federal Cloud Credential Exchange, and NSTIC's relationship to the National Cybersecurity Center of Excellence. The document discusses how NSTIC aims to address barriers in the identity marketplace around security, business models, usability, liability, interoperability and privacy by acting as a convener rather than implementing its own identity program. It outlines NSTIC's implementation strategy of private sector leadership and federal support through standards development,
1) The document discusses cyber insurance and what organizations need to know to get the best policy at the lowest cost. It notes that the average cost of a data breach is $3.8 million and insurance can help cover these costs.
2) To get the best rates, organizations need to first determine the potential cost of a data breach and loss of data access. They also need to show that they have strong security controls and frameworks in place like NIST or ISO to demonstrate low risk.
3) With these two things addressed, an organization is prepared to work with their insurer to find a policy that properly covers their needs at an affordable premium level. The document provides advice on how to approach cyber insurance.
Riscos Sistêmicos e o Impacto na Subscrição de RC: Um Novo Enfoque de Modelag...CNseg
1) The Swiss Re Liability Risk Drivers model provides a forward-looking perspective for liability modeling that is needed due to the limitations of traditional retrospective modeling approaches for casualty risks.
2) The model analyzes how external risk factors and liability loss scenarios could impact future expected loss costs, allowing for more accurate pricing, portfolio management, and risk analysis.
3) The model considers factors like legal/regulatory changes, social trends, and technological advances that could influence liability costs for different industries and helps benchmark exposures between locations.
Latin america cyber security market,symantec market share internet security,m...Ashish Chauhan
This document provides a summary of the Brazil cyber security market report by Ken Research. It details that the Brazil cyber security market has grown from USD ~million in 2011 to USD ~million in 2016 at a CAGR of ~%. The market is expected to continue growing due to rising internet and smartphone usage, increasing online transactions, and growing cyber threats. The report segments the market by type of security, solutions, industries, and regions and provides competitive analysis of companies in the Brazil cyber security market.
This document discusses the growing threat of cyber attacks faced by UK businesses and outlines steps businesses can take to improve their cyber security posture. It finds that many UK companies lack confidence in their cyber security policies and abilities to protect against attacks. Cyber attacks can have significant negative financial and reputational impacts on businesses. The document recommends that businesses improve basic security procedures, understand the risks they face, and create a culture where cyber security is a priority for all employees through education and enforcement of security best practices. Taking proactive steps in these areas can help businesses better protect themselves against cyber threats now and in the future.
Challenges in the Business and Law of Cybersecurity, CLEAR Cyber Conference, ...Jay Kesan
This document discusses challenges in managing cyber risk for businesses. It notes that while cybersecurity is important for the economy, many businesses underestimate cyber risks. The author's work focuses on improving private sector cybersecurity through market solutions and risk assessment. Some key challenges include a lack of sound risk assessment data and understanding gaps between businesses and insurers. The author's approach involves gathering extensive cyber incident data to better understand and predict risks. Solutions proposed include the CRIDA tool for financial risk assessment and the CLAD database for analyzing insurance litigation. The document also discusses needs for reforming laws around data breaches, computer crimes, and identity theft.
This presentation focuses to the rising prominence of insurance considerations—and more particularly—to legal aspects of insurance as it relates to cybersecurity and privacy.
The presentation defines "Cyber and Privacy Insurance” and organizes such insurance into four main types of cyber insurance coverage: data breach and privacy management coverage, multimedia liability coverage, extortion liability coverage, and network security liability coverage. With these definitions, the presentation then gives snapshot of how the Cyber Insurance Market Is Maturing, its participants, costs, and related attributes.
Consideration is given to the importance of defined terms, before launching into difficulties that providers and users have relative to measuring, modeling, and pricing cyber insurance risk. Particular attention is given to the language of “claims” and how to navigate through associated risk/cost analyses and cost structures.
Additionally, general considerations, pre-conditions, cost of compliance, business interruption, governing board oversight and related issues are brought together is a cohesive manner.
