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Article | Decode Cyber Brief

Decode Cyber Brief – Summer 2019 Edition

August 5, 2019

A series of articles diving into the latest trends, issues and opportunities surrounding cyber risk.
Cyber Risk Management|Claims

We are pleased to present our Summer 2019 edition of the Decode Cyber Brief.

After the Winter Edition that featured the Willis Towers Watson "Reported Claims Index", 2019 has proven to be quite an eventful year in the world of cyber risk. Growing media attention has focused on the value of cyberinsurance; bad actors have amplified their efforts to take advantage of the increased connectivity within the manufacturing industry; and the sophistication and severity of ransomware attacks have increased dramatically.

In this edition, Norma Krayem of Holland & Knight highlights how the efficiencies of next generation technology in the manufacturing industry also bring cybersecurity risks.

Tom Finan, a Director of Cyber Risk Solutions at Willis Towers Watson, offers a unique analysis on how an organization's enterprise risk management can provide guidance on prioritizing cybersecurity investment.

Jason Krauss takes an in-depth look at the evolution and current state of cyberinsurance policies.

Dan Twersky examines the uptick in wrongful collection and data misuse claims, and what to look for when negotiating coverage for those risks.

Finally, Ashley Hart uses a recent case study to demonstrate how the Willis Towers Watson FINEX Claims and Legal Group helped a client respond to a complex claim.

We hope you enjoy this edition and, as always, welcome your feedback.

  1. 01

    Find your cyber "North Star": Use enterprise risk management to prioritize cybersecurity investment

    By Thomas Finan

    There are six key leaders within an organization who can help guide the development of a strong cyber risk management strategy. Informed consensus and an exchange of ideas encourages collaboration and results in a clear understanding of the full spectrum of cyber risks to the business. Read the article

  2. 02

    Cyberinsurance 2.0: The new wave of cyberinsurance

    By Jason Krauss

    Cyberinsurance is a key component to any cyber risk management strategy and should be part of an organization's holistic approach to combating cyber risk. Revisit the evolution and current state of cyberinsurance to highlight the immense value it holds in helping executives manage a dynamic risk landscape. Read the article

  3. 03

    Higher demands — tighter deadlines: Minimizing exposure in the next era of ransomware attacks

    By Ashley L Hart

    A ransomware attack quickly escalates and with the clock ticking, the Willis Towers Watson FINEX Claims & Legal Group along with the insurer and forensics vendor implement an incident response plan to get operations up and running and prevent any damage to files. Read the article

  4. 04

    Global cybersecurity risks in the manufacturing industry: Addressing systemic risk and capitalizing on the benefits of next generation technology

    By Norma Krayem

    With a focus on the Fourth Industrial Revolution and new technologies, attention is turning to what the future of "connected everything" means for the manufacturing industry. Given that this industry is one of the most vulnerable to cyberattacks, we share important considerations to best understand, prepare for and manage cybersecurity risk. Read the article

  5. 05

    Wrongful collection and data misuse: It’s not just a GDPR thing

    By Dan Twersky

    Many industries have made the headlines in connection with issues relating to wrongful data collection. There is a fine line between gaining information and privacy violations, and we are seemingly only witnessing the infancy of wrongful collection and data misuse litigation. Read the article

Contributing editors

FINEX Cyber/E&O Thought and Product Coverage Leader, North America

Dan Twersky
FINEX NA Claims Advocate & Global Cyber Claims Leader
Willis Towers Watson

Ashley L Hart
Claims Advocate
FINEX North America

Thomas Finan
Director, Cyber Risk Solutions, North America

Norma Krayem
Sr Policy Advisor
Chair, Global Cybersecurity & Privacy Policy and Regulatory Team
Holland & Knight LLP

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