Welcome to CRIF.
The insurance industry has responded to the growing nature of data and network integrity risk so far back as to pre-date the “millennium bug” scares. However it is in recent years that the prevalence of “cyber” insurance has arisen, primarily due to the increasing exposures in the US with regards to individual state notification laws and an aggressive plaintiff bar.
In some ways this has further muddied the waters with regards to what “cyber” insurance actually covers.
A myriad of policies have been developed by tens of insurance markets; many with only very specific coverage provided and limited to exposures such as privacy or covering disruption only arising from malicious attacks.
The word “cyber” may have impact to a board member or the media, but it is insufficient to provide detail to the complex risk environment surrounding information and privacy risks or critical network dependency.
Cyber Risk legal update | January 2016
Newsletter | Cyber Insurance, Privacy & Data Security
Leading insurance industry Magazine POST has published its annual Power List for 2016.
Andrew Bailey, CEO of the Financial Conduct Authority, takes top spot with the CEO's of Towergate, AIG, Aviva, Lloyds, Axa and Marsh all featuring in the top 10. Chancellor of the Exchequer, George Osbourne features at number 9.
As threats continue to mount, understanding and managing cybersecurity risks have become top of mind for leaders in business and government.
Organisations are responding by taking action adopting innovative technologies like cloud-enabled cybersecurity, Big Data analytics and advanced authentication to reduce cyber-risks and improve cybersecurity programmes.