Category Archives: insurance

Business TREND. Insurance Market Support for Data Security Laws

Insurance market expected an increase in policies after the the EU passed GDPR, here’s waht happened:

  •  language in GDPR isn’t clear on whether insurance policies can cover the hefty fines of up to 20 million euros or 4% of global revenue.
    • language is unclear and clarification is up to local regulators
  • 90% of the cyber policy market is in the US
  • Analysts expect a pick up in the European share of cyber policies

Wall Street Journal | Why Europe’s Cyber Insurance Windfall Hasn’t Happened 

Business TREND. Growth in Cyber Security Insurance. By the Numbers

For the U.S. market of cyber secuity insurance policies in 2017:

  • 32% growth in direct premiums written in year over year growth
  • $1.8 billion,
  • 2.6 million policies in force, a 24% increase
  •  claims increased to 9,017 from 5,955
  • 56.3% of the claims by packaged policies
  • 43.7% of claims by standalone policies  

Insurance Journal | U.S. Cyber Market Grew 32% in 2017 But Most Small-Medium Firms Opted Out: A.M. Best

1st State. Data Insurance Law. Regulator Initiated. Your shortcut to being informed:

South Carolina’s  H4655 (2018 | SC) will:

  • require insurers to establish “strong and aggressive” program to protect companies from a data breach
  • require insurers to establish “strong and aggressive” program to protect consumers from a data breach
  • what does it cover?  
    • rules for insurers, agents and other licensed entities covering data security
    • investigation and notification of breach
    • maintaining an information security program based on ongoing risk assessment
    • overseeing third-party…

6 Data Security Policy Trends in 2018

  • Policies to improve data security workforce
  • Liability policy for businesses that utilize 3rd parties to manage and mitigate security incidents and challenges
  • Policies to encourage more women in data security workforce
  • Liability and notification requirements when comapnies utilize automated security security tools
  • Policies that Support Awareness and Training of existing workforce
  • Policies that ecourage businesses to maintain a base level of data security and notification requirements

Hea…

Data Security Legislation is a Driver to Increase Data Security Insurance.

Progressive Market’s analysis lists 3 drivers for an increased demand in cyber insurace/data security insurance including:

Lege Trend. States Buying Cybersecurity Insurance.3 Bits informed:intel

  • Utah CIO say its expensive, a big budget item
    • $230,000 a year for $10 million in cyber coverage and has a $1 million deductible
  • 38% of state CIOs say their state has some sort of cyber insurance
  • Georgia has the largest amount of cyber coverage of any state
    • $100 million in coverage. $1.8 million-a-year premium & a $250,000 deductible per incident

Governing | Fearing Hackers, States Start Buying Cyber-Insurance + Insurance Journal

Local Trend. Cities Buying Cyber Insurance. Legislative Protection?

Cities in Wyoming are purchasing cyber insurance to protect themselves from hackers.

Some say that the Legislature should act to protect cities from hackers.

Proposed legislation includes:

  •  long prison term for those caught conducting cyber attack
  • a world-wide agreement on how to abolish cyber attacks

Cody Enterprise | EDiTORIAL: Cyber insurance good idea for city

US Treasury Report Supports Uniform State Legislation. Insurers and Data Security. See the Bill.

The U.S. Treasury Department’s October 276.2017 report entitled, A Financial System
That Creates Economic Opportunities Asset Management and Insurance, goes all in for uniform state legislation for data security model legislation for insurers.

What is the model legislation? The NAIC Data Security Model Law 

What’s the 10,000 foot view of the Model law?

  • Applies to insurers, agents, and other licensees.
  • Cover 3 hot data security issues:
    • implementation of information security programs
    • i…

Model Law. New Kid on the Block. 9 Selling Points for Insurance Cyber Security Regulation.

 National Association of Insurance Commissioner’s approved Insurance Data Security Model Law to improve cyber risk management in the U.S. insurance market.

What does the model law do?

  • establish industry standards for data security
  • applies to insurers, brokers, and agents
  • requires companies to have written information security program protecting sensitive data
  • requires annual cetification to state insurance commissioners
  • requires notification of data breaches within 72 hours
  • encourages…

Drones Changed Disaster Recovery.

Hurricane Harvey marks the 1st wide scale commerical use of drones after a disaster.

In addition to news crews utilizing drone footage, drones have been deployed by :

  • Insurance Companies to document and determine damages
  • Telecommunications companies to assess damages to infrastucture

San Antonio Express News | Government Technology | How Fleets of Drones Are Helping Assess Damage from Hurricane Harvey