Cyber risk represents both risk and opportunity for insurance companies. While cyberattacks can result in multi-billion dollar losses, there is growing demand from companies for cyber insurance coverage. Actuaries can help develop sustainable cyber insurance products by analyzing available breach data, determining appropriate policy terms, and encouraging policyholders to strengthen cybersecurity. Offering generous policy limits alongside strict security requirements and high deductibles allows insurers to expand in this area while properly managing risk. The increasing need for cyber coverage represents a chance for actuaries to add value and for insurers to generate new revenue streams.
Insurance Service Meeting 2016 - Andrea Eichhorn CNseg
Cognitive solutions are transforming the insurance industry by helping insurers shift their focus from cost cutting to improving customer engagement and experience. Insurers are leveraging cognitive technologies like IBM Watson to better understand customers, more accurately assess risk, improve processes across the insurance value chain, and develop new personalized products and services. Adopting a cognitive strategy allows insurers to achieve strategic priorities like reducing costs and risk while enhancing the customer experience through human-like interaction with data and analytics.
The document discusses cybersecurity challenges and capabilities in the insurance industry based on a survey conducted by Accenture Security. Some key findings include:
- Insurance companies have made progress in their cybersecurity capabilities but around 20% of attempted breaches are still successful, exposing risk.
- While insurance leaders are confident in their cyber defenses, attackers are becoming more sophisticated so overconfidence could be an issue.
- Insurance companies need to invest more in advanced technologies like AI and automation to keep up with cyber criminals.
- Achieving mastery in cybersecurity for insurance companies would mean things like identifying breaches quickly, involving more than just the security team, and focusing on the right performance metrics beyond just underwriting losses.
Privacy & Security in Feb 2020: new Fintech regulations on Cyber Security at ...Kevin Duffey
Presented to an expert audience at the PrivSec Congress in London on 4th Feb 2020, this presentation uses PayPal & Travelex as topical examples, showing why cyber security of private data processed by suppliers is an increasing concern of Financial Regulators.
And then it demonstrates what your peers are doing to comply with those new regulations.
Let’s work together to mitigate risks.
The document discusses several topics related to using big data analytics in the healthcare and insurance industries:
- Annual losses to healthcare fraud in the US and EU total between $70-260 billion and $30-100 billion respectively. Analytics can help detect, prevent, and combat fraudulent activity.
- A bank used customer transaction data and social media to provide personalized, targeted messages and gifts to valued customers.
- Health insurers use claims data and text analysis to identify candidates for disease management programs and determine data quality issues.
- Insurers are exploring using social media to investigate claims and potentially set insurance rates, which regulators may not permit.
- SAS provides analytics solutions to help insurers with claims
We found that while cyber security was named as the topmost future tech adoption for organizations in 2019, cyber security is now the second tech priority for 2021 but with a higher budget than previously allocated. We also discovered that cloud security currently holds more importance with CISOs, CTOs and CIOs than data security and privacy.
Cyber Resilience: managing 3rd Party Risks in Financial ServicesKevin Duffey
This document discusses cyber resilience and third party risks in financial services. It focuses on three areas: 1) Measurement - obtaining independent and timely data on suppliers' cyber posture compared to peers. 2) Mitigation - engaging suppliers to identify exploitable vulnerabilities to reduce risks. 3) Management - implementing governance dashboards to show executives how the firm compares to competitors on issues like breach response capability. Throughout, it provides examples of suppliers that have been breached and emphasizes the importance of continuously monitoring key suppliers' cybersecurity.
Cost of Cybercrime Study in Financial Services: 2019 Reportaccenture
Now in its 9th year, this new Accenture presentation explores the impact associated with cybercrime, quantifying the cost of cyberattacks and analyzing trends in malicious activities in the financial services industry. And this year for the first time, we look to the future so that financial services organizations can better target their funds and resources and open up new revenue opportunities to unlock economic value.
