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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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Corporate Risks and Cyber Criminals Lurking in the Cloud

Most of us are already aware of the benefits of cloud computing. But what many don’t realize is that cyber criminals are also harnessing the power of the cloud to gain unauthorized access to sensitive data.

Phishing scheme artists, for one, have learned to utilize the redundancy, scalability, and automation powers of the cloud to gain illegal access to bank accounts. This is easily accomplished by procuring cloud services through a website with an approved, though likely stolen credit card. This sets the stage for criminals to work their craft anonymously and make them even harder to catch.

What are the risks of cloud computing to a corporation?

There are many risks that a company faces from the use of cloud computing. Some of the major risks include disputes over ownership of data, records and assets. Risks can also include lost data, unavailability of information and malicious attacks. In addition, risks from shared access, authentication and authorization are broad.

Will a Commercial General Liability respond to data breaches or cloud computing risks?

No, your Commercial General Liability will not respond to claims that arise from data breaches or activities in the cloud. In order to protect against those types of risks, a company should consider the benefits of purchasing a cyberliability policy that is designed around your unique risks.

What can a company do to prevent these types of security breaches to your network?

The good news is that cloud providers are more diligent than ever in detecting unusual patterns of activity as they monitor how customers utilize the service. One very effective measure is the deployment of a dedicated antifraud team trained to recognize illicit activity from the start, such as the detection of a stolen credit card to procure cloud services. However, this does not mean you should relax your own security measures. Whether your data sits on another server, or is in the cloud, it is your corporate asset and you should take appropriate steps to protect that risk. Companies should be on the lookout for any security loopholes that allow easy access from unauthorized parties.

Working with a member of TechAssure Association can provide your organization with a range of insurance and risk management tools to help you manage your risks in the cloud. Contact a TechAssure Association member for more information on risk management services that can protect your corporate assets.

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What is Cyberliability Insurance?

A Chubb Group survey recently found that 2 in 5 companies suffered from a computer security issue in a 12-month period, with the typical data breach costing $5.5 million in organizational costs for 2011. About a quarter of the respondents expect another major incident this year. Yet, 65 percent do not have the proper cyberliability insurance to respond to their exposures. In the study it finds that the most likely reason for the omission is that most people don’t know what cyberliability is and that insurance protection exists for it. Further, most buyers don’t understand that the insurance policies vary greatly from carrier to carrier.

Cyberliability refers to the risks that your company faces from the operation of your network. The exposures include first and third party risks. It could involve risks to your company when information is compromised. or it may involve a virus entering your system and destroying your product data, a hacker stealing the customer credit card numbers stored in your database. It could also include a third party suing you for inadvertently putting a copyrighted picture on your website without permission.

When such incidents happen, at the very least, you’ll spend time and money to restore information, eliminate the threat, and perhaps, deal with any public relations fallout. Your company may also need to compensate third parties for any damages they suffered because of your computer problems.

Although specific policies differ, your traditional business insurance does not generally cover cyberliability. The and legislation to deal with computer security is rapidly changing and still evolving. You need a policy that specifically addresses your cyberliability exposures.

Please contact a TechAssure member to learn more about the insurance and risk management options available to your firm.

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TechAssure Association Reviews Trends in Verdicts and Settlements for First Half of 2013

Click here to view our one-page summary.

 

In June 2013 TechAssure Association reviewed litigation trends in the technology and life sciences industries for the first half of 2013.

The following summarizes the findings on the current trends in verdicts and settlements in the technology and life science industries:

Top 10 Claim Categories in the Technology Industry

TechAssure reviewed 349 verdicts and settlements in the technology industry and concluded the following:

84% of the cases reviewed found the top claim categories: (in rank order)*

  1. Patent
  2. Privacy, Network Security
  3. Price Fixing
  4. Employment
  5. Consumer Class Actions
  6. Fraud
  7. Antitrust
  8. Contractual
  9. Insider Trading/SEC
  10. Trademark

TOP 10 CLAIM CATEGORIES in the Life Science Industry

TechAssure reviewed 310 verdicts and settlements in the life science industry and concluded the following:

82% of the cases reviewed found the top claim categories: (in rank order)*

  1. Products
  2. Patent
  3. False Claims/False Ads/Marketing/Labeling
  4. Price Fixing
  5. Antitrust
  6. Employment
  7. Kickback/Billing Practices
  8. Whistleblowing
  9. Fraud
  10. Contractual

* Verdicts and settlements January 2013 to June 2013.

TechAssure also noted a number of growing litigation trends during the first half of 2013. The growing litigation categories included:

Growing Litigation Categories:

  • Privacy
  • Network Security
  • Data Breaches
  • Whistleblowing
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Telecommunications Industry Sharpens Questions on Risk Management

January 4, 2013 – The most commonly asked questions that TechAssure members receive about risk management include:

  • What are the risks associated with the introduction of new services to our customers?
  • What impact does geographic expansion have on our insurance and risk management program?
  • What ways can a solid insurance and risk management program help our firm minimize turnover?
  • What role does our distributors and supply chain have on our insurance and risk management program?
  • What can our company do to decrease our overall cost of risk?

Have an insurance or risk management question? Give a TechAssure member a call to find out more about our insurance products and risk management solutions.

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