insurance

Managing Cyber Risk and the application of Cyber Insurance

 
UPDATE on the development of ISO 27102 ISO 27102 - Cyber Insurance
 
Ahead of the next meeting of the ISO Technical Committee for Information Security responsible for the development of the international standard for Cyber Insurance (27102) in Tel Aviv in April a meeting was held in London on 8th February to discuss the concerns and possible solutions as part of the Public Consultation phase of the standards development. 
 
Those attending the session represented a diverse group of stakeholders from across the Insurance Sector and included a number of significant endusers. Ahead of this meeting over 50 other stakeholders, representing a more diverse base of stakeholders, also provided feedback on the proposal for a cyber insurance standard.
 
During these discussions the overwhelming majority felt that the standard was currently not appropriate and rather duplicated guidance already available in the market. Further, the consensus was that the structure of the documents did not help either the user or the insurance sector. The group also strongly felt that there was too little practical advice for users on the insurance aspects that need to be considered and how best to engage and align their operations to optimise the benefits insurance can bring.
 
However, as the meeting developed it become clear that there was a way forward that could, if adopted by ISO, address the concerns and provide a powerful tool for users and the insurance sector to enhance and improve the efficiency of the process, improving the value for all.
 
In the next week or so the UK will be submitting comments and our recommendations to ISO for consideration in Tel Aviv.
 
We are hopeful that the recommendations will be received positively, as they directly address the needs of the market and support the wider work of the ISO Committee responsible for Information Security.
 
Critically, the recommendations to be submitted also directly address the concerns of the insurance sector and have garnered strong support from those active across the sector. By altering some aspects of the scope, revising certain sections and focusing on a more evolved set of outcomes this standard could end up driving considerable growth in the sector while also improving the quality and capabilities of Cyber Risk Management.
 
If you would like to know more please do get in touch with me at russell.price@continuityforum.org.
 

UK businesses should seek insurance against cyberattacks

 

"Senior managers in UK business should pay greater attention to the threat of cyber attacks, establish what the cost of such an incident would be to their firms and insure against it." 
 
 
Thats the view of Technology law specialist Luke Scanlon of the law firm Pinsent Masons.
 

Cyber Risk Insurance Forum campaign launched

 
CYBER RISK INSURANCE FORUM starts work 
 
Link to Cyber Risk Insurance Forum  The Cyber Risk Insurance Forum (CRIF), the group established to develop a security framework for companies taking out cyber insurance, has held its inaugural meeting, expanding its membership and developing two lines of focus for its on-going campaign.
 
Global information assurance firm NCC Group, with Liberty International Underwriters (LIU), Zurich Insurance, CNA Europe and Oval, established the group earlier this year under the Cyber Insurance Working Group title.
 
The founding members have now increased to include Thales, Continuity Forum, ACE Insurance and Hill & Knowlton, bringing together a broader spectrum of thought leaders.
 
CRIF Chairman, Daljitt Barn said: “Cyber insurance doesn’t mitigate the risk of suffering a cyber attack in itself, but if combined with cyber risk best practice, it will. Driving development of those guidelines depends on making organisations aware of the risks that they face.”
 
The Cyber Risk Insurance Forum seeks to develop a framework of recommended information security practices and policies to support the uptake of cyber insurance, protecting insurers and businesses alike.
 
The name change was implemented following the group’s first meeting, as part of a concerted focus on risk mitigation. 
 
Matthew Hogg of LIU, a founding Member of CRIF explains: “We realise from our discussions with industry that a two-pronged attack is necessary to drive our campaign forward." 
 

Global Continuity extends Global Assist reach with new deal

 
Global Continuity has signed agreements with Fusion Insurance Services and Oliva Underwriting Management to deliver Global Assist, GC's Business Continuity and Disaster Recovery Solution to the SME Sector and reduces potential costs for all parties. 
 

Bird Flu and Insurance ... are you covered?

Avian flu spreads business continuity fears

18 December 2007 It is estimated that UK poultry farmers stand to lose as much as  £30 million in a major outbreak of avian flu.In the run-up to Christmas, peoples minds turn to festive feasts and celebration. But following a second outbreak of the deadly H5NI bird flu at a turkey farm in East Anglia recently, many business managers have more serious issues than what people will be serving up on the day. It is estimated that UK poultry farmers stand to lose as much as  £30 million in a major outbreak of avian flu, even after they have received government compensation.
 

Companies struggle to find balance for terrorism insurance

Hundreds of actors found themselves hired for an unusual performance earlier this month - faking illness. The actors, part of the USA's largest ever terrorism drill, played people suffering from the effects of a biological agent.

