Cyber Insurance

Cyber attacks: Directors' Liability

Cyber Attacks and the liability on Directors and Officers
The risk of a cyber attack is material for the majority of businesses in the financial services industry today.
 
Such attacks are increasingly sophisticated, widespread and disruptive.  
 
The solitary teenager hacking out of a sense of curiosity has been replaced by criminal gangs seeking improper financial gain.  As a consequence, the financial consequences are increasingly significant.  
 

Digging in to fight the cyber war - Middle East Focus

Libery Mutual - CRIF Founding Member Matt Hogg looks at Cyber Risk in the emerging Middle East Market

Traditionally, even the most brutal of wars have their informal truces. The history books regale us with accounts of soldiers in the American Civil War swimming to an island in a river to exchange tobacco and newspapers, or a game of football between British troops and their Boer enemies at the end of the Boer War. But that tradition does not, it appears, apply to today’s cyber war.

Commercial Risk Europe features CRIF amid concerns on Energy Company cover

CRIF on the need for more mature Cyber Risk ManagementFollowing the reports from the BBC on the challenges facing some energy companies in obtaining cyber insurance CRE helped CRIF get out our message on the need for a more mature and integrated approach to the management and cover of Cyber Risk.

The BBC article stated that "... a  number of energy companies had bee refused cover because of inadequacies in their cyber security"

Response: Beware the Nascent Cyber Insurance Market

 
A few weeks ago (10/10/13) in Info Security Magazine Colin Tankard wrote a piece looking at Cyber Insurance and some of its pitfalls or potential issues.  This prompted one of our Founding Members Tom Whipp from Oval Group to respond.
 
Tom raises important points that go to the heart of cyber risk and shows how business can make insurance work in this specialist market sector.  Here is Toms response to the article in full...    

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