Technology and Cyber Wrap up Navigating the changing and challenging risk landscape
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Technology and Cyber Wrap up
Navigating the changing and
challenging risk landscape
2
How to prepare for Cyber Risk:
Focus on company
culture
1 Cyber insurance
3 Understand the tech &
interconnected risks
2
3
Policy: Protection & Expert Support
Pre-Breach Prevention
Pre-Breach Assessments,
Access to selected expert service providers.
Latest cyber education, penetration testing
and cyber security analysis. (£)
Breach Assistance
Forensic Investigators
Legal Services.
Crisis Management & PR expertise.
Post Breach Support
Costs incurred to keep /return business to
operational & restore/recreate data/information
Loss of revenue/income/turnover
Legal costs for claims on privacy breach or
network security failures.
Our Partners include:
Our Coverage: What’s New.
5
Improved Cyber Cover
Our market leading
cover responds to the
evolving cyber threats
facing businesses.
Now includes as
standard:
Existing Cover
Limits up to £15M aggregate.
Incident Response & Notifications
Expenses
Remediation Costs
Post Breach Remediation Costs
Senior Officer Personal Funds
Cyber Crime
Phone hacking & PR Expenses
Business Interruption
Cyber Security Liability
NEW: Enhancements
Impersonation Fraud
GDPR Actions & Fines
No Retroactive Date
No Excess for Breach
Response Provision
6
Cyber Wording Enhancements
Term Why is Cover Important? What the Client needs to know:
No Retroactive Date:
Full cover from the when the cyber breach first
occurred, regardless of how long the virus/hack
was in the system, undiscovered.
On average 68% of cyber breaches take months to
discover.*
It can only take a cyber-criminal minutes to access and
compromise a system, so the potential damage in that
time frame is severe.
Impersonation Fraud:
Cover for cyber-incident from social engineering
attacks that occur when cybercriminals manipulate
staff into breaking standard security policies.
Standard Limit is £250,000 with option to increase.
Social engineering attacks are growing in sophistication
and frequency, and are the biggest security threats
facing businesses today.
Many methods used by criminals to trick staff including
issuing fake communications and invoices.
GDPR Coverage GDPR investigations and fines. (Punitive fines not
covered)
€20m coverage is available, from a standalone pot
(included in cover).
• Up to €10 million, or 2% annual global turnover –
whichever is higher.
• Up to €20 million, or 4% annual global turnover –
whichever is higher.
*Verizon 2018 Data Breach Investigation Report **Ponemon Institute’s 2017 Cost of Data Breach Study.
7
Cyber Wording Enhancements Cont.
Term Why is Cover Important? What the Client needs to know:
Remediation
Costs:
Cover to get the business back up and running following
an incident; from IT systems, networks, telephony
through to manufacturing machinery.
No Excess applicable for Breach Response
Provision when using our Partner Service,
ReSecure.
24/7 access to our specialist partner, ReSecure
for expertise & support to get businesses back
up and running.
If an incident occurs and immediate support is
needed then our partner, ReSecure, will deliver
their expert services with no excess payment
required.
Post Breach
Remediation
Costs:
Cover of up to 15% of the claim to mitigate further cyber
losses.
If improvements and fixes are required to avoid
the same cyber incident from occurring again
then we pay up 15% of the claims amount to
cover the fix.
Gama Sec: Pre Breach Service
10
Malware and web application threats:
Malware Threats Denial of Service (£) Web Vulnerability
GamaSec monitors your website to detect dangerous malware and vulnerable web application threats
that can disable a business and damage reputation:
11
How GamaSec works:
Gamasec is the first layer of protection:
GamaSec constantly monitors your website to detect dangerous malware and vulnerable web application threats that could disable your business and compromise your reputation.
How it works:
• GamaSec runs daily malware detection & monitoring on your website.
• GamaSec uses AI to scan your web applications for vulnerabilities.
• GamaSec produces regular security reports with recommended solutions to fix potential vulnerabilities.
Cyber hackers are
searching for
websites with
security
vulnerabilities or
outdated web
applications.
12
Security Reports
GamaSec runs unlimited scans and
creates easy-to-read reports to keep
you updated with web security.
13
01
02
03
04
05
Five benefits of GamaSec
Free for all CNA Hardy Policyholders
Early identification of web vulnerabilities
Prevent web hacks and data breaches
Cloud based – no installation, new software or coding
No technical knowledge required
14
About GamaSec
Official third party supplier fully vetted and endorsed by CNA Hardy.
• Cloud based SaaS solution for businesses of all sizes globally.
• GamaSec focuses on website security for small and medium business,
and offers a portfolio of cloud based website security services.
Why have we partnered with GamaSec?
• Cyber Technology meets Cyber insurance; provides significant value to
both businesses and insurance companies by reducing the number of
successful cyber-attacks and reduce insurance claims.
15
Cyber Insurance summary:
Pre breach services
1 Award winning claims
service and post breach
solution
3 Market leading
wording
2
16
It’s a wrap!
Changing Industries
Evolving Risk
Landscape
Thought Leadership
Differentiation: More Than
Just An Insurance Product
Feedback: Strive
To Be Better
Look Forward To:
A Focus On Financial Lines
Q&A
18
Legal disclaimer
The information contained in this presentation does not represent a complete analysis of the topics presented and is provided for information purposes only. It is not intended as legal advice and no responsibility can be accepted by CNA Hardy for any reliance placed upon it. No representation or warranty, express or implied, is made as to the contents of this presentation, or for the omission of any material from this presentation. Legal advice should always be obtained before applying any information to particular circumstances. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products may not be available in all countries.
Related Documents
