DBS: Iris Worldwide: Your Brand’s Hyperconnected Influencers
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P R O D U C E D B Y
O C T O B E R 2 8 , 2 0 1 4 | N E W Y O R K , N Y
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It is with pleasure that I welcome you to the 4th Advisen Cyber Risk Insights Conference in New York. We began planning this day in earnest in mid-January, and nine months later, we’ve created an incredible event. I know that this conference will be a fantastic meeting of the minds who are guiding and shaping the Cyber Risk arena. I am pleased to see so many friends and colleagues both on the speaker roster and the registration list. On behalf of our entire Advisory Board, I offer you my best wishes for a rewarding and meaningful conference.
Chris KeeganSenior Managing Director, Cyber & Technology National Practice LeaderBeecher Carlson 2014 Conference Chair
Welcome to the New York edition of Advisen’s 2014 Cyber Risk Insights Conference. For several reasons, New York is the epicenter for cutting-edge P&C insurance solutions. We are proud to host this event, the largest of its kind for P&C professionals. For me, the content is truly king, and our faculty today is comprised not only of leading figures from carriers and brokers, but also nationally known experts in cyber terrorism, data security, computer forensics, data breach management, and all aspects of privacy and data security laws & regulations. However, given our faculty depth and our extensive audience, I expect that the networking and business meeting component today will also be a main benefit. We trust that you will leave this evening with information & connections that will empower you in your work. Enjoy your day.
David K. BradfordCo-founder and President, Research & Editorial divisionAdvisen
Welcome
ContentsSponsors ....................................... 4
Morning General Sessions ......... 6
Track 1 Sessions ........................... 8
Article .......................................... 10
Track 2 Sessions ......................... 11
Loss Insight ................................. 12
Track 3 Sessions ......................... 14
Afternoon General Sessions .... 16
Article .......................................... 18
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9:00 am - 9:15 am Opening RemarksBill KeoghCEO, Advisen
Chris KeeganSenior Managing Director, Cyber & Technology National Practice Leader, Beecher Carlson, 2014 Conference Chair
9:15 am - 9:45 am Keynote by Tom Ridge, first US Secretary of Homeland Security
Tom Ridge was governor of Pennsylvania until he was named Assistant to the President for Homeland Security following 9/11. He was later appointed the first Secretary of the US Department of Homeland Security. Today, Ridge is Chairman of Ridge Insurance Solutions.
Tom RidgeChairman, Ridge Insurance Solutions
9:45 am - 10:00 am Advisen Cyber Market OverviewDavid BradfordPresident, Research & Editorial division, Advisen
10:00 am - 10:15 am “…and the Survey says” sponsored by Zurich
A disclosure of results of Advisen & Zurich’s annual Risk Management Survey
Erica DavisVice President & Assistant National Manager for Specialty E&O, Zurich North America
10:15 am - 10:40 am Morning Break
Morning General Session
Save these dates in 2015!
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Track ChairDavid BradfordPresident, Research & Editorial division, Advisen
10:40 am – 11:30 am The Buyer’s Perspective
A panel of senior risk managers will discuss the challenges they face in identifying and addressing the cyber risk expo-sures of their organizations. Insurance solutions will be evaluated, and panelists will share their insights into how well the insurance market is addressing their cyber risk needs.
Joe DePaulSenior Vice President, FINEX North America Cyber and E&O Team, Willis (Moderator)
David ConcaDirector, Risk Management, Univision Communications Inc.
Roc StarksSVP, Director, Corporate Insurance, Citizens Bank
Eric VorenkampOwner, Vorenkamp LLC
11:30 am – 12:15 pm Managing Cyber Exposures in a Global Economy
The internet knows no borders and even small companies may find they are subject to foreign privacy and network secu-rity laws, as well as personal and advertising injury exposures. Panelists will examine the global cyber risk landscape, and offer actionable risk management insights. Insurance coverage issues also will be discussed.
Tracie GrellaGlobal Head of Professional Liability, AIG Financial Lines(Moderator)
Hans AllnuttPartner, DAC Beachcroft
Stacey ReganDeputy Treasurer, GE
Willy StoesselHead of Cyber, Technology & Construction, Swiss Re Corporate Solutions
12:15 pm - 1:45 pm Conference Luncheon
1:45 pm – 2:30 pm The Future of Cyber Insurance Underwriting
What are the emerging risks underwriters are most concerned about? How do they envision the cyber insurance product to develop to address both an evolving risk landscape and changing buyer expectations? How will underwriting and pricing criteria change? What will differentiate the leaders from the also-rans? Will the cyber insurance market consolidate? A panel of senior underwriting managers will offer their insights into these and other relevant underwriting and market issues.