FORUM 2013 Cyber Risks - not just a domain for ITFERMA
This document summarizes cyber risks and insurance responses. It discusses evolving cyber threats facing European companies and how cyber risks are not just an IT issue. Key points include: most clients are extremely concerned about cyber attacks; the top causes of data breaches are hacking and stolen credentials; and cyber insurance claim volumes have risen significantly in recent years. The document also outlines how cyber insurance can help respond to incidents by providing services like breach coaching, legal defense, forensic investigations, and crisis management. Finally, it discusses challenges with relying solely on traditional insurance policies to address cyber risks and the need for specialized cyber insurance products and risk mitigation strategies.
CIS13: FCCX and IDESG: An Industry PerspectivesCloudIDSummit
This document summarizes a workshop on the National Strategy for Trusted Identities in Cyberspace (NSTIC). The workshop agenda includes presentations on NSTIC pilots testing multifactor authentication, attribute exchange networks, and privacy-preserving authentication. It also covers the Identity Ecosystem Steering Group, the Federal Cloud Credential Exchange, and NSTIC's relationship to the National Cybersecurity Center of Excellence. The document discusses how NSTIC aims to address barriers in the identity marketplace around security, business models, usability, liability, interoperability and privacy by acting as a convener rather than implementing its own identity program. It outlines NSTIC's implementation strategy of private sector leadership and federal support through standards development,
1) The document discusses cyber insurance and what organizations need to know to get the best policy at the lowest cost. It notes that the average cost of a data breach is $3.8 million and insurance can help cover these costs.
2) To get the best rates, organizations need to first determine the potential cost of a data breach and loss of data access. They also need to show that they have strong security controls and frameworks in place like NIST or ISO to demonstrate low risk.
3) With these two things addressed, an organization is prepared to work with their insurer to find a policy that properly covers their needs at an affordable premium level. The document provides advice on how to approach cyber insurance.
Riscos Sistêmicos e o Impacto na Subscrição de RC: Um Novo Enfoque de Modelag...CNseg
1) The Swiss Re Liability Risk Drivers model provides a forward-looking perspective for liability modeling that is needed due to the limitations of traditional retrospective modeling approaches for casualty risks.
2) The model analyzes how external risk factors and liability loss scenarios could impact future expected loss costs, allowing for more accurate pricing, portfolio management, and risk analysis.
3) The model considers factors like legal/regulatory changes, social trends, and technological advances that could influence liability costs for different industries and helps benchmark exposures between locations.
Latin america cyber security market,symantec market share internet security,m...Ashish Chauhan
This document provides a summary of the Brazil cyber security market report by Ken Research. It details that the Brazil cyber security market has grown from USD ~million in 2011 to USD ~million in 2016 at a CAGR of ~%. The market is expected to continue growing due to rising internet and smartphone usage, increasing online transactions, and growing cyber threats. The report segments the market by type of security, solutions, industries, and regions and provides competitive analysis of companies in the Brazil cyber security market.
This document discusses the growing threat of cyber attacks faced by UK businesses and outlines steps businesses can take to improve their cyber security posture. It finds that many UK companies lack confidence in their cyber security policies and abilities to protect against attacks. Cyber attacks can have significant negative financial and reputational impacts on businesses. The document recommends that businesses improve basic security procedures, understand the risks they face, and create a culture where cyber security is a priority for all employees through education and enforcement of security best practices. Taking proactive steps in these areas can help businesses better protect themselves against cyber threats now and in the future.
Challenges in the Business and Law of Cybersecurity, CLEAR Cyber Conference, ...Jay Kesan
This document discusses challenges in managing cyber risk for businesses. It notes that while cybersecurity is important for the economy, many businesses underestimate cyber risks. The author's work focuses on improving private sector cybersecurity through market solutions and risk assessment. Some key challenges include a lack of sound risk assessment data and understanding gaps between businesses and insurers. The author's approach involves gathering extensive cyber incident data to better understand and predict risks. Solutions proposed include the CRIDA tool for financial risk assessment and the CLAD database for analyzing insurance litigation. The document also discusses needs for reforming laws around data breaches, computer crimes, and identity theft.
