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"Specialty Insurance Blog" - 5 new articles

  1. Cyber Risk Insurance Coverage is Critical
  2. Tips for Preventing Email Piracy
  3. Surplus Lines Insurance Growth in a Competitive Market
  4. Cyber Risk Insurance for Accountants
  5. Customer Assistance – Handling Social Media Complaints & Avoiding a Suit
  6. Search Specialty Insurance Blog
  7. Prior Mailing Archive

Cyber Risk Insurance Coverage is Critical

Cyber Risk Insurance (also called Data Breach, Privacy and Network Security insurance coverage) continues to evolve as the insurers try to keep up with rapidly changing technology and the growth of cyber crime. For a variety of reasons, including this evolution, Cyber Risk Insurance policies are not all the same. KrebsonSecurity notes that an insured is suing its Cyber Risk insurer for failing to cover a cyber crime loss (see here). It appears that the policy in question is actually a Crime policy, not a Cyber Risk Insurance policy. But the situation is a good example of the challenges of obtaining proper Cyber Risk coverage. We are not surprised by the suit and expect more of these situations. Why: Exposures...
     

Tips for Preventing Email Piracy

As we have noted previously (see here and here), email piracy, also called Business Email Compromise (BEC), is a serious threat. Because the attacks are based on deception and human behavior, traditional technology protections are not likely to help. Cyber Risk Insurance policies can provide protection, but prevention is a critical component of any security plan. Here are a few tips from experts and sources of information for consideration: From the FBI (here, here and here): Be suspicious of requests for secrecy or pressure to take action quickly. Consider financial security procedures that include a two-step verification process Create intrusion detection system rules that flag e-mails with extensions that are similar to company e-mail but not exactly the same. For...
     

Surplus Lines Insurance Growth in a Competitive Market

The Surplus Lines Insurance (E&S Insurance) market continues to grow despite the competitive market, with premiums increasing 6.7% in 2014 and 27% from 2010 to 2014. Why? An Insurance Journal article (see here) provides some insights, including commentary from the author of this Specialty Insurance Blog. Additional information is contained in AM Best’s annual report on the Surplus Lines industry entitled 2014 Special Report U.S. Surplus Lines – Segment Review. Growth was driven by a combination of product diversification, underwriting discipline and increasing exposures. Increased specialization in both distribution and underwriting organizations, and product customization, can also be credited with encouraging growth in surplus lines. A key product impacting Surplus Lines insurance growth is Cyber Risk Insurance, also called Data...
     

Cyber Risk Insurance for Accountants

Like most businesses, accountants have cyber exposure, and should be buying Cyber Risk Insurance (also called Cyber Liability Insurance, Data Breach Insurance, Network Security Insurance or Privacy Insurance). Accountants also have a more significant exposure than many other businesses because the information they retain includes detailed personal financial information that can have high value to cyber criminals. A recent article by the AICPA (see here) not only highlights the need for Cyber Risk Insurance, but also is an example of the type of information insurance buyers are seeing outside of the normal insurance industry marketing messages on Cyber Risk exposures. It notes that a CPA firm’s central concern is the loss of client data, and that a Cyber Risk Insurance...
     

Customer Assistance – Handling Social Media Complaints & Avoiding a Suit

Your customers may have adverse posts on social media sites, and appropriating handling these complaints can go a long ways towards avoiding a suit and an insurance claim. A Forbes article (see here) provides tips on how and how not to handle social media complaints. Avoid triggering the Streisand Effect (intimidation, litigation) Reach out directly to online complainers – with a thoughtful and positive response Avoid the social media fiasco formula – respond quickly Prevent online complaints in the first place – through accessibility, not through force or legalese Other articles on responding to social media complaints can be found here and here. Tennant Risk Services is a specialty wholesale broker and underwriting manager, and delivers expertise, markets and exemplary...
     

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