Mike BrownManaging Director, Guy Carpenter (Moderator)
Steve BoughalChief Underwriting Officer, Hartford Financial Products, The Hartford
Brad GowSenior Vice President, Professional Liability, Endurance
Paul MiskovichSenior Vice President, Global Head of Cyber, AXIS Insurance
Matt PrevostVice President, Professional Risk, ACE
2:30 pm – 3:15 pm Coverage Considerations
How well do insurance buyers understand their cyber coverage needs? Do brokers adequately understand cyber insur-ance policies? How effectively do they match exposures with coverages? Panelists will examine what coverage may be available for cyber exposures in CGL, property, crime and other common insurance policies, and how these compare to the coverages available thorough specialized cyber risk policies. They will offer practical advice for structuring an effec-tive program based on the varying exposures of different industries, and the specific needs of individual companies.
Roberta Anderson Partner, K&L Gates(Moderator)
Evan FenaroliUnderwriting Supervisor, Management & Professional Liability, Philadelphia Insurance
Tim FrancisSecond Vice President, Bond & Financial Products, Travelers
Catherine RudowVice President, Specialty Casualty, PartnerRe US
3:15 pm - 3:40 pm Afternoon Break
Track 1 • Cyber Risk Management & Insurance - Salon II
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JP Morgan Chase & Co said in a regulatory filing with the Securities and Exchange Commission that a cyber attack this summer compromised the accounts of 76 million households and seven million small businesses.
Adding this information to Advisen’s Loss Insight database, JPMorgan Chase leads a list of banks when it comes to total affected count as a result of cyber breaches.
According to Advisen Loss Insight, breaches at JPMorgan have exposed more than 80.8 million records. This does not include the data of seven million small businesses, which was also included in the summer breach.
Account holders’ names, addresses, phone numbers and email addresses were compromised in June and July but JPMorgan Chase said account numbers, PIN numbers or Social Security numbers were not stolen. No fraudulent activity has been seen, the bank reported in the October 2 filing.
Customers who used the websites Chase.com and JPMorganOnline and the apps ChaseMobile and JPMorgan Mobile were affected.
Banks are among the top companies when ranked by event count in Loss Insight. Financial services accounts for about 14.3 percent of Advisen’s total case count.
Many of the events involving financial institutions are linked to distributed-denial-of-service attacks (DDoS) by a hacking group called the Izz ad-Din al-Qassam Cyber Fighters, utilizing a botnet named Brobot.
Additionally, banks registered an event in Advisen’s database because they were involved in issuing new cards to customers following the late 2013 data breach at retailer Target.
Continued on page 18
JP Morgan puts banks in cyber spotlightBy Chad Hemenway, Managing Editor, [email protected] Twitter @CTHemenway
Bank Affected Count JPMorgan Chase & Co. 80,859,642 Citigroup Inc. 55,333,748 Wells Fargo & Company 50,821,390 TD Bank 366,970 GMAC LLC 200,802 Westpac Banking Corporation 103,446 Regions Financial Corporation 100,000 Hansabank 50,000 Barclays PLC 37,003
Korea Exchange Bank 15,000
Advisen Loss Insight: Top 20 Companies by Cyber Event Count
Company Name Case Count Google Inc. 52
Facebook, Inc. 44
Microsoft Corporation 31
Bank of America Corporation 31
JPMorgan Chase & Co. 28
Apple Inc. 26
Citigroup Inc. 23
Td Bank 20
Yahoo! Inc. 19
AT&T Inc. 18
Wal-Mart Stores, Inc. 14
United States Postal Service 14
American Express Company 13
Twitter, Inc. 12
Wells Fargo & Company 12
Best Buy Co., Inc. 12
Purdue University 11
McDonald's Corporation 11
eBay Inc. 10
Pfizer Inc. 10
This content is featured in Advisen’s Cyber Risk Network
Loss Insight: Total records exposed at banks
© 2014 Advisen Ltd. 11 http://www.advisenltd.com
Track 2 • Emerging Risks & the Future of Cyber Insurance - Salon III
Track ChairGraeme NewmanDirector, CFC Underwriting
10:40 am – 11:30 am Standards and Guidelines: What they mean for Risk Managers and Underwriters
A number of organizations have published standards and guidelines for managing cyber risk, including the NIST Cybersecurity Frame-work. What do these various standards and guidelines seek to achieve? Are they useful, or do they potentially produce a false sense of security? Are they a shield against liability or yardstick for measuring alleged risk management failures? Panelists will discuss these and related risk management and liability issues.