This presentation focuses to the rising prominence of insurance considerations—and more particularly—to legal aspects of insurance as it relates to cybersecurity and privacy.
The presentation defines "Cyber and Privacy Insurance” and organizes such insurance into four main types of cyber insurance coverage: data breach and privacy management coverage, multimedia liability coverage, extortion liability coverage, and network security liability coverage. With these definitions, the presentation then gives snapshot of how the Cyber Insurance Market Is Maturing, its participants, costs, and related attributes.
Consideration is given to the importance of defined terms, before launching into difficulties that providers and users have relative to measuring, modeling, and pricing cyber insurance risk. Particular attention is given to the language of “claims” and how to navigate through associated risk/cost analyses and cost structures.
Additionally, general considerations, pre-conditions, cost of compliance, business interruption, governing board oversight and related issues are brought together is a cohesive manner.
Many of the early adopters of cyber risk transfer were based in the US, (owing to the extremely strict legal requirement to notify all customers affected by a data breach). However recent developments are showing that cyber risks are not just a US problem. The past 18 months Aon has seen a dramatic increase in the number of companies outside the US purchasing cyber risk transfer.
7th ERM - S2 - Cyber security, Cyber Risk and Data Privacy - Kalpesh Doshi (1...TraintechTde
Cyber security risks are increasing and pose serious threats. The document discusses several alarming cyber attack statistics experienced by India and globally in recent years. It also outlines specific risks to the financial sector, including theft of funds, legal/regulatory issues, and loss of customer trust from cyber attacks. Effective cyber security requires organizations to be vigilant, adaptable, and have robust risk management practices in place.
Business Law Training: Market Turmoil in D&O Insurance and Is Your Company Pr...Quarles & Brady
This lively discussion focused on the market turmoil in the current public and private D&O markets. Additionally, the professionals explained the scope of Cyber Insurance for tradition exposures, operational risk and regulatory compliance.
Patrick Bourk, National Cyber Practice Leader from Hub International, discusses the various cyber policies available for mid size commercial businesses. He also showcases the various types of risk to consider when working with an insurer.
This document provides an overview of protecting personal information and building an effective privacy program. It notes that information fraud is increasingly common, with employee abuse and external hacking as major causes. Personal data has become a commodity on underground markets. The document proposes a framework for enterprises to assign responsibilities, document policies, define incident response processes, and raise awareness. It also recommends gap assessments, retention schedules, security baselines, training strategies, and incident management processes to prepare an effective IT response for handling personal information and privacy incidents.
Nube, Cumplimiento y Amenazas avanzadas: Consideraciones de Seguridad para la...Cristian Garcia G.
El panorama de amenazas en evolución basado en nuestro ISTR (Reporte de Anual de Amenazas en Internet Vol. 24) recientemente publicado, refleja las últimas tendencias y cómo se aplican a Colombia y América Latina. Las principales tendencias de transformación digital, como la nube y la movilidad, junto con los nuevos desafíos de seguridad han cambiado el panorama de ciberseguridad por lo que la estrategia debe enfocarse en términos de riesgos clave, regulaciones y hallazgos sobre la madurez de la seguridad. Recomendaciones para enfocar y mejorar las posturas de ciberseguridad para abordar estas tendencias, incluidos los marcos clave, las tecnologías, los procesos y los cambios culturales son parte integral de los pasos a seguir.
HBR - Zurich - FERMAZ - PRIMO Cyber Risks ReportFERMA
This document summarizes the key findings of a survey on cyber risk conducted by Harvard Business Review Analytic Services and sponsored by Zurich Insurance Group. Some of the main points:
- More than 3/4 of respondents said information security and privacy have become more significant concerns in the past 3 years.
