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Cyber Attacks and Bodily Injury

Today’s cyber attack (still working it’s way through networks, at the time of this post) on the UK’s NHS has resulted in many hospitals and doctors’ offices remaining closed, as they cannot access the networks and IT systems they rely upon to provide care. This will undoubtedly result in patient injuries (being exacerbated and causing further harm) and possibly death. BBC reporters have cited sources saying:

“Absolute carnage in the NHS today. Two Hyperacute stroke centres (the field I work in) in London have closed as of this afternoon. Patients will almost certainly suffer and die because of this.

“Had a patient that needed urgent neurosurgery referred, but unable to look at scans – stroke care is absolutely dependent on IT systems and joined up systems.”

This type of attack appears to be ransomware related to the NSA’s leaked toolkit from last month’s breach. While ransomware is a growing nuisance, many companies have yet to protect themselves from these types of hackings. Even still, even the best IT security standards can be penetrated by smart cyber criminals using social engineering. Further, most companies have still yet to include cyber insurance in their portfolio of risk management policies.

So, will a cyber attack resulting in bodily injury caused by ransomware or social engineering be covered by cyber insurance? The devil is in the details, unfortunately. Many cyber policies do not cover ransomeware or claims generated from social engineering incidents. Other policies, like Crime and General Liability, may offer minimal coverage at best, but most have been written to exclude cyber-caused incidents. To further complicate the situation, bodily injury (which is typically covered by General Liability) is often excluded explicitly under cyber policies.

The solution is to make sure you buy the right cyber insurance policy to begin with. If you have an exposure to bodily injury, make certain you have placed coverage with a carrier that offers this on their cyber policies (there are a few). Your broker can also make sure the cyber policy “dovetails” with your General Liability policy to ensure that you’re not duplicating coverage, but you’re also covering the gaps as well.

Find a broker that knows how to 1) access your cyber risk to determine what coverage is necessary and 2) design a program that addresses your cyber risks. As a bonus, most cyber insurance policies include a variety of risk management services, like breach coaches and access to cyber professionals to help you – if and when you get hit with an attack.

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Cyber Insurance: Not just for consumer-facing businesses

Post originally published by TechAssure-member: Plexus Groupe

The wide range of cyber risk faced by businesses continues to be in the news.

In a story published recently, The Wall Street Journal reported that a growing number of manufacturers have begun to secure cyber insurance.

According to the Journal, manufacturers paid about $37 million in cyber coverage premiums last year, per data from Advisen, an increase of 89 percent from 2015. Also, per BusinessInsurance.com, cyber threats were a top concern of more than 90 percent of the top 100 publically traded manufacturing firms in 2016, according to findings from accounting firm BDO USA LLP.
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TechAssure Names New Member Firm in Kansas, MO

CHARLOTTE, NC – Jan. 9, 2016 – TechAssure, the international nonprofit association of insurance and risk management experts for technology-related risks, has named Brush Creek Partners as a new member effective immediately. Based in Kansas City, MO, Brush Creek Partners is an independent, full-service insurance brokerage firm that specializes in assisting middle-market technology and life science industry clients with their insurance needs.

“Kansas City has a vibrant and growing tech scene and we are pleased to have a high-caliber firm like Brush Creek Partners in the region,” said TechAssure Executive Director, Garrett Droege. “Brush Creek Partners is a great addition to our international network of specialist brokers.”

Brush Creek Partners is dedicated to managing the full range of personal and business risks, including data breach and cyber liability, D&O, E&O and more. Founding Partner, Travis Holt, added, “We’ve considered ourselves thought leaders and innovators in the technology risk management and cyber liability insurance space for a long time, but to have a group like TechAssure validate that is powerful.  We’re excited to bring even more value and resources to our clients with technology-related risks.”

MORE ABOUT TECHASSURE
TechAssure is a unique consortium of risk management experts serving innovative industries, such as technology, telecommunications, life sciences, clean tech, as well as the venture capital and private equity firms that fund them.   Comprised of 22 specialist firms located in strategic locations across the world, TechAssure members collectively serve over 4,000 clients and represent over $3 Billion in premium volume.    The association also produces a proprietary annual benchmarking report for the industries it serves. TechAssure is currently celebrating its 15th year.

