[cabfpub] Cyber Insurance Update

[Ben Wilson]

FYI - FWIW - here are Advisen's 2015 nominees for cyber insurance innovation
in 2014 - 

 

ACE - Loss Migitation Services: "ACE's loss mitigation services are the
first of its kind in the industry. The selection of vendors available allow
an insured to mitigate against breaches before an event through training,
preparation and assessment with multiple options available to every type of
insured."

AIG - CyberEdge: "AIG's CyberEdge also provides insureds with RiskAnalytics'
advanced shunning service, RA IntelliShun, to protect their networks from
criminal attack. RA IntelliShun is a new layer of defense that's different
from traditional network defenses - it actually prevents loss from criminal
attacks, rather than simply reacting to network incursions after the fact.
In the past year alone, RA IntelliShun prevented more than 1.9 billion
attempted attacks on the networks of AIG insureds."

Allied World - Privacy 403 SRVS Insurance Product: "New Privacy and network
security product has changed the conversation and perception of how to best
prepare for and respond to breaches."

Beecher Carlson - CyberSelectT Loss Model : "Developed by compiling cost
information from the largest breaches, fees charged by breach response
vendors and information derived from independent Beecher Carlson research.
This combined information was then used to create the CyberSelect Loss Model
which can aid in estimating the impact of each input in mega-breach events."

Bitcoin - BitGo Theft Coverage: "Designed for BitGo, by XL Group and
Innovation Insurance Group - this first of its kind coverage protects BitGo
customers who opt-in to the program which protects them from acts, errors,
or omissions of BitGo technology, processes, and employees, including
external hacking incidents and employee theft. Both hot wallets and cold
storage are eligible for coverage in the policy."

BitSight - Security Ratings for Cyber Insurance: "Through it's innovative
product, BitSight Security Rating for Cyber Insurance, BitSight is helping
insurance carriers, reinsurers and brokers address the challenges of
measuring security risk in the enterprise. The BitSight Security Ratings
platform gathers information continuously and objectively about the security
performance of insureds and applicants. With this solution, insurers are
able to seamlessly identify and measure the risk associated with
underwriting cyber liability. This automated service analyzes, rates, and
monitors security performance, all from outside the company being rated,
eliminating subjectivity and expanding visibility through continuous
monitoring. Through the actionable information that BitSight Security Rating
for Cyber Insurance provides, insurers can improve underwriting
effectiveness, reduce claims costs and provide specific security performance
data to their clients."

Marsh - Cyber Ideal: "Cyber Ideal for being the first privacy modeling tool
to bring true analytic discipline to the task. Cyber Ideal uses stochastic
modeling and Monte Carlo simulation to provide clients with insight into the
real costs of a privacy breach."

RiskAnalytics: "RiskAnalytics provides us with a comprehensive CyberSecurity
solution that addresses our end user training assignements, and management
as well as a good policy and procedures management capabilities. We also use
their Autoshuning solution which has proven a good addition to our border
security environment."

Safeonline: "Creating cyber vertical products for lawyers, FI's and assisted
living facilities with an online system. Build bespoke online solution to
deliver Cyber insurance products to specific industry sectors. Streamlined
process and enhanced service delivery."

Verizon Communications - Dave Cammarata, Danielle Roth and Josh Dean:
"Verizon's risk management department is at the cutting edge in it's
approach to risk management. RM is fully a part of the IT security, legal,
Business Enterprise Solution teams so that insurance solutions keep pace
with emerging cyber risks."

William Gallagher Associates' - Cyber Risk Hub.com: "An open-source
knowledge platform launched in Q1 2015 that allows thought leaders from
across the insurance industry to share information related to cyber
security, data breaches, and privacy."

 

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