- The top concerns were malware/viruses, administrative errors, data provider incidents, and malicious employee activity.
- Legal liability from data breaches was also a major concern, with costs of litigation and regulatory fines among the top worries.
- While many companies have improved security practices like IT updates and employee training, over 20% said their security budgets were inadequate and awareness has yet to penetrate all levels
7 Cybersecurity Statistics You Need to Know in 2023.pptxIT Company Dubai
Cybersecurity is not merely a topic of conversation within the IT channel anymore. It has become a focal point of concern for companies and
https://www.bluechipgulf.ae/cybersecurity-statistics-you-need-to-know/
https://www.bluechipgulf.ae/cyber-security-solutions-dubai/
This document summarizes cyber risks and data breaches. It discusses the growing threat of cyber crime and costs of data breaches. Mandatory breach disclosure laws have significantly increased costs for US companies, with the average data breach costing $7.2 million compared to $1.9 million in the UK without such laws. Examples of large breaches include Sony, which suffered a breach of 77 million user records costing an estimated $171 million. The document examines risks like hacking, theft, and human error, as well as emerging issues around cloud computing and mobile devices.
- The document discusses the impacts of COVID-19 on insurance fraud detection. It summarizes the results of a survey of insurance professionals on how the pandemic has affected fraud trends and insurance companies' fraud-fighting efforts.
- Key findings include that over 60% of respondents saw an increased fraud workload due to COVID-19, and the top reported pandemic fraud schemes were staged accidents, procedure billing fraud, and fake home accidents. Nearly two-thirds of insurers increased their focus on digitalization in response.
- Ongoing challenges for insurers in combating fraud effectively include issues with internal data quality, access to external data, and keeping up with changing fraud schemes. Most recognize the benefits of automated fraud detection tools but
Discussing Cyber Risk Coverage With Your Commercial Clients by Steve Robinson...Don Grauel
Steve Robinson of RPS Technology & Cyber presented "Discussing Cyber Risk Coverage With Your Commercial Clients" to the 68th Annual F. Addison Fowler Fall Seminar on October 17, 2014.
WCIT 2014 Som Mittal - Managing risks in an interdependent economy risks rela...WCIT 2014
The document discusses the risks posed by increased digital connectivity and cybersecurity issues in an interdependent global economy. It notes that while advancements have benefits, they also introduce new risks like cyber crimes, warfare, and espionage. The top global risks identified are income disparity, extreme weather events, unemployment, climate change, and cyber attacks. To address cyber risks, coordinated efforts are needed from individuals, technology users, providers, governments, and through global cooperation. This includes following security best practices, information sharing, developing legal norms, and collaborating across jurisdictions.
This white paper discusses cyber security predictions and trends for the next 18 months. It outlines 5 trends: 1) major mobile exploits due to increased mobility and devices, 2) open source vulnerabilities as adversaries target these, 3) supply chain attacks remaining critical as vendors are easier targets, 4) increased industry-specific attacks and malware, and 5) greater privacy legislation in response to public concerns about data collection. The paper recommends organizations assess their use of open source software, supply chain security policies, industry-specific defenses, and data privacy practices to address these evolving threats.
Cyber insurance provides coverage for losses from cyber incidents and security breaches. It helps manage cyber risks through risk sharing. However, the cyber insurance market is still immature with global losses from cyber incidents exceeding the total cyber insurance market. Key challenges include asymmetric information between insurers and clients, interdependent and correlated cyber risks, and limited reinsurance capacity due to lack of claims data and potential for simultaneous global attacks.
CIOs need a strategy for securing enterprises as data breaches have increased significantly in recent years. While IT budgets and staffing have decreased, compliance requirements have increased. Outsourcing security functions to a managed security provider can help CIOs address these challenges more effectively by leveraging provider expertise, advanced tools and economies of scale, allowing IT to focus on business needs. Failure to comply with regulations through inadequate security practices can result in penalties, loss of customer trust and damage to reputation.
