Cyber Risk Underwriters

Jeffrey Smith

CIW advisory board member Jeremiah Grossman: What do Somali pirates and ransom seeking hackers have in common?

Jeremiah Grossman’s career spans nearly 20 years and has lived a literal lifetime in computer security to become one of the industry’s biggest names. He has received a number of industry awards, been publicly thanked by Microsoft, Mozilla, Google, Facebook, and many others for his security research. Turns out cyber insurance brokers and buyers can …

CIW advisory board member Jeremiah Grossman: What do Somali pirates and ransom seeking hackers have in common? Read More »

Restaurants: Chipotle suit by credit union alleges negligence in leading to massive breach. Not converting to EMV technology cited.

“Bellwether Community Credit Union has filed a class-action lawsuit against Chipotle and is seeking damages related to the fast-casual restaurant company’s recent data security breach, according to documents filed in a Colorado District Court on May 4″ “The suit also claims that, among other things, Chipotle failed to ensure it maintained adequate security measures, didn’t …

Restaurants: Chipotle suit by credit union alleges negligence in leading to massive breach. Not converting to EMV technology cited. Read More »

Client Objection: “We don’t need to purchase cyber insurance since we already invest in multiple cyber security protection tools.”

“People are the biggest risk to information security. Your client’s greatest risk is probably not technology related”   Evan Francen, President of FR Secure, a leading IT security consultant (http://www.frsecure.com/) warns that “too often organizations overspend on security technology at the expense of neglecting the people part of security”. Carelessness with emails, lack of employee …

Client Objection: “We don’t need to purchase cyber insurance since we already invest in multiple cyber security protection tools.” Read More »

Lloyd’s: Cyber Insurance Uptake Up 50% in 2016

Demand in the US is driven by legislation regulating how companies respond to cyber incidents.  Additionally, companies are facing new requirement to carry cyber/data privacy insurance from key business partners. CFC, a leading underwriter of cyber cover said it is receiving at least one claim per day in 2016.  They cited a steady increase in …

Lloyd’s: Cyber Insurance Uptake Up 50% in 2016 Read More »

Broker Sued for Inadequate Cyber Coverage: Costly Litigation

After experiencing a cyberattack in 2013 resulting in significant first and third party losses, Hotel Monteleone asked it’s insurance agent Eustis Insurance to procure cyber insurance to respond to any future claims.  In October 2014, the hotel was again victimized by hackers and looked to its cyber insurance policy for a coverage response.  The cyber …

Broker Sued for Inadequate Cyber Coverage: Costly Litigation Read More »

Two Cyber Insurance Mistakes That Can Kill Your Business

Whilst industry reports vary on the expected growth rate of cyber insurance premium volume in the coming years, what’s certain is that premium volume is growing steadily and fast.  Those that are well positioned in the cyber insurance industry can expect a steady growth rate in their own businesses.  However, due to the complexities of …

Two Cyber Insurance Mistakes That Can Kill Your Business Read More »