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TechAssure Announces New Industry Partnership with InsurTech Startup Indio

 TechAssure, the international nonprofit association of insurance and risk management experts for technology-related risks, has announced a new partnership with InsurTech company Indio. TechAssure members will gain access to Indio’s market leading software – designed to improve the client experience by eliminating redundancies, streamlining applications, and improving client/carrier communications. Read More

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TechAssure Earns Insurance Business Award for Network of the Year

Insurance Business America Network of the Year TechAssure

Chicago, IL, November 29, 2017 – TechAssure Association was named Network/Alliance of the Year by Insurance Business America Magazine (IBA) at an awards gala held at the iconic Chicago Navy Pier. Nominees for this award included trade associations with fewer than 100 members. Accepting the award on behalf of TechAssure, Executive Director Garrett Droege noted that TechAssure’s commitment to innovation and the next generation of brokers was likely a factor in the selection process. Read More

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Is Spoofing Covered Under Crime or Cyber Insurance?

 Headlines practically write themselves these days. A company was duped into sending money to some unidentified party, be it hacker collective or nation-state or individual. Spear-phishing is not a new technique in the cyber war. In fact, it’s one of the oldest criminal techniques on the internet. Seems like only yesterday that we were all being told that a wealthy Nigerian Prince had decided to give us his fortune; all that was required was our bank account and routing info.

These days, the attacks are far less obvious (apologies to those of you that fell for the Nigerian 419 Scam) and far more nefarious. Spear-phishing attacks have become so sophisticated that even large Fortune 1000 companies are falling for them. The model is simple: find a way to impersonate a company executive and fool an employee into wiring money into an offshore account.  Read More

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TechAssure Hosts Leadership Development Council Meeting

 TechAssure Association, Inc. is hosting the inaugural meeting of its Leadership Development Council in Denver, CO the week of July 17th. The event will be held at IMA Inc., one of the nation’s largest independent insurance brokers and long-time TechAssure member. Mark Ware, Senior Vice President of IMA, who was recently elected as chairman of TechAssure Association Inc., helped to coordinate the event with the association and its strategic partners.

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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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