In this webcast, experts from Marsh’s Cyber Practices take a closer look at how changing cyber risk exposures, regulations, and best practices will change the cyber risk management landscape in 2019. Download and view the Cyber Landscape 2019 slides as you listen to the discussion that includes:
Insurance Planning and Coverage
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After years of favorable treatment, will insurance carriers finally shift their appetite for this industry? We’ve been fortunate to have a large volume of carriers interested in obtaining asset management business in the past three years. This increased capacity has driven carriers to create enhanced terms and conditions as well as offer more competitive premiums. However, carriers are still cautious of this industry as a whole, with many still feeling the burn from claims activity from the Great Recession of the late 2000s.
2019 FOX Foresight – Approaching Personal and Physical Security With a Risk-Based Perspective
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We hear a lot today about the cybersecurity risks we face but to protect our families, it’s crucial not to forget the importance of effectively managing personal and physical security.
Family Enterprises face an increasingly uncertain and risky world owing to developments in the economy, geopolitics, financial markets, technology, and industry competition.
Once a family recognizes they own and manage a complex range of endeavors, the family leaders need to look strategically across the enterprise at where opportunities and risks exist. They should then assess where the opportunities and risks exist and how to allocate capital to the best alternatives.
Employers Face an Increase in Class Action Lawsuits Based on Pre-Employment Background Checks
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An increasing problem facing employers is the threat of class action lawsuits related to their use of background checks. In these lawsuits, plaintiffs claim that employers are violating a federal statute called the Fair Credit Reporting Act (the “FCRA”), which regulates, among other things, an employer’s use of background checks performed by third-party providers. In the face of this potential exposure, it is extremely important that employers ensure they are complying with the FCRA’s notice and disclosure requirements.
The Internet has bought connection, communication, and efficiency to the business world, including family offices. However, conducting business online without proper security and knowledge of risks can endanger the family and its data. The right level of expertise, planning, and effort is required to safeguard sensitive information. It is an organizational effort, but employees and family members also benefit from using best practices to protect personal information online.
Cybersecurity Compliance Does Not Equal Security
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The reality today is many companies have relied too much on conducting just a cybersecurity compliance checklist assessment and framework. While compliance with government and industry documentation standards is good, it is not sufficient, nor does it ensure real information security. Organizations need to take appropriate action both before and after a cyber data breach to mitigate the potential negative impacts and optimize business performance results.
Cyber-attacks are increasing in sophistication and magnitude of impact across all industries globally and can negatively impact a company's reputation and market value. Thus, all companies need to fully understand the value of the information assets they possess, the cybersecurity related risk of a data breach, and then factor the benefits and risk variables into their respective business equation. Spending thousands of dollars on some or all of the key cybersecurity recommendations would significantly reduce the impact of a data breach, thus saving millions of dollars.
How Your Board Can Better Oversee Cyber Risk
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Having a good cyber risk management program in place might help a company prevent some breaches. But more importantly, when a breach does happen, it can help companies get back on their feet faster and mitigate financial and reputational damage. How do you know whether your company is doing what it should to address the risk and become cyber resilient?