Andrew Gibb, CPCU

I often say to companies, you are current more likely to have a Cyber Incident that you are to have a Material Loss 🔥 Such as a fire, flood or theft 🔓 This article from Onda shows how similar the Claims process for Material Claims and Cyber Claims truly is! 💻 Well worth taking a look 👀 #cybersecurity #cyberinsurance #cyberrisk #insurance #riskmitigation

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It'll be interesting to see what BI / Contingent BI claims start coming in as a result of the Microsoft / Crowdstrike outage. It has been emphasized that it was not a cyber attack or security failure. Will it then fall under coverages for system failure? Watch this space! #businessinterruption #cyberbi

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I read today about a company that suffered a data breach and found over 900,000 records were compromised. Information that was stolen included sensitive personal and medical related information. The process to recover, notify and defend potential class actions are costly, not to mention reputational damage. It is becoming increasingly important that organizations in all industries safeguard data they are responsible for. There are many ways this can be done such as encryption, securing the network externally, data segregation, back ups and more. Chubb's Cyber ERM product addresses all of this with a three pronged approach to cyber risk. Loss Mitigation Services, Risk Transfer and Incident Response. All three address third party privacy liability pre and post incident. As a Chubb policyholder, your client has access to our team and the numerous resources and services, some complimentary and others discounted. Explore our services more in depth in the link below and ensure your clients are protecting their their business and the data they are entrusted with.

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Coalition, Inc. just released their 2024 Cyber Claims Report, which details emerging cyber trends and the impact on their cyber policyholders in 2023. Ransomware grabs the spotlight. And understandably so. But there are certainly other significant cyber threats that businesses need to be aware of. Key Finding: Cyber claims originate in the email inbox - More than half of all cyber insurance claims (56%!) were the result of Funds Transfer Fraud or Business Email Compromise that originated in the email inbox. Email has proven to be an easy place for attackers to discover payment info and potentially intervene in payment processes to steal funds,” said Robert Jones, Coalition’s Head of Global Claims. Why is this important? Funds Transfer Fraud and Business Email Compromise will remain persistent threats since they’re relatively easy to execute for cybercriminals. Both can cause significant damage to businesses. The average loss from a Funds Transfer Fraud incident is more than $278,000. A well-structured cyber insurance policy can help businesses recover from these cyber threats. Cyber insurance extends far beyond addressing ransomware incidents. Cyber insurance isn't a replacement for strong network security. But in the event of a cyber breach, a comprehensive cyber insurance policy can help businesses protect their data, their network, their bank accounts & their reputation. #cyberinsurance #cyberattack #cybercrime https://lnkd.in/efS37rA5

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If an insurance carrier sells cyber insurance and also provides risk engineering (e.g., outside-in scanning; inside-out scanning, cyber loss modeling, other cyber protection services) to a client, and that client is cyber-attacked what is to prevent that client from suing the cyber insurer because the client believes the insurer didn't do its job (e.g., prevent the cyber-attack)? If an insurance carrier sells cyber insurance and partners with 3rd party risk engineering / cyber advisory and protection services firms, why wouldn't the insurance carrier's expenses increase when the services from the (insurer's recommended) 3rd party are used by the insurance carrier's client when the client is cyber-attacked? Or does / will the 3rd party bill the cyber-attacked insured rather than the insurer? Just who does the 3rd party (that works with the insurer selling cyber insurance) bill for its services? #cyber #cyberinsurance #3rdpartyriskengineeringfirms #payingthecyberbill #cyberclaims

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Great insight below for those asking questions about the Microsoft outage and their cyber coverage.

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Guidewire's Alex Ryckebusch and Ryan Park Grant will be hosting the National Association of Mutual Insurance Companies (NAMIC) Claims webinar on October 1, "Lowering Your Loss Ratio With Embedded Claim Analytics: Best Practices from Leading Insurers." They'll be discussing some of the most valuable use cases, how they were implemented, and the demonstrated returns on investment. Register here: https://lnkd.in/gUCFsw9w #GuidewireClaimCenter #insurance #insurtech #claims #claimsmanagement #analytics

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This article highlights 10 essential cybersecurity controls to help manage cyber exposures.

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With a very active #hurricane season on the horizon, focus on loss prevention and mitigation is key. https://ow.ly/PKpF30sCy7K #hurricaneseason #lossprevention #riskmitigation

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If you've been affected by the recent storms, here are some safety tips to consider once a hurricane passes. 

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Cyber incidents can happen to any company, regardless of size or industry. In fact, 52% of Chubb’s reported Cyber claims in 2023 were for companies under $150m in revenue. Discover how Chubb’s holistic approach to risk management can help mitigate risks and protect your business.

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Most losses from the CrowdStrike outage will be business interruption. The outage was caused by a flawed software update for Windows users, and not a cyberattack, so claims will be made under “systems failure” coverage. Determining final losses for the cyber industry is going to be a lengthy process as it takes time for insurers to determine which customers suffered losses from the outage and if those losses are covered. More details can be found in the full article linked in the comments. #crowdstrike #cyberinsurance 

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It can take around 55 days for organizations to remediate 50% of critical vulnerabilities after their patches are available – a dangerous lag. With the External Attack Surface Management tool, included in our Chubb Cyber Stack, you gain insights into the perspective of cybercriminals. Learn more about detecting and resolving vulnerabilities and misconfigurations proactively: https://bit.ly/3SgBhs3

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⚠️ A massive data breach has exposed the personal information of 800,000 insurance customers, impacting sensitive details like Social Security numbers, passport numbers, and more.  This breach is a GREAT reminder of the growing need for robust cybersecurity, particularly in industries handling private data.  Landmark Admin, the affected company, is offering identity theft protection services to support those impacted. Stay informed on the full scope of the breach and learn steps to protect your information, check out the article for all the details👇🏻: 🔗 https://lnkd.in/gPK-HRvu #databreach #cybersecurity #insurance #identityprotection #cybersecuritytips #cybersecurityinsights

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Be Aware of Nontraditional Liability Exposures

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It can take around 55 days for organizations to remediate 50% of critical vulnerabilities after their patches are available – a dangerous lag. With the External Attack Surface Management tool, included in our Chubb Cyber Stack, you gain insights into the perspective of cybercriminals. Learn more about detecting and resolving vulnerabilities and misconfigurations proactively: https://bit.ly/3SgBhs3

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It can take around 55 days for organizations to remediate 50% of critical vulnerabilities after their patches are available – a dangerous lag. With the External Attack Surface Management tool, included in our Chubb Cyber Stack, you gain insights into the perspective of cybercriminals. Learn more about detecting and resolving vulnerabilities and misconfigurations proactively: https://bit.ly/3SgBhs3

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