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Systemic Risks | Underwriting Committee

Cyber Risk Underwriting - CRIF Committee

CRIF is providing  useful information and articles covering Cyber Risk & Insurance. This article comes from our Underwriting Committee  

This article looks at the issues that need  bearing in mind when underwriting and we hope it will provide some insight into how cyber insurance risks are underwritten and what good underwriters look for when analysing submissions.  

Cyber Crime and Coverage Issues

Cyber Fraud - Insurance Coverage and Financail Crime Financial cyber-crimes are becoming such a frequent feature in the media that one might be forgiven for feeling a little "cyber-fatigued."

However, the scale of the thefts from financial institutions, as reported by Kaspersky Labs recently, are arguably unique in their scale and audacity. Kaspersky describes hooded "money mules" waiting at ATMs, controlled remotely to dispense cash at a particular time without the need for a bank card.

The Achilles Heel: What the Board must know about Cyber Risk

Cyber Risk and the boardroom | what business leaders must know!Companies of all sizes have recognised the tremendous opportunity the Internet presents for conducting business. But great reward also comes with great risk.

Cyber Risk has now emerged as a high-profile problem; so much so, it has been escalated to third position on the corporate boards risk register.

In the 21st century everyone needs to take cyber risk seriously.

 

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The solitary teenager hacking out of a sense of curiosity has been replaced by criminal gangs seeking improper financial gain.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.  
 

Managing Risk in the Cloud - Ace Group White Paper

Weighing the risk and benefits of could computing - White Paper - Ace GroupCloud computing is a landscape-altering technology that is enjoying increasing rates of adoption — often implemented, however, without taking sufficient risk management precautions.
 
Risk managers need to have a deep understanding of what cloud computing is, and why they need to be aware of it. While there are numerous advantages to adopting the cloud, there are also abundant risks, and having a comprehensive risk management plan in place is critical.
 

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