cyber insurance industry – РИСК-АКАДЕМИЯ – АНО ДПО ИСАР

Privacy First: Is Your Firm Seeing The Big Picture?

riskacademy — Wed, 19 Aug 2020 05:33:07 +0000

As a sector intrinsically tied to digital technology, cyber insurance is known for its dynamic and evolving nature. In 2019, the cyber insurance industry began to grapple with multiple headwinds including record General Data Protection Regulation (GDPR) fines, the introduction of new privacy regulations and systemic ransomware claims.

In this fast paced digital age, businesses have the capacity to collect a tremendous amount of personal information to support their strategies. Customers expect and trust that financial institutions will keep their personal information safe and use it appropriately. However, reorienting the way an organization considers privacy and embeds privacy-thinking into the business is a significant challenge.

In 2019, Guy Carpenter-affiliate Oliver Wyman published the paper “Data Privacy: Growing Expectations (And Risk) For Financial Institutions,” which included five no-regrets steps that organizations can take to get ahead on data privacy risk management.

The next frontier in this conversation is about operationalizing the privacy risk management program successfully across multiple functions and teams. There are many enablers to a successful…

Incentivising Cybersecurity through Cyber Insurance

riskacademy — Tue, 19 May 2020 10:07:49 +0000

This project investigates the role of cyber insurance in incentivising cyber security behaviours within organisations.

The Incentivising Cybersecurity through Cyber Insurance (ICCI) project is a collaboration between the University of Kent (UoK) and the Royal United Services Institute (RUSI) which intends to analyse ways in which cyber insurance could provide a significant lever to promote a step change towards better cyber risk management in organisations.

This project has two key objectives. The first is to develop a clear understanding of the positive outcomes that cyber insurance could have in improving cyber risk management practices, and consequently, to define how these outcomes may be championed to better direct secure behaviours in organisations.

The second objective is to research the extent to which knowledge from the other, more mature insurance portfolios – such as property, natural hazards, maritime, terrorism and health – may be leveraged to advance thinking and practice in cyber insurance.

The project will combine an extensive literature review with stakeholder interviews and focus groups to gain critical insights into the cyber insurance industry. This…