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If you would like more information about this topic, please contact H. Garrett Droege, CPCU, CIC at 704-997-3238 or email at garrett@techassure.com.  Or visit www.techassure.com or on Twitter @TechAssure

Brush Creek Partners: Travis S. Holt – Travis.Holt@brushkc.com

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Mark Ware Elected as Chairman of TechAssure Association

Denver, CO, January 1, 2017 – IMA, one of the nation’s largest independent insurance brokers, announced that Mark Ware, Senior Vice President of IMA was recently elected as chairman of TechAssure Association Inc., a consortium of independent insurance agents and brokers who focus on technology-related risks and has demonstrated advanced expertise in managing the technology, life sciences, clean tech industries, as well as the firms that fund them.

In his role as Chairman, Mark will work directly with all TechAssure committee chairs and strategic alliances ti ensure that the association’s goals and objectives are reached.

As the leader of IMA’s Technology Practice, Mark has over 25 years of experience in the insurance industry, and has been with IMA since 2002. Mark has been involved with TechAssure since 2004 and has previously served as Chairman of the multinational trade association. “Mark is one of the true leaders in the technology-risk space and has been a vital part of TechAssure for over a decade,” said Garrett Droege, Executive Director of TechAssure Association. “Mark brings a wealth of knowledge and experience to this role and I am personally excited for where his leadership will take us in 2017.

“TechAssure is one of the most progressive and respected member-driven associations in the insurance industry and I am honored to serve as Chairman for a second term.” said Mark Ware. “We continue to evolve and prosper by expanding our global footprint while bringing world class resources, education, and technology to our members.”

About The IMA Financial Group

The IMA Financial Group, Inc. (IMA) is a diversified financial services company specializing in risk management, insurance, employee benefits solutions and wealth management. It employs nearly 700 associates at offices in Colorado, Kansas, Michigan, New York and Texas. The IMA Financial Group is comprised of IMA, Inc., the ninth-largest independently owned retail insurance broker in the U.S.; Signature Select LLC, a retail insurance broker subsidiary providing personal and  business insurance services for midsized organizations; Towerstone, Inc., a wholesale insurance broker; Eydent Insurance Services, a managing general underwriter specializing in niche solutions; CORnerstone Risk Solutions, an alternative risk services company; and TrueNorth, Inc., an SEC-registered investment advisory firm that provides professional asset management and investment consulting services.

About TechAssure

Established in 2000, TechAssure is an international not-for-profit association dedicated to advancing corporate insurance and risk management practices for companies with technology-related risks. The association is comprised of independent regional insurance brokers located across the United States, Canada, Europe, Australia and India.

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TechAssure Association Announces Axco as Newest Corporate Sponsor

TechAssure Association, Inc. has announced its selection of Axco Insurance Information Services as its newest corporate sponsor partner effective immediately. Through this key strategic partnership, TechAssure member companies can access Axco’s market-leading capabilities and resources that are tailored for multinational businesses. Together, the two organizations will collaborate to improve the business conditions for companies operating globally with technology and cyber risks.

Axco’s North America Regional Lead Anya Robinson noted, “The increasing scrutiny on regulation places a significant burden on those in the multinational insurance community. To help address this challenge, Axco offers a concise, independent analysis of more than 180 insurance markets and we are very pleased to have the opportunity to work closely with the network of agents/brokers known for their industry-leading expertise in the tech insurance field.”

About Axco Insurance Information Services: Axco is the leading supplier of global insurance market information with over 50 years’ experience in researching and publishing industry intelligence on insurance and employee benefits. Its unique business model and methods of research have enabled the development of an extensive suite of products comprising in-depth reports, focused profiles, Q&A databases, intelligent questioning tools, and email services which are delivered to every corner of the globe.

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TechAssure Unveils New Brand Identity

TechAssure is proud to announce the launch of the new corporate logo and update to its brand identity.

TA Logo 100pxht

Over the last 15 years, TechAssure has grown from a small trade association into a global network of the best insurance brokers working in the tech risk sector today. We have refreshed our logo to better brand the association to our key audience and to symbolize our growth and evolution.

The new logo, as approved by TechAssure’s Executive Committee, better reflects our involvement in the technology-related industries and incorporates a unique “TA” icon design that will help unify our brand across multiple channels.