Cyber Security and Insurance Coverage Protection: The Perfect Time for an AuditNationalUnderwriter
Cyber Security and Insurance Coverage Protection: The Perfect Time for an Audit by Lynda Bennett
2014 ended almost the same way that it began for most companies – having concerns about cyber security and hackers. At the beginning of the year, the news cycle was focused on breaches that took place in the consumer product space as Target, Michael’s, Neiman Marcus, and Home Depot worked fast and furious to address breaches that led to concerns about a massive amount of credit card information possibly being “in the open.” Later in the year, we learned that corporate giants like JPMorgan Chase and Apple were not immune from cyber security breaches as still more personally identifiable information and very personal photographs were released into the public domain. Finally, as 2014 drew to a close, the entertainment industry was further rocked by the cyber-attack on Sony Corp., which led to even broader concerns about national security and terrorist threats.
We looked into the elementary questions and answers often asked my people about insurance, its functionalities, and its importance to society, finally our recommendations
India is the global leader in microinsurance. Innovation is blooming and new products and delivery models are being explored. More than 300 million low-income risks are insured. Indeed, more than 60% of microinsurance policyholders are to be found in India! What are the catalysts for the success of microinsurance in India? What role has the government as well as market forces played in the exponential growth of the sector? What can insurers learn from India's experience? The webinar focuses on "Insights from India's Microinsurance Success", one of the chapters of the newly launched "Protecting the Poor: A Microinsurance Compendium, Volume II" published by the Munich Re Foundation and the International Labour Office.
Cyber Security and Insurance Coverage Protection: The Perfect Time for an AuditNationalUnderwriter
Cyber Security and Insurance Coverage Protection: The Perfect Time for an Audit by Lynda Bennett
2014 ended almost the same way that it began for most companies – having concerns about cyber security and hackers. At the beginning of the year, the news cycle was focused on breaches that took place in the consumer product space as Target, Michael’s, Neiman Marcus, and Home Depot worked fast and furious to address breaches that led to concerns about a massive amount of credit card information possibly being “in the open.” Later in the year, we learned that corporate giants like JPMorgan Chase and Apple were not immune from cyber security breaches as still more personally identifiable information and very personal photographs were released into the public domain. Finally, as 2014 drew to a close, the entertainment industry was further rocked by the cyber-attack on Sony Corp., which led to even broader concerns about national security and terrorist threats.
We looked into the elementary questions and answers often asked my people about insurance, its functionalities, and its importance to society, finally our recommendations
India is the global leader in microinsurance. Innovation is blooming and new products and delivery models are being explored. More than 300 million low-income risks are insured. Indeed, more than 60% of microinsurance policyholders are to be found in India! What are the catalysts for the success of microinsurance in India? What role has the government as well as market forces played in the exponential growth of the sector? What can insurers learn from India's experience? The webinar focuses on "Insights from India's Microinsurance Success", one of the chapters of the newly launched "Protecting the Poor: A Microinsurance Compendium, Volume II" published by the Munich Re Foundation and the International Labour Office.
The world is now hyperconnected. Insurance of the future will use data to enhance customer experiences, impact core insurance processes, create new knowledge and improve sustainability. There are already pioneers in this space, and their stories demonstrate the powerful and increasing role of IoT data in better risk prevention
Risk prevention is an IoT-based uses case able to create a positive impact to all the stakeholders: avoiding the accidents to the policyholders, improving the insurance bottom line, and generating positive externalities to the society
A (false) myth I have heard frequently at conferences is that insurers are not yet able to use IoT data to take smart actions
Instead, there are different success stories about-based risk prevention in different insurance business lines bit.ly/RiskPreventionPaper
One of the best practices in changing driver behaviors is Discovery Limited
Having seen the early steps of this approach, since it’s launch on 1 June 2011, and the journey over the following years, I’ve been always impressed by their innovation journey
Each annual product review has been a thought-provoking presentation: I consider myself extremely luck for this opportunity to learn directly from Anton and Francois and all the team
#Insurtech case histories are frequently fascinating storytelling and make people feel self-satisfied, instead in this paper you will find facts and figures about prevented accidents and profitable auto #insurance portfolios
I love this #telematics story...concrete and fact based!
LIABILITY INSURANCE: WHAT YOU MUST KNOW!Newton Bezeng
The law obligates us to exercise a duty of care to our neighbor while carrying out our personal or business activities in the course of our life. A breach of our duties will be considered tortious and will be held liable. This articles is examine using the various questions and headings:
What is Liability Insurance?
An Overview
What are the Sources of Liability Insurance?
What are the different types of liability insurance?
How can Liability Insurance Arise?
The Importance of Liability Insurance
Conclusion
When market conditions are good insurance companies get low of business and their profits increase but in the adverse market conditions the companies start facing losses or their profitability reaches to rock bottom.
