CYBER RISK


Marsh works with leading insurers to develop risk transfer solutions for a wide range of cyber risk exposures.

Cyber Risk

Marsh’s Cyber/Privacy Practice is focused on keeping abreast of the evolving landscape of network security and privacy risk, and advises clients on a variety of risk management and insurance solutions.

While the benefits of utilizing e-business strategies and Internet-based technologies are numerous, so are the risks. The internet and other networked operations have created exposures that were unheard of a decade ago. In addition, the wave of privacy related regulation has created an entirely new area of risk, untethered from technology; risk based solely upon the potential mishandling of confidential information.

Traditional insurance policies do not typically address cyber risks in an effective way and, in fact, internet and network exposures are increasingly subject to exclusion from these policies. Marsh’s Cyber Practice offers risk management and insurance solutions to address the complex and evolving risks that companies across all industries face in protecting information and network security. The practice developed a four step process that is designed to help a client gain a better understanding of the specific risks associated with utilizing technology and information, which includes the following components:

  1. Qualitative self-assessment
  2. Dynamic risk mapping
  3. Traditional benchmarking and privacy event modeling
  4. Coverage gap analysis

This process provides a more comprehensive appreciation of various cyber risks so that organizations can make an informed decision in determining a solution. The process also creates a virtual yardstick against which an organization can measure the efficacy of cyber insurance proposals relative to the frequency and financial severity of the risks.

Coverage

Cyber and privacy risk insurance provides financial protections for information and technology related risks. “Information risks” extend beyond the risks associated with internet communications or e-commerce transactions. Losses, often arising from lost client data or unauthorized access or use of computer systems, cross every industry and every business that uses computers to communicate/ transact business.

Coverages are available for direct loss, including: loss of electronic data, business interruption and extra expenses from technology failure/system outage, liability coverage for defense expenses and damages stemming from claims. Coverage also responds to out of pocket expenses incurred by an insured to comply with privacy regulations, as well as defending the insured in a regulatory action involving a violation of a privacy regulation.

Marsh Risk Management Research
Advanced Cyber Attacks on Global Energy Facilities
September 24, 2014  |  Views: 1408 |  Comments: 0 
Advanced Cyber Attacks on Global Energy Facilities
This Marsh research paper looks at how energy firms are being disproportionately targeted by increasingly sophisticated hacker networks.  >>
Cyber Security and the Boardroom
September 24, 2014  |  Views: 223 |  Comments: 0 
Cyber Security and the Boardroom
Boards of directors must not only devote more attention to cyber risks, but also evaluate their organizations' readiness for an attack.  >>

Additional Thought Leadership
Marsh Insights: Identity Theft
April 01, 2014  |  Views: 52720 |  Comments: 1 
Marsh Insights: Identity Theft
Identity theft is not a new concept. As long as there has been a potential to gain from the misappropriation of personal information, it has existed. However, technology has helped...  >>
World Economic Forum: Global Risks 2014
January 16, 2014  |  Views: 7332 |  Comments: 0 
World Economic Forum: Global Risks 2014
Top global risks include fiscal crises in key economies, unemployment, water crises, and income disparity   >>
Webcast: Balancing Social Media Risks and Rewards (Replay)
April 22, 2013  |  Views: 11892 |  Comments: 0 
Webcast: Balancing Social Media Risks and Rewards (Replay)
Our panel of experts discussed how social media risk can affect your business and detailed strategies for limiting the exposure.  >>
Risk Spotlight: Social Media Strategy Should Include Risk Evaluation
April 03, 2013  |  Views: 6588 |  Comments: 0 
Risk Spotlight: Social Media Strategy Should Include Risk Evaluation
Without savvy management of social media exposures, your company's brand and reputation could be in jeopardy.  >>
New Reality of Risk Webcast: Cyber Risk and the CFO
April 12, 2012  |  Views: 9460 |  Comments: 0 
New Reality of Risk Webcast: Cyber Risk and the CFO
On Thursday, May 3 at 2 p.m. ET, experts from Marsh and elsewhere held a one-hour New Reality of Risk webcast, “Cyber Risk and the CFO”.  >>
Risk Spotlight: Cyber Security—From the IT Department to the Boardroom: Are You Ready For the Call?
April 03, 2012  |  Views: 11389 |  Comments: 0 
Risk Spotlight: Cyber Security—From the IT Department to the Boardroom: Are You Ready For the Call?
This month’s Risk Spotlight looks at the issue of cyber security and how risk managers can best to prepare for the inevitable phone call from corporate leaders.  >>
Social Media May Expose Companies to Cyber, Reputational Risk
April 02, 2012  |  Views: 7202 |  Comments: 0 
Social Media May Expose Companies to Cyber, Reputational Risk
In the age of social media proliferation, organizations are often exposed to significant cyber and reputational risks. Common social media strategies include maintaining a Facebook...  >>
Global Risks 2012
January 25, 2012  |  Views: 3115 |  Comments: 0 
Global Risks 2012
The World Economic Forum's report focuses on three key risks that can undermine the progress made by globalization   >>
New Reality of Risk Webcast Series
January 18, 2012  |  Views: 7238 |  Comments: 0 
New Reality of Risk Webcast Series
Stay abreast of trends in the Canadian insurance market, gain insights from guest speakers who are experts in their fields, and discover new ways to proactively manage risk - Marsh...  >>
Change selection(s) to sort. Sort by:
Communications, Media and Technology Risk
February 17, 2011  |  Views: 12290 |  Comments: 0 
Communications, Media and Technology Risk
Marsh’s Communications, Media and Technology Practice (CMT) is one of the global leaders in providing risk consulting and risk transfer solutions to organizations in these continua...  Read More...
Network Security and Privacy Liability Risk
February 17, 2011  |  Views: 12953 |  Comments: 0  | Article Rating
Network Security and Privacy Liability Risk
Marsh's Communication, Media and Technology (CMT) Practice is a global leader in providing risk consulting and risk transfer solutions to organizations in the CMT sector. With a ne...  Read More...
Change selection(s) to sort. Sort by:
Social Media May Expose Companies to Cyber, Reputational Risk
August 30, 2010  |  Views: 13988 |  Comments: 0  | Article Rating
Social Media May Expose Companies to Cyber, Reputational Risk
In the age of social media proliferation, organizations are often exposed to significant cyber and reputational risks. Common social media strategies include maintaining a Facebook...  Read More...
Change selection(s) to sort. Sort by:
February 05, 2014  |  Views: 12
Global Insurance Pricing Declines in Fourth Quarter: Marsh
Premium content
US only region with higher overall renewal rates.  Read More...
January 16, 2014  |  Views: 3083
Worsening Wealth Gap Seen as Biggest Risk Facing the World in 2014
World Economic Forum Global Risks 2014 report: The chronic income gap between the rich and poor is most likely to cause damage globally in the next decade.  Read More...
January 15, 2013  |  Views: 4211
Global Insurance Rate Firming Slowed in Q4, Despite Sandy
US east coast storm not expected to be market-changing event  Read More...

Contacts
Greg Eskins
Practice Leader
Toronto ON Canada
416 868 2768
gregory.eskins@marsh.com

Michael Petersen
Communications, Media and Technology,
National Practice Leader
Ottawa ON Canada
613 795 8055
michael.e.petersen@marsh.com