City streets flooded after deluge

Torrential rain and hail brought flash floods to Leeds on Tuesday - sparking hundreds of calls to the fire brigade.

Brokers back business continuity

New initative pushes value of BCM to SME firms


Research commissioned by the British Insurance Brokers Association (BIBA) has revealed that millions of small and medium-sized enterprises (SMEs) across the UK are failing to protect themselves and their employees against the threat of emergencies such as fire, flood or acts of terrorism.

BIBA has launched a campaign to encourage SMEs to address business continuity issues. Government figures suggest nearly 20% of businesses suffer a major disruption every year.

Connecting Insurance and BCM ... A legal perspective

Insurance, Professional Indemnity and Pensions: In Case of Emergency


Recent natural and man-made disasters are a chilling reminder that no business is immune from unforeseen circumstances.

Sound business managers plan to mitigate against such risks, says Sarah Turpin The past decade has witnessed severe flooding in parts of the UK, devastating hurricanes in the US, the 9/11 terrorist attacks on New York and Washington DC, the 7/7 terrorist attacks in London and countless other disasters such as the Buncefield oil depot explosion.

Doing business in a dangerous world

Risk Management and BCM imperative in new world of risk

The world is a dangerous place, and becoming more so. Executives face a myriad perils, any of which could close their businesses and cause immense pain to investors and staff alike.

To make life even more difficult, the cost of achieving peace of mind through insurance is increasing. This makes understanding and managing risk very important.

Hurricane zones: No need to become a sitting duck

Oct 18, 2005

The devastation in New Orleans caused by Hurricane Katrina graphically illustrates how destructive extreme weather can be.

For risk management professionals, the fearsome power of hurricanes is such that they present a unique set of challenges.

Oliver Schofield, a director at the global property practice at Aon, the consultant and insurance broker, says: "You can risk manage your way out of all sorts of problems. But when a hurricane is about to strike your building you have a major problem. This is outside management control."

Staff 'not covered for terrorism' - Families could fall into financial turmoil

BBC website 5/8/05

Emergency service workers killed or injured during a terrorist incident may not be covered by personal insurance policies, a union has warned. Unison, representing emergency service workers, says insurance companies should drop exclusion clauses.

Policies covering accident and offering mortgage protection should be checked by policyholders carefully, it said. Exclusion clauses could leave emergency workers and their families high and dry if they are injured or killed. Fire crews in Somerset have already threatened to go on strike after claiming they may not be insured for dealing with a terrorist attack. The action has since been called off to allow further talks. Unison said it did not want the sacrifices that members of the emergency services were making to result in their families suffering financial hardship.

Terrorism exclusion

It pointed out that its own insurance policy offered to members provided full cover and called for other insurers to do the same. Jane Milne, Association of British Insurers says: "Most types of insurance are readily available without terrorism exclusions" "We are asking all insurance companies to look at their policies and if they have such exclusion clauses to drop them," said Sam Oestreicher, a Unison national officer.

The insurance industry itself admitted that some policies had exclusion clauses and advised policyholders to study the small print or contact their insurance company or broker. "We would like to reassure emergency workers and other customers that most types of insurance are readily available without terrorism exclusions," said Jane Milne at the Association of British Insurers. "The major personal types of insurance, such as life, household and comprehensive motor insurance, provide cover for the effects of a terrorist incident as a standard feature of the policy."

END 

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Companies have little or no bird flu insurance, warns broker Aon

October 31 2005

Businesses warned of cash flow problems, supply chain hold-ups and staff absences which would follow an outbreak with MANY businesses, including those operations depending on sensitive supply chains, finding they have little or no insurance cover against the effects of avian flu.

With the infection beginning to hit Europe, leading insurance broker and risk management consultant Aon has called on corporates to take action to protect their performance.

Think Tank says "US lacks adequate financial protection from Terror Acts", but its the UK too!

The terrorism insurance system in the United States is failing to provide businesses with adequate financial protection, leaving the nation vulnerable to economic disruption if there is a major terrorist attack, according to a RAND Corporation study issued earlier this week.

Insurers sharpen focus on Business Continuity Planning

As forecast by the Continuity Forum, pressure is mounting on Business to ensure that Business Continuity Plans are at the heart of an organisations planning.

Much of the reason is the fear from the sector that still too few organisations are developing an effective response to the risks facing Business, particularly with regard to major Terror attacks and other events, such as the Blackout in South London last winter and the Telecoms Failure in Manchester this Spring. The industry is also concerned about the effects of the recent weather events which have disrupted businesses across the UK and caused millions of pounds of damage.

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