Cyber insurance is probably one of the top security measures each organization, big corporations, and Small and Medium Enterprises (SMEs) should look up to when it comes to a cybersecurity data breach. https://cyberpal.io/
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 present book is a great step in forward direction of Indian Insurance sector ; and I have no doubt that after studying this book in detail and getting through the examination successfully, the insurance agent will gain substantially in accomplishing the tasks that are assigned to him or her. I would keenly look forward to its huge success in the Indian insurance domain in the days to come.
SecureNow Insurance Broker wrote extensively on insurance matters in several leading newspaper in FY 2014-15.These cover typical insurance related issues that consumers face as well as industry and regulatory related issues. These columns were published in leading newspapers and websites.
Here is the compilation of the columns and Q & As
I nostri intervistati si aspettano addirittura un nuovo tipo di
entità assicurativa emergerà entro il prossimo decennio,
come l'Internet delle cose, l'intelligenza artificiale
e blockchain convergono per creare smart, in tempo reale
soluzioni assicurative. Quasi sette su dieci
(69 per cento) ritiene che l'assicurazione verrà nuovamente intermediata
algoritmicamente a intervalli frequenti con un nuovo stile
di aggregatore assicurativo e il 91% si aspetta
questo avverrà entro un periodo di 15 anni.
The world is now hyperconnected. Insurance of the future will use data to enhance customer experiences, impact core insurance processes, create new knowledge and improve sustainability. There are already pioneers in this space, and their stories demonstrate the powerful and increasing role of IoT data in better risk prevention
Risk prevention is an IoT-based uses case able to create a positive impact to all the stakeholders: avoiding the accidents to the policyholders, improving the insurance bottom line, and generating positive externalities to the society
A (false) myth I have heard frequently at conferences is that insurers are not yet able to use IoT data to take smart actions
Instead, there are different success stories about-based risk prevention in different insurance business lines bit.ly/RiskPreventionPaper
One of the best practices in changing driver behaviors is Discovery Limited
Having seen the early steps of this approach, since it’s launch on 1 June 2011, and the journey over the following years, I’ve been always impressed by their innovation journey
Each annual product review has been a thought-provoking presentation: I consider myself extremely luck for this opportunity to learn directly from Anton and Francois and all the team
#Insurtech case histories are frequently fascinating storytelling and make people feel self-satisfied, instead in this paper you will find facts and figures about prevented accidents and profitable auto #insurance portfolios
I love this #telematics story...concrete and fact based!
LIABILITY INSURANCE: WHAT YOU MUST KNOW!Newton Bezeng
The law obligates us to exercise a duty of care to our neighbor while carrying out our personal or business activities in the course of our life. A breach of our duties will be considered tortious and will be held liable. This articles is examine using the various questions and headings:
What is Liability Insurance?
An Overview
What are the Sources of Liability Insurance?
What are the different types of liability insurance?
How can Liability Insurance Arise?
The Importance of Liability Insurance
Conclusion
When market conditions are good insurance companies get low of business and their profits increase but in the adverse market conditions the companies start facing losses or their profitability reaches to rock bottom.
Cyber insurance is probably one of the top security measures each organization, big corporations, and Small and Medium Enterprises (SMEs) should look up to when it comes to a cybersecurity data breach. https://cyberpal.io/
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 present book is a great step in forward direction of Indian Insurance sector ; and I have no doubt that after studying this book in detail and getting through the examination successfully, the insurance agent will gain substantially in accomplishing the tasks that are assigned to him or her. I would keenly look forward to its huge success in the Indian insurance domain in the days to come.
SecureNow Insurance Broker wrote extensively on insurance matters in several leading newspaper in FY 2014-15.These cover typical insurance related issues that consumers face as well as industry and regulatory related issues. These columns were published in leading newspapers and websites.
Here is the compilation of the columns and Q & As
I nostri intervistati si aspettano addirittura un nuovo tipo di
entità assicurativa emergerà entro il prossimo decennio,
come l'Internet delle cose, l'intelligenza artificiale
e blockchain convergono per creare smart, in tempo reale
soluzioni assicurative. Quasi sette su dieci
(69 per cento) ritiene che l'assicurazione verrà nuovamente intermediata
algoritmicamente a intervalli frequenti con un nuovo stile
di aggregatore assicurativo e il 91% si aspetta
questo avverrà entro un periodo di 15 anni.
Onramp key takeaways:
1) Same Insurtech brutal truths
2) The future of the Insurers will be insurtech
3) Reasons why for adopting IoT in the insurance sector
4) The IoT Insurance Observatory mission
A publication to help business owners understand the need for cyber insurance, the news notification laws that impact business and what covers a cyber insurance policy provides.
Pandemic has taken a fair share of the toll on every economy, affecting millions of businesses across the globe. As organizations are adopting technology and innovation to fulfil their quest for growth, they must comprehend, the ghost of cyberattack will come to haunt them sooner or later. Cyber breaches will not only cause brand degradation, but also lead to loss of digital assets, and change in consumer behaviour. As a result, companies are considering corporate cyber insurance as a part of their cybersecurity strategies. Click on the link to read what cyber insurance is and why companies direly need it.