Ben BeesonVice President, Cyber Security and Privacy, Lockton (Moderator)
John ColettiChief Underwriting Officer, Cyber & Technology, XL
Ira (Gus) HuntPresident and CEO, Hunt Technology, LLC
Shane McGeeChief Privacy Officer, FireEye, Inc.
Lisa SottoChair, Privacy and Cybersecurity Practice, Hunton & Williams LLP
11:30 am – 12:15 pm The Internet of Things: Liability at the Intersection of Digital and Physical
Objects ranging from refrigerators to airliners to eyeglasses are equipped with potentially hackable chips. As the digital and physical worlds merge, new risk management challenges arise. This session will explore the explosive growth of the “Internet of things,” and examine the liability and insurance issues it poses.
Alan BrillSenior Managing Director, Kroll(Moderator)
Dr. Rey Leclerc SveinssonVice President – Senior Cyber Risk Engineering, Swiss Re Corporate Solutions
Graeme NewmanDirector, CFC Underwriting
Rick WelshHead of Cyber Insurance, AEGIS Insurance Services, Inc.
12:15 pm - 1:45 pm Conference Luncheon
1:45 pm – 2:30 pm Cyber Operational Risks
Data breaches are a major concern of companies, but they are only one type of many cyber risks most companies should be con-cerned about. What if an attack on a company’s networks or website disrupts its ability to conduct business? What happens if a key supplier is temporarily unable to perform because of a cyber incident? What would be the outcome of a large-scale attack on an entire business sector or a country’s critical infrastructure? This session will explore various operational risk scenarios and what companies can do to defend themselves. It also will examine insurance coverage issues associated with various operational exposures.
Rebecca BoleDirector of Editorial Strategy & Products, Advisen (Moderator)
Sandor BoysonDirector, Supply Chain Management Center & Research Professor at the Robert H. Smith School Of Business at University of Maryland College Park
John HowiePrincipal, Howie Consulting LLC
Michael PalotaySenior Vice President of Underwriting, NAS Insurance
Andy RothPartner & Chair, Global Privacy and Cybersecurity Group, Dentons
2:30 pm – 2:50 pm Modeling Cyber Risks
Can the frequency and severity of cyber events be effectively modeled? Can models estimate the various loss components of a cyber incident? This session will examine the current state of the art in modeling cyber events and discuss models currently in use for quanti-fying cyber risk and pricing cyber insurance products.
Bob ParisiManaging Director and National Cyber Practice Leader, Marsh
2:50 pm – 3:15 pm Litigation Trends
Lawsuits on the back of data breaches have generally not been successful, but a recent Florida suit, AvMed, suggests a path forward for plain-tiffs’ attorneys. Will there be an increase in cyber-related litigation? Is the Target breach, which sparked more than 100 lawsuits, a harbinger of the future? This session will explore recent trends in cyber-related litigation and offers expert insight into what to expect in the near future.
Laurie KamaikoPartner, Edwards Wildman Palmer LLP
3:15 pm - 3:40 pm Afternoon Break
Cyber StrataScope provides multi-dimensional information for underwriting and
actuarial leaders to make informed decisions about underwriting and pricing
cyber risk. Cyber StrataScope intersects Advisen’s industry-leading cyber
event data with time series company data to provide insight into cyber events
and their consequences.
Underwriting Benefits � Employ comprehensive frequency data to enhance risk analysis by type of
event
� Drive pricing models with affected counts
� Build predictive models for risk scoring with optional model-ready datasets and value-added services
Information-Driven Performance
� Monitor trends in the risk landscape and identify “hot spots” of emerging loss types.
� Create peer analyses tailored to industry and size characteristics
� Refine rating plans based on changes in litigation filing
Management Reporting and Communication
� Promote informed discussions through timely information on claims trends
� Support portfolio analytics with event frequency and severity inputs
� Establish quarterly risk reports & updates
Why StrataScope?
