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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
“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
“Because the market is changing so rapidly, what underwriters require today might look completely different compared to what we may require in 30-days’ time. As such, it’s important for brokers to work with clients to ensure they have baseline standard controls like multi-factor authentication (MFA) in place, and that they get a high-level assessment of … Read more
“The company explained it will no longer cover losses resulting from ‘cyber-war,’ which it defined as a cyber-operation carried out as part of a war, any retaliatory attacks between specified states, or a cyber-operation ‘that has a major detrimental impact on the functioning of a state.’” Source: Lloyd’s Carves Out Cyber-Insurance Exclusions for State-Sponsored Attacks … Read more