New Explore Careers and College Majors 2024.pdfDr. Mary Askew
Explore Careers and College Majors is a new online, interactive, self-guided career, major and college planning system.
The career system works on all devices!
For more Information, go to https://bit.ly/3SW5w8W
1. Emerging Case of Cyber Insurance
Emerging Case of Cyber Insurance
Security is crucial for a society to flourish otherwise it is only a matter of time before society will
succumb to its sad end or shrink to an unnoticeable size. Societies which exist in today's world have
done two things exceptionally right in their past. One, they have not merely defended themselves
against invaders but attacked also. Two, if they could not beat the invaders, they did business with
them. And such societies are flourishing even today. Others faded.
In today's society digital computing is one of the major agents which are responsible for its
flourishing and prosperity. And hence security of digital computing infrastructure, institution which
rely on this infrastructure and users who get benefitted from these infrastructure and institutions
should be protected.
Today, we have insurance for almost everything which has a market value. We can insure our lives,
and our health. Government mandates that one should insure his vehicle. One can insure his real
estate property. In fact, large insurance companies can provide insurance cover to space missions. If
you understand how insurance work then you can skip a few following lines and start from next
paragraph. Insurance works on simple principle that if N person are 'insured' against an event E, the
probability of occurring event E to all the N persons together (in small time frame) is low and will
decrease as N increases. Consider a scenario where a company insured 100,000 people against
losing their lives for a modest fee of Rs. 10000 per annum for a period of 10 years. So, an insured has
to pay Rs 10000 every year for 10 years and if he dies, then insurer will pay him big amount say
Rs15,00,000. So company collected 100,000 x 100,000 in ten years and will pay 15,00,000 to family
members of deceased one. The most unfavorable case for insurer is death of all 100,000 persons and
most favorable case is of everyone surviving.
So insurer needs some analysis of an individual who seeks insurance. Insurer, will prefer
persons from various localities whose death rates are low. Now insurer can say that event E is highly
improbable and if it occurs it is really unfortunate and victim should be compensated for that. Such
companies can even share their profit for steps towards health programs which in turn help society
and companies.
Cyber insurance can be (and is) a lethal weapon against cyber attacks on enterprises. As human
being is mortal, an organization is always in danger of being breached. An organization can be
compromised either because of its loose security policies, unaware users or backstabbing employees
and highly lethal security attacks.
Cyber insurance will work on strict security principles. If an organization is insured then insurer will
pay for damages happened due to cyber security attacks. Cyber Insurer would like to prefer
organizations which are good at security and has low chances of being breached. Insurer would also
try its best to make sure that it does not insure an organization which is no way serious for security.
As always, they generally insure only for highly improbable events. Now, if an organization keeps
everything in place and spent millions of dollars on security and was never breached for say, 7 years.
A security attack happened and organization lost some business then it can be compensated against
these damages.
2. Emerging Case of Cyber Insurance
The new emerging business model of cyber insurance will have two though indirect but serious
impacts:
1. Cyber security of course is big business but it is highly technology based only. Cyber
insurance will make it more commodity based and couple it tightly with finance industry.
This will pressurize the stakeholders to take serious steps towards security, standards and
their enforcement. Eventually, Cyber insurance may become key driver for international
internet police.
2. Cyber security insurers will themselves adopt attacking methodologies against cyber attacks
and will force (or inspire) insured parties to be carefully defensive against cyber attacks.
Here little correlation between society surviving secrets and impacts of cyber insurance can be
drawn.
Three basic questions need to be answered to put any insurance business in operation.
1. Which improbable event organization can be insured against?
2. What will be insurance claim amount in case of event occurred?
3. What will be mode of paying premium and how much premium has to be paid?
Cyber Insurance as a case has two specific challenges which are not yet solved completely and hence
presents lucrative opportunities for researchers as well.
First challenge, advanced technologies are required (in their matured phase) to assess the security
standards deployed in a particular organization and risk associated with it. These two things if can be
quantified, then only it will become possible for an insurer to state that on what terms he can
provide insurance policy to prospective insured. We will also need advance forensics techniques to
verify the validity (or genuineness) of a cyber attack happened.
Second, innovative business models need to be explored and tough questions need to be answered
in the language of insurance providers.
Cyber insurers are expected to bank on big data analytics to determine the expectancy rate of
attacks for typical group of enterprises. Once cyber insurance policy are open in market, CISO has to
choose the right policy for their organization. They need to be quite clear what they want to insure
against. For example:
1.
2.
3.
4.
Loss in business due to shutdown hours
Loss in brand value due to data theft
Loss of employee productivity
Loss of infrastructure damage
Cyber insurance is almost ready to play a larger role in the enterprise security and risk policies. With
this new paradigm shift in the risk management skills like big data analytics, security standards
compliance testing, risk quantification approach and forensics are also expected to play important
roles.