Rating Plan Development
� What should be the pricing relativities among industries?
� How should revenues affect cyber pricing?
� Which types of events more frequently lead to lawsuits?
Underwriting Early Warning Indicators � Which three industries experienced the
greatest increase and decrease in cyber event frequency?
� Which three industries experienced the greatest increase and decrease in affected records?
� What is the source of these changes in frequency and affected records?
Industry Analysis � How can I visualize the differences
among industries and their loss trends?
� Which industries have experienced cyber events with the greatest affected records?
� How does the affected record count vary by event type?
Loss Insight StrataScope — Cyberfor Insurers
Rating Plan Development
Underwriting Early Warning IndicatorsIndustry and Attachment Point Strategy
551112
5182
541511
5511
71
5239
4548&495171
5182
54
51111,000
10,000
100,000
1,000,000
10,000,000
100,000,000
0 10 20 30 40 50 60 70 80 90 100
Av
era
ge
Aff
ect
ed
Co
un
t (p
er
ev
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t)
Event Frequency (per $100B Revenue)
Top Gain/Loss Industry Compared to Last Year
2014-Q2 vs. 2013-Q2
0%
20%
40%
60%
80%
100%
120%
2008 2009 2010 2011 2012 2013 2014
Event Date
Percentage of Litigated Event by Case Type
Privacy Violations Improper Collection of Digital Data Digital Asset Loss or Theft
Identity Theft/Fraudulent Use or Access Phishing, Skimming
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2008 2009 2010 2011 2012 2013 2014
Event Date
Count of Events by Industry
92 - Public Administration 62 - Health Care and Social Assistance
6221 - General Medical and Surgical Hospitals 6113 - Colleges, Universities and Professional Schools
5221 - Depository Credit Intermediation 54 - Professional, Scientific and Technical Services
61 - Educational Services 33 - Manufacturing
51 - Information Others
About Advisen Ltd.Advisen generates, integrates, analyzes and communicates unbiased, real-time insights for the global
community of commercial insurance professionals. As a single source solution, Advisen helps the insurance
industry to more productively drive critical decisions about pricing, loss experience, underwriting, marketing,
transacting or purchasing commercial insurance. Advisen enlightens, solves, and streamlines challenges
for its clients through its three divisions. Advisen’s data, analytics and news services are game-changers for
more than 150,000 professionals.
+1.212.897.4800 | [email protected] | www.advisen.com
Copyright 2014 Advisen Ltd.
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© 2014 Advisen Ltd. 14 http://www.advisenltd.com
Track 3 • Industry Spotlights - Salon IV
10:40 am - 12:15 pm Industry Spotlight: Healthcare
People demand that their healthcare information be kept private, but healthcare records are an attractive target for cyber criminals. Healthcare information is highly regulated at the federal level, but healthcare providers also should be aware of expending regulation at the state level. This session will look at trends and developments in data protection and privacy,
with a particular emphasis on state regulation. It also will focus on the unique aspects of healthcare data breach response.
OpeningKimberly HolmesVice President, Product Development, One Beacon Professional (Spotlight Chair)
State Privacy Laws & Your Business Associates: Key Considerations to Minimize Liability in the Evolving Class Action Landscape
Sheila Hagg-RickertHealthcare Risk Management Consultant
Winston KroneManaging Director, Kivu Consulting
Stuart PanenskyPartner, Traub Lieberman Straus & Shrewsberry LLP
Multistate Considerations Pre and Post BreachJeremy Henley Director of Breach Services, ID Experts
12:15 pm - 1:45 pm Conference Luncheon
1:45 pm – 3:15 pm Industry Spotlight: Financial Institutions
Major US banks are wondering, “are we next?” Their boards increasingly need information on vulnerabilities and the potential financial impact of a breach. This session will focus on financial services firms as risk-intelligent enterprises, and how they establish programs to both remain vigilant about and more responsive to an increasingly complex and hostile
threat environment.
OpeningGeorge AllportVice President & Financial Fidelity Product Manager, Chubb (Spotlight Chair)
Financial Institutions: Developing a Risk-Aware OrganizationMary Beth BorgwingPresident, Cyber and Risk Practice, Advisen (Moderator)
Michael LivniChief Information Security Officer, Valley National Bank
David NotchDirector, Information Protection & Business Resilience, KPMG
Yonesy NunezInformation Security Leader – International, Wells Fargo
John BirdConsulting Portfolio Partner, Verizon
Dr. Aleksandr YampolskiyCEO and Founder, SecurityScorecard Inc.
