Search Results for: insurance

Cyber Insurance, Data Privacy and Information Security 2013 Trends Report

An exclusive 2013 report funded and released by the Cyber Data Risk Managers group offers the opinions of top industry regarding experts on what they think, feel and should happen in 2013 as it pertains to Data Privacy, Information Security and Cyber Insurance, as well as, what steps can be taken to mitigate risk(s) surrounding these cyber security related potential threats. A short summary of some of those observations and trends reported are: Inadequate security measures on government and private sector networks, critical infrastructure and telecommunications represent perhaps the … [Read more...]

Cyber Security Risk: Can Cyber Insurance Cover Your Bets?

By: Ben J. Carnevale, Editor One of the more common areas of interest suggested by many of the readers of this website involves the concern of cyber security related risks and the availability (or lack thereof) of cyber insurance options to address this rising risk mitigation topic. Without thinking too long about this major risk management topic, it can certainly be said that data breaches have increased dramatically within the past few years, giving way to new trends within almost every industry sector of business in the U.S. In addition -- and along with their unpredictable nature … [Read more...]

Business Continuity and the Cyber-Insurance Market

In a prior posting on this website entitled, “Business Continuity and the Importance of Insurance”, some of the roles that insurance can play in risk management were presented and discussed.  Today, given the high priority to risks and threats stemming from cybersecurity related events, it may important to note that insurance can be an important tool to evaluate and assist in mitigating such risks.  In fact, according to James Whetstone, a senior V.P. and U.S. technology and privacy manager for insurer Hiscox Speciality, “…there are almost 30 carriers now offering cyber liability coverage … [Read more...]

Business Continuity and the Importance of Insurance

An insurance policy is a legal contract of indemnity that transfers risk.   And to that point, insurance has long been regarded and continues to be a component player in the business continuity planning process for many if not all organization of every size. In a recent article written by Gary Hahn and posted on the website, a summary of the some roles that insurance does and does not play in risk management methodologies is presented and can be helpful input to the business continuity planning process. However, even in the best written and communicated business … [Read more...]

Business Continuity Planners Offered New Risk Insurance Option

Lockton, the world's largest privately held insurance broker, recently announced that it is launching a package of risk management solutions called Enterprise Disruption Contingency Insurance  designed to help companies cope with previously "uninsurable" risks. Lockton's Enterprise Disruption Contingency Insurance offers an innovative "umbrella solution" for such grey area risks as loss of intellectual property rights, inability to manufacture or distribute a product because of another organization's product recall, regulatory risks, and information technology network disruptions or … [Read more...]

Business Continuity and Insurance Options for Nuclear Reactor Accidents in the U.S.

Given the recent nuclear disaster in Japan, along with the risk assessment and business impact analysis reports addressing organizations in the United States who have to fact unique risks from potential nuclear reactor accidents in the U.S., one of our readers asked if we could comment upon the question of insurance plans to cover nuclear reactor accidents and disasters. In response to that request, we point our reader’s attention to a recent posting published 30 March 2011 on the Homeland Security Newswire website. As you will read in the article, a little-known insurance pool in the U.S. … [Read more...]

PS-Prep, the Insurance Industry, and Private Sector Preparedness

Donald Byrne, who has contributed several of his articles to this website in the past, recently posted an article entitled, “The Insurance Industry’s Role in PS-Prep” on the website. Our staff recommends this article to be added to the PS-Prep, business continuity, or risk management library of resources in your organization. Click here to read the full article. … [Read more...]

H1N1 Influenza and Your Insurance Coverage

An important element of an organization’s ability to keep its doors “open for business” is to be on constant lookout for those internal and external risks that might disrupt its daily "business-as-usual" capabilities.  And, while much has been written concerning the impact that the Pandemic H1N1 Influenza might have on an organization’s workforce, we would like to point our readers to an area that we believe may often be overlooked.  That area involves knowing the level of insurance coverage your organization has in place to offset the potential economic loss an organization may incur because … [Read more...]

Business Disaster Recovery & Continuity Plan [Infographic]

Thinking about the day your business is destroyed from a natural disaster is about as fun as thinking about cleaning up the Christmas tree needles come Valentines day when you finally decide to take the tree down. However, like life insurance, it's something important to think about, and plan for, or you could end up in a lot of trouble. In the infographic below, we break down common disasters that can happen to a business, their potential costs, and give some great ideas on how to to plan for them. Feel free to share the inforgraphic on your site or social media, please just mention … [Read more...]

Data Breach Costs now Average $154 per Record

In a recently published benchmark research report it was found that executives in 2015 – motivated by growing concerns from ongoing data breaches and other cyber-attacks to their organizations – are now paying greater attention to the security practices of their organizations. To that point, research from that report also indicated that the average total cost of a data breach for the 350 companies participating in this research increased from $ 3.52 to $ 3.79 million US dollars (e.g. a 23% increase in total cost of data breach since 2013). The average cost paid for each lost or stolen … [Read more...]