Fortanix’s Post

Fitch Ratings estimates global insurance industry losses from the Crowdstrike cybersecurity incident will be somewhere in the vicinity of the US$5bn to US$9bn range. Fitch said the incident is unlikely to have a significant impact on the financial results of global (re)insurers, adding that most claims costs are expected to fall within primary carrier' retentions. #insurance #cyber #crowdstrike

Data Breach Insurance - In today's interconnected world, Data Breach Insurance is crucial for safeguarding businesses against the repercussions of data security breaches. This coverage not only supports the financial aspects of recovery but also aids in managing reputational damage. Particularly vital for tech companies and professional service providers, where data is often their most valuable asset. #DataBreachProtection #cyberresilience

As the digital transformation of financial services continues to increase in pace and scale, there is a heightened risk that B.C.’s citizens and its economy could be exposed to information security incidents that could compromise critical services or sensitive information. BCFSA has launched a public consultation requesting feedback on a proposed Information Security Incident Reporting Guideline for Extraprovincial Insurance Corporations and Extraprovincial Trust Corporations that outlines expectations regarding the reporting of material information security incidents. Learn more about the consultation and how to participate: https://ow.ly/lZHQ50SkbTC

Data breaches can continue to haunt your business for years after the incident. A good example of this is title insurance company First American who were fined $1 million a few months ago for a data breach that happened in 2019. Read more to see the long term impact they faced.

What a great talk by Amanda Draeger and absolutely worth 12 minutes of anyone in cyber/risk's time (imo)! A few things that I found very insightful (but you should really watch it yourself): 1️⃣ "Firmographics" (e.g. attributes of your company like revenue) are the greatest indicator of whether you will be compromised. 2️⃣ Cyber is a social science (and some thoughts on more insightful questions insurance companies, board members, etc. could ask to understand how a company approaches this) 3️⃣ Data is like nuclear waste. If you can't protect it, don't collect it. And the "security debt" of protecting data never goes away.

This aligns with recent trends we have been seeing. Insurance companies are using provisions within there policies to deny payouts. One of those provisions.....lack of security protocols. https://lnkd.in/e5Biq5_B  

🔔 Attention insurance and trust companies operating in British Columbia (BC)! BC Financial Services Authority (BCFSA) has launched a 60-day public consultation requesting feedback on a draft 𝙄𝙣𝙛𝙤𝙧𝙢𝙖𝙩𝙞𝙤𝙣 𝙎𝙚𝙘𝙪𝙧𝙞𝙩𝙮 𝙄𝙣𝙘𝙞𝙙𝙚𝙣𝙩 𝙍𝙚𝙥𝙤𝙧𝙩𝙞𝙣𝙜 𝙂𝙪𝙞𝙙𝙚𝙡𝙞𝙣𝙚 for extraprovincial insurance companies and extraprovincial trust companies. The Guideline applies to insurance companies and trust companies incorporated in other provinces and federally, if they are authorized to conduct business in BC. Key points:   ☝ Information security incidents include unauthorized, illegal or accidental use, disclosure, access to, modifications or destruction of data or impairment on the operations of an in-scope entity including its confidentiality, integrity or the availability of its systems ✌ In-scope entities would be required to report material information security incidents to BCFSA within 72 hrs.   🔄 This is similar to Financial Services Regulatory Authority of Ontario (FSRA)'s new Information Technology (IT) risk management guidance that came into effect on April 1, 2024. FSRA's guidance requires all of the entities it supervises to notify regulatory authorities as soon as is reasonable, which is normally within 72 hours of determining that an IT incident is material. For Ontario credit unions, insurance companies and reciprocals, 72 hours is the maximum amount of time permitted before notifying FSRA. The BCFSA draft Guideline is available online and the consultation closes on August 17, 2024. ⏱️   Gowling WLG | Rachel Runge | Alana Scotchmer | Natalia Castro 

Discover how to navigate industry trends & their business implications with tailored insurance solutions. Uncover the value of cyber & business interruption insurance in tackling digital & sustainability challenges. Read on & contact us for personalised advice.

In today's P&C insurance world, staying compliant with state and federal regulations is a must. BriteCore's latest solution brief, "Ensuring Compliance for Modern P&C Insurance Carriers," dives deep into how our cloud-based policy admin system meets the highest standards in security, reporting, data privacy, and disaster recovery. Say goodbye to the headaches of legacy systems—BriteCore has you covered! Learn more and keep your operations running smoothly. https://bit.ly/3MaJuef #BriteCore #Compliance #PolicyAdministration