Every business that maintains electronic data or systems is at risk of a cyberattack or data breach, which could significantly cripple business operations and reputation. In a highly digitalized world, cyber-risk mitigation is becoming increasingly critical.

Insuring cyber risk is a relatively new peril, lacking historical data on both the likelihood and cost of an event needed to underwrite and price coverage. Much uncertainty exists around how to create the best product for cyber defense.

In the face of increasing buyer demand and highly publicized cyber breaches, the insurance industry is focused on educating clients, addressing capacity and pricing issues, and responding quickly to keep pace with a constantly evolving threat.

All Cyber Items

Looking Back: 2019 Emerging Trends to Watch
Cyber, Insurtech | Dec. 30, 2019 | California Data Privacy Law, Cyber, Cyber Regulation, GDPR, Insurtech, Market Survey, NAIC Data Security Model Law, New York DFS Cybersecurity Rule, P/C Survey, Technology

As the decade comes to a close, we’re reflecting on the top Emerging Trends from 2019 — From Cyber to Insurtech to the PC Market and Regulation.

Over 100 Million Individuals Affected by Capital One Breach
Cyber | Aug. 6, 2019 | Cyber, Cyber Regulation, Cybersecurity, New York DFS Cybersecurity Rule

August 6, 2019 On July 29, bank and credit card company Capital One announced the discovery of a data breach affecting approximately 100 million customers in the United States and

New York Third-Party Service Provider Requirements
Cyber | Jun. 6, 2019 | Cyber, New York DFS Cybersecurity Rule

The Council has been working on an approach to standardize the monitoring processes for agents/brokers that are considered to be third-party service providers (TPSPs) of the carriers (and vice versa) under New York’s Cybersecurity Regulation.