Actuarial Software

The Rise of Cyber Insurance

By Sarah Stephens, Head of Cyber, Technology, Media E&O at JLT Specialty
This shift in emphasis from tangible assets, like buildings and machinery, to intangible assets, like networks and data, didn’t immediately result in a similar shift to specialised insurance policies. The landscape of cyber insurance was slow to grow at first but is now advancing at rocket speed.
 
When and where did it all begin?
In the late 1990s and early 2000s, insurers first began to offer products with slivers of today’s cyber coverage. Early products mainly dealt with the liability resulting from transmitting a virus to a business partner and business interruption suffered after a cyber attack, but the triggers tended to be much narrower and the coverage more restrictive. Despite being revolutionary, there was relatively little uptake in the early days as companies were uninterested in a product they didn’t understand and felt was expensive. With regulators not in the picture and few headline claims in the public sphere, insurers found that their cyber products weren’t flying off the shelves.
 
The landscape started to shift in 2003 when California introduced the US’s first bre...Read More

Towers Watson releases RiskReporter software

In addition to producing the quantitative reporting templates (QRTs), it enables the same source data to be pulled into qualitative reports eliminating the need for manual ‘cut and paste’ effort and risk in producing these documents.
 
Martin Sher, RiskReporter Solution Lead at Towers Watson, said: “Where RiskReporter differs from products already on the market is that its pre-populated data model and sophisticated reporting engine simplifies the set-up and configuration of data extract queries for the reporting function. As such, in current industry jargon, where other solutions are characterised ...Read More

Threats must be confronted

By Andrew Ducat, Head of Client Services at Baronsmead LLP

Over the past decade, the financial sector has increased its reliance upon technology at an incredible rate. In contemporary business, the processes and interactions undertaken by investors, managers and between institutions are almost unrecognisable from even five or ten years ago. Whilst such technology continues to become more proficient, the threats and security considerations that must be confronted by firms also do, such threats can be both large and small.

A single breach of cyber security can have a devastating i...Read More

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