The Source for Cyber Insurance News, Insights and Data
Keep an eye on the role of Managing General Agents/MGAs (brokers with underwriting authority from carriers), says @CyberDanBurke. “Greater adoption of MGA capacity and the willingness of traditional cyber insurance carriers to write insurance above these MGAs in a cyber insurance tower will be an area to watch throughout 2022.” Includes commentary from Woodruff expert … Read more
“(Beazley Head of Cyber Services Raf Sanchez) explained that this is because many incidents are notifiable not just to regulators but often must be disclosed to clients (who have inserted mandatory notification obligations into supply contracts). He also said that Beazley expects an increase in D&O claims linked to cyber-attacks in the coming year and … Read more
“While the strategy may protect companies in the case of a lawsuit, since much of a legal firm’s research would be considered privileged information, the legal layers also make the collection of breach data more difficult, says (Josephine Wolff, an assistant professor for cybersecurity policy at Tufts University’s Fletcher School of Law and Diplomacy). Wolff … Read more
“According to (Procor Solutions and Consulting’s Chris) Mortifoglio, who is a Certified Public Accountant and a Certified Fraud Examiner (CFE), understanding the ‘nuances and differences’ of a cyber insurance business interruption exposure or claim situation compared to a traditional one is more important now than ever.” Source: Insurance Journal’s Top Cyber Stories of 2021
“Attestations will become a thing of the past, and policy holders will need to prove, with proper documentation, that the controls they say are in place are truly there. The burden of proof will be on the entity, not the insurance company, to prove the controls in the policy were being followed prior to a … Read more