Risk Mitigation and ResponseRobert DowlingProduct Manager, Cyber Risk Management Solutions, Dynetics
3:15 pm - 3:40 pm Afternoon Break
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3:40 pm – 4:10pm Keynote Tom FinanSenior Cybersecurity Strategist and Counsel, US Department of Homeland Security
4:10 pm - 4:50 pm Data Breach Table Top
A group of data breach response experts will participate in a realistic data breach tabletop exercise, which will provide valuable insight into how an actual data breach is handled, the roles and responsibilities of the various members of a data breach team, and the critical success factors for favorable outcomes.
Paul NikhinsonPrivacy Breach Response Services Manager, Beazley Breach Response Services (Moderator)
Alan BrillSenior Managing Director, Kroll(Moderator)
Michael BruemmerVice President, Data Breach Resolution, Experian
Bo HollandFounder & CEO, AllClear ID
John MullenManaging Director and Chair of the US Data Privacy and Network Security Group, Lewis Brisbois
4:50 pm - 5:00 pm Closing Remarks
5:00 pm - 6:00 pm Reception
Afternoon General Session
Ben Beeson Lockton
Alan Brill Kroll
Anne Corona Aon
Dan Cosgrove Swiss Re Corporate Solutions
Erica Davis Zurich
Brad Gow Endurance
Tracie Grella AIG
Chris Keegan Beecher Carlson, 2014 Conference Chair
John Mullen Lewis Brisbois
Bob Parisi Marsh 2013 Conference Chair
Bob Wice Beazley
Thank you to our Advisory Board
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The FBI in late August said it and the US Secret Service was investigating reported cyber attacks on US financial institutions, including JPMorgan Chase.
Reports said more than a dozen financial companies may have also been targeted by the same hackers who got into JPMorgan. The graphic “Cyber Breaches by Banks over Time” looks at breaches at each financial institution through the years.
The financial services industries remains relatedly consistent with all industries when it comes to categorizing cyber event types in Advisen’s database Digital data, loss or theft makes up an equal share of the total cases for financial services and all industries, followed by network security violations or disruptions.
In July US Treasury Secretary Jacob J. Lew urged financial institutions to better protect consumers and strengthen efforts against cyber thefts, disruptions, and attacks.
A recent PriceWaterhouseCoopers report on US cyber crime reported that nation-state hackers are of particular concern. Sean Joyce, a PwC principal and former FBI deputy director, said, “We are seeing increased activity from nation-state actors, which could escalate due to unrest in Syria, Iran, and Russia. These groups may target financial services and other critical infrastructure entities.” JPMorgan did not go into detail about the breach in its filing and apparently the bank has no plans to send personal notifications to customers. A spokesman said JPMorgan posted a notice on its website and mobile app. JPMorgan said it does not have to alert customers about the breach because only contact information was exposed.
Federal investigators, attorneys general from several states as well as federal prosecutors including from New York are conducting investigations. n
0
5
10
15
20
25
30
2008 2009 2010 2011 2012 2013 2014
Citigroup Inc. TD Bank Wells Fargo & CompanyJPMorgan Chase & Co. Bank of America Barclays PLCWestpac Banking Corporation HSBC Wachovia Bank
6,003 43%
3,228 23%
1,670 12%
893 6%
1,284 9%
332 3%
455 3%
All Industries
Digital Data Breach, Loss, or TheftSystem/Network Security Violation or DisruptionImproper Disposal/Distribution, Loss or TheftIdentity Theft/Fraudulent Use or AccessPrivacy ViolationsPhishing, Skimming
Total: 14,050
938 44%
406 19%
240 11%
210 10%
124 6%
106 5%
51 2%
34 1%
13 1%
Financial Institutions
Digital Data Breach, Loss, or TheftSystem/Network Security Violation or DisruptionImproper Disposal/Distribution, Loss or Theft (Printed Records)Identity Theft/Fraudulent Use or AccessPrivacy ViolationsPhishing, SkimmingOther
Total: 2,178
JP Morgan puts banks in cyber spotlight Continued from page 10
Cyber Breaches by Banks Over Time
Cyber / Identity Risks Event Type Breakdown
This content is featured in Advisen’s Cyber Risk Network
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