UK risk managers warned to comply with GDPR despite Brexit

UK risk managers warned to comply with GDPR despite Brexit

UK risk managers warned to comply with GDPR despite Brexit

Uk risk managers and their bosses need to forget the idea that Brexit will somehow let them off the hook when it comes to the EU’s forthcoming General Data Protection Regulations (GDPR). The UK will have to apply the tough new rules for at least ten months and probably beyond if its companies want to continue receiving personal data from…

Demand grows for multinational cyber insurance programmes

Demand grows for multinational cyber insurance programmes

Demand grows for multinational cyber insurance programmes

Increasing awareness of cyber risk and tougher data protection laws are driving demand for multinational cyber insurance programmes, according to Chubb. Europe and Australia are both introducing stricter data protection laws in 2018, including notification requirements for data breaches. Canada recently published proposed regulations for mandatory reporting of privacy breaches under its Personal Information Protection and Electronic Documents Act. Similar…

Insureds turning to cyber cover but demand further progress

Insureds turning to cyber cover but demand further progress

Insureds turning to cyber cover but demand further progress

Research by Chubb shows that roughly two thirds of survey respondents in Europe believe insurers have a role to play in managing cyber risk but must do more to meet clients’ needs and deliver faster. Kyle Bryant, cyber risk manager for Europe at Chubb, believes these figures are good news for his industry as it attempts to work harder and…

Ferma concerned that buyers’ view missing from EU cyber insurance report

Ferma concerned that buyers’ view missing from EU cyber insurance report

Ferma concerned that buyers’ view missing from EU cyber insurance report

Ferma has welcomed the publication of an EU report on standardising various aspects of cyber insurance, but “regrets” that the voice of buyers is not represented, with evidence gathered only from the insurance industry. In particular, Ferma is concerned that the Commonality of Risk Assessment Language in Cyber Insurance report by the European Union Agency for Network and Information Security…

ENISA calls for standardisation of cyber insurance

ENISA calls for standardisation of cyber insurance

ENISA calls for standardisation of cyber insurance

The European Union Agency for Network and Information Security (ENISA) has called on the insurance industry and policymakers to standardise cyber insurance coverage, language and risk assessments, in a major new report. In its report published on Wednesday (15 Nov), the EU’s cybersecurity agency makes several recommendations for policymakers and insurers, aimed at harmonising cyber insurance in a bid to…

Beazley revamps SME cyber policy

Beazley revamps SME cyber policy

Beazley revamps SME cyber policy

Beazley has expanded its cyber insurance policy for small and medium-sized businesses (SMEs), in direct response to the growing intensity of cyberattacks. The insurer said its redesigned Beazley Breach Response (BBR) cyber policy, first launched in 2009, “covers the universe of cyber risks” facing SMEs, in particular business interruption. Mike Donovan, global focus group leader for Beazley’s technology, media and…

Fitch warns insurers to remain cautious over cyber growth

Fitch warns insurers to remain cautious over cyber growth

Fitch warns insurers to remain cautious over cyber growth

Insurers that aggressively grow their cyber risk liabilities are likely to fall foul of ratings agencies, according to Fitch Ratings. Following a conference on cyber insurance in New York, Fitch said cyber insurance business would be credit-neutral for most underwriters, but it added that a high concentration of cyber risk, or rapid growth, would outweigh the earnings benefits of accessing…

GDPR to bring ‘wave’ of litigation, finds DAC Beachcroft research

GDPR to bring ‘wave’ of litigation, finds DAC Beachcroft research

GDPR to bring ‘wave’ of litigation, finds DAC Beachcroft research

Companies that store personal data face a “wave” of litigation for data breaches under the General Data Protection Regulation (GDPR), in addition to regulatory fines, according to an 18-month long research project by DAC Beachcroft. In a survey of data protection experts across the 28 EU member states, DAC Beachcroft found that more than 80% of EU jurisdictions are braced…

Willis Towers Watson calls end of soft market in US

Willis Towers Watson calls end of soft market in US

Willis Towers Watson calls end of soft market in US

Rate increases are on the cards for US commercial insurance buyers in 2018, as a direct result of the recent spate of costly hurricanes. Although market reaction to windstorms Harvey, Irma and Maria is still evolving in the run-up to the 1 January renewals, it is likely that the hit to insurers’ earnings will put underwriters under pressure to raise…

EU countries to declare cyberattacks as act of war: report

EU countries to declare cyberattacks as act of war: report

EU countries to declare cyberattacks as act of war: report

European Union (EU) countries are just weeks away from invoking an agreement to declare cyberattacks from other nations as an act of war, according to a report from UK newspaper the Daily Telegraph. It has seen a draft document that warns countries including North Korea and Russia against using cyber espionage and hackers on EU member states. The Framework on…

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