Organizations are struggling to manage increasing cyber risks and losses from cyber attacks. While financial costs are increasing, other changes may have a greater impact. Regulations are expanding who is responsible for cybersecurity and penalties for non-compliance are becoming more aggressive. Business models may also need to change as supply chains are impacted and new technologies are adopted. However, changes may not be happening quickly enough given the rapidly evolving threat landscape.
The document is a cyber security opportunity analysis report that examines trends in cyber security and evaluates Ireland's potential to become a leader in the cyber security field. Some of the key points summarized:
1) Increased regulation of data privacy and rising cyber crimes are major trends expected over the next five years, according to industry experts surveyed in the report.
2) Ireland is uniquely positioned to benefit from growing global investment in cyber security due to its existing tech sector strengths and growing cyber cluster.
3) The report finds that Ireland has significant potential to develop a cyber cluster and become a global leader in cyber security, an increasingly important industry.
Similar to 6º Resseguro - A Evolução do Risco Cibernético e seu Impacto no Seguro - Kara Owens (20)
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
5. | 4
Cyber Risk is Global
In recent years, Internet use has
grown faster in Latin America than in
any other region in the world1
Combine with developing LATAM
economies that are increasingly
technologically savvy2
Source: 1 XL Catlin February 2016, 2 Kaitlin Lavinder – The Cipher Brief
According to Inter-American Development Bank, LATAM faces cybercrime losses
estimated at US$90B a year
6. | 5
Cyber Insurance at a Glance
Business Interruption
Data Breach Response
Cyber Extortion
Data Recovery
Network Security Liability
Privacy Liability
Regulatory Defense
Traditional
Cyber
Insurance
1st Party 3rd Party
Short to medium tail in nature
No standard form in market
Vendor response services critical
Written on standalone basis or blended
Product has been around ~ 18 years
Evolved from Tech E&O product
Claims-made policy form
Underwriting use of third party analytics
7. | 6
Marketplace Update
Dowling and Partners: “One of few
growth markets in the P&C industry”
PWC anticipates $7.5B premium by 2020,
Allianz estimates $20B by 2025
Continued Growth
2016 Premium Estimate: $3.5B-$4.5B
• Mostly U.S.
• ~$500M Europe
• $10-$15M Latin America
• Asia Pac emerging
More industries purchasing
Companies of all sizes purchasing
Companies purchasing more limits
Evolving regulatory requirements
Third party requirements
Top concern of Boards
More data being created and stored
Business interruption growing concern
60+ carriers in U.S. market (a lot of supply)
Coverage broadening
Enhancement in modeling and data analytics
8. | 7
Marketplace Update – Latin America
Early Stages
Carriers: AIG, XL Catlin, Allianz, Chubb, Liberty, SURA, Travelers Brazil
Limits: up to $10M ($5M more common maximum limit)
Financial Institutions, airlines, government entities purchasing
Overall litigiousness low
Lack of common framework regarding Data Protection
• 4 out of 5 countries do not have cybersecurity protection plans in place1
Expect Increase in Demand
11% of business in LATAM hit by a cyber attack in past 12 months2
Brazil saw 197% year-over-year increase in cyberattacks in 2015
Increase in number of countries establishing regulations
Companies are becoming more aware of cyber exposures (Mossak Fonseca)
Source: 1 E&Y 2017 LATAM Insurance Outlook, 2 Grant Thornton
9. | 8
INSURED
Risk
Management
Data and
Network Security
Terms and
Conditions
Privacy
Underwriting Considerations
Vendor management
Business continuity plan
Employee training
Disaster recovery plan
Coverages requested
Nature of Industry
Pricing
SIR
Loss history
Network security policy
Encryption
Firewalls, logging, etc.
Physical security
CISO? / IT Staff
# and sensitivity of data
Privacy policy
CPO?
Compliance with regulations
User access controls
Difficult classes include Public Entities, Utilities, Energy, Social Networking, Higher
Education, Large Retail, Healthcare, Payment Card Processors, Adult Websites, etc.
