Investment Companies/Advisors Face New Proposed SEC Rules on Cyber; Likely to Increase Demand for Cyber Insurance

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“Specifically, the proposal would:● Require advisers and funds to adopt and implement written policies and procedures that are reasonably designed to address cybersecurity risks;● Require advisers to report significant cybersecurity incidents to the Commission on proposed Form ADV-C;● Enhance adviser and fund disclosures related to cybersecurity risks and incidents; and● Require advisers and funds to … Read more

Cyber Insurance Helps Beazley Get Back to Profitability? 

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Company rebounded in 2021 after 2020 loss due in part to claims for COVID-related event cancellations. “Beazley…had a combined ratio – a key measure of an insurer’s profitability – of 93% compared to 109% a year earlier. A level below 100% indicates an underwriting profit…its annual gross written premiums jumped 30% to $4.62 billion, with … Read more

Cyber Policyholders Better Plan Ahead for Subrogation Actions Following a Hack 

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Law firm Lowenstein Sandler warns: “If these subrogation actions ‘stick,’ policyholders should expect that once a cyber claim is paid by an insurer, that will not be the end of their involvement with responding to the breach. Rather, policyholders will be obligated under the terms of their policies to make their records, investigation results, and … Read more

Cyber Insurance Goes from “Hard to Sell” to “Hard to Buy” — What Happens When We Reach Cyber Insurance 3.0? 

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“‘Hard market’ insinuates that we’re in a cyclical market right now, but the product is only just in its adolescence,’ (Lindsey Nelson, cyber development leader at CFC Underwriting) said. ‘It’s evolving at the moment, and we’re learning as we go along to catch up with that. So, the risk has changed. The risk today is … Read more

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