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"Specialty Insurance Blog" - 5 new articles

  1. Cyber Risk Insurance – for Smaller Firms
  2. NARAB II – What Does it Mean?
  3. Insurance for Crowdfunding
  4. Regulators Recommending Cyber Risk Insurance
  5. Small Business: Hacker Target
  6. Search Specialty Insurance Blog
  7. Prior Mailing Archive

Cyber Risk Insurance – for Smaller Firms

We have known that Cyber Risk Insurance is for smaller firms (see our prior posts here, here and here), and we have been providing comprehensive and inexpensive Cyber Risk Insurance to all types of smaller firms for quite a while. So it is nice to see confirmation of both the need and the buying trend in the media. In a recent Insurance Journal article, Smaller Firms Showing Interest in Cyber Liability Coverage, there is confirmation that the interest in buying Cyber Risk insurance is continuing to increase. Cyber liability insurance isn’t just for large corporations anymore. Demand for cyber liability insurance is now coming from middle-sized and small businesses The rising interest in cyber risk by medium and smaller firms...
     


NARAB II – What Does it Mean?

The reauthorization of TRIA is big news (see here), but part of the TRIA bill was NARAB II, an important provision for all insurance agents and brokers. NARAB has been supported by key industry trade groups, such as NAPSLO, for quite a few years, and its passage is a big step in easing the burden and cost of multi-state licensing, particularly for smaller insurance agents and brokers. The objective of NARAB II is to streamline multistate licensing for agents & brokers, including E&S (surplus lines) brokers, by establishing a national clearinghouse for one-stop licensing outside an agents/brokers home state. In effect, it replaces the state by state application and renewal process with one national process. Some key provisions: The agent/broker...
     

Insurance for Crowdfunding

Crowdfunding (see our prior posts here & here) is continuing to gain momentum, and professional liability insurance is available for companies involved. Companies facilitating crowdfunding, such as platforms, broker/dealers and consultants, along with crowdfunded companies, need E&O, D&O, EPL, Cyber Risk and other insurance coverages. The SEC has been slow to implement the full intent of the JOBS Act of 2012, but interest is high. A recent article, Players Await SEC Rules, summarizes the interest: Until the SEC issues final Title III regulations, the full promise of the JOBS Act and crowdfunding for small businesses and investors remains unfulfilled. Insurers, most states, investors, operators of crowdfunding portals, lawmakers and small businesses are all waiting on the final regulations. However, this...
     


Regulators Recommending Cyber Risk Insurance

Cyber threats have gotten the attention of regulators, and regulators are recommending Cyber Risk Insurance as one method for reducing risk. In June of this year, Commissioner Luis Aguilar gave a speech on cyber risks (here), noting both the increasing frequency and costs of attacks. In addition, he made the following comments: The threats are a particular concern because of the widespread and severe impact that cyber-attacks could have on the integrity of the capital markets infrastructure and on public companies and investors. Ensuring the adequacy of a company’s cybersecurity measures needs to be a critical part of a board of director’s risk oversight responsibilities. One conceptual roadmap boards should consider is the Framework for Improving Critical Infrastructure Cybersecurity, released...
     

Small Business: Hacker Target

Small businesses are targets of hackers and should be buying Cyber Risk Insurance (see prior posts here and here) along with instituting strong IT security. Small businesses may believe they can fly under the radar and avoid breaches, but the evidence would indicate otherwise (see here). HSB ran a “hacker lab” to demo a small business hacking event and steps small businesses can take to protect themselves. (see here) A key takeaway – small businesses are targets and 50% of all small and mid-sized businesses have experience a breach: In a study HSB conducted with the Ponemon Institute, we found that more than half of all small- and mid-sized businesses experienced a data breach and nearly three-quarters can’t restore all...
     



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