10. | 9
U.S.
Exposed
Retailer
$12B
revenues
Risk
Management
Data and
Network Security
Terms and
Conditions
Privacy
Underwriting Considerations
Written contracts with all vendors
Business continuity plan in place and tested
Employee training on privacy and network
security
Disaster recovery plan in place and tested
Extortion, Fines / Penalties, Breach
Notification, Network security and
privacy liability requested
No Business Interruption requested
Industry: Retail
$25M SIR
No cyber claims in last 5 years
Geography: Mostly U.S.
Written network security policy
Encryption in transit, mobile devices and at
rest
VPN / Multi-Factor authentication
Firewalls, logging, malware protection,
penetration testing
Physical security controls
CISO in place
Records: >5M PII, >5M PHI
87,900 employees
Written Privacy policy
CPO in place
PCI Compliant
User access controls
$65M limits requested, 8 carriers
11. | 10
Cyber Risk is Systemic
Source: CRO Forum Report – “Cyber Resilience – The Cyber risk challenge and the role of insurance”
12. | 11
Cyber Risk is Systemic
Numerous areas potentially exposed in the event of a cyber-attack:
Loss of Intellectual Property
Property damage
Business interruption
Reputational damage
Fines/penalties/regulatory actions
Bodily injury
Extortion
Breach of contract
D&O and transactional liability
Product liability and recall
Stock drops, loss of profits
Costs to notify/breach response costs
Lost data
Loss of monies transferred
“Cyber attacks may stem from a wide array of actors, affect all industries and result
in varying levels of damage to data, critical systems, physical property, and even
disrupt business continuity. For this reason, cyber risks can trigger a variety of
insurance solutions.” Source: CRO Forum Report – “Cyber Resilience – The Cyber risk challenge and the role of insurance”
13. | 12
Lack of
historical data
Increased and
evolving
regulation
Educational
gap
Treatment of
terrorism
Insurance
talent shortage
Changing
technology
Coverage
broadening
Sophistication
of hackers
Aggregation
concerns
Lack of
catastrophic
events
Inconsistent
case law
IT talent
shortage
Cyber Insurance Obstacles
14. | 13
Claims Environment
Motives
Crime
Hacktivism
Espionage
War
“Fun”
Industries Targeted
Retail
Healthcare
Education
Utilities / Energy
Financial Services
Sources
Hacker
Malware/Virus
Staff mistake
Nation State
Rogue Employee
Loss Drivers
Severity: # of
records
Frequency: Poor
security and
controls, employee
negligence
Breaches
Demand
Regulation
15. | 14
Claims Trends
Physical Damage
on the Rise?
Increase in Attacks against
Critical Infrastructure
Airline System
Failures
Rise in
Social Engineering
Growth in
Ransomware Attacks
Internet of Things
Hacks
16. | 15
Emerging Risks
Internet of
Things
Telematics
Physical
Damage
Critical
Infrastructure
RansomwareCloud Computing
Supply Chain
Risk
Cyber Terrorism
Social
Engineering
Aviation
& Marine
Bodily Injury
Biometrics
Mobile Apps
17. | 16
TransRe Approach
Global cyber team with four dedicated individuals
Committee with 22 representatives from various product lines, divisions, regions
ERM is key – extreme event scenarios, aggregation tools, risk tolerances,
referrals, tracking across product lines, portfolio management
18. | 17FOR INTERNAL PURPOSES ONLY – STRICTLY PRIVATE & CONFIDENTIAL
Kara Owens
Global Head of Cyber Risk
T: (1) 212 365 2129
E: kowens@transre.com
Lauren Markowski Rhett Hewitt
AVP, Cyber Risk AVP, Cyber Risk
T: (1) 212 365 2301 T: (44) 20 7204 8676
E: lmarkowski@transre.com E: rhewitt@transre.com
For your cyber treaty and facultative needs across the globe…