What Every CISO Needs to Know About Cyber Insurance

March 2, 2020

Decades ago, a group of merchants created a concept of general average—which is when all parties in a maritime venture share in losses resulting from a sacrifice of cargo in an emergency. What this group fashioned in 1890 was a method for merchants to insure their shipped goods. Upon landing, merchants whose cargo landed safely were expected to contribute a portion to merchants whose goods had been lost at sea. With this, an early form of insurance was born.

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Lowers & Associates

Lowers & Associates (L&A) is an independent and internationally recognized risk management consulting firm. We offer a wide range of risk assessment, loss prevention, loss/claims investigation, audit/compliance, and risk mitigation services. Over the years, we’ve partnered with many insurance companies, insurance brokers, and insureds directly to assist in the mitigation of business, operational, and technology risks on both a proactive/pre-loss and reactive/post-loss basis. Our origins, dating back over 25 years, are in physical security and over that time we’ve become a leading authority in crime and fidelity related risk mitigation. Today our service offering extends into computer/cyber crime with a comprehensive array of enterprise risk, compliance/audit, privacy, IT/information security, and cyber risk management services. Given the areas of our historical success, special domain expertise is afforded organizations in the banking/financial services, hospital/healthcare, higher edu

OTHER WHITEPAPERS
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Sophos Guide to Cyber Insurance

whitePaper | December 14, 2021

The cyber insurance market is changing fast, and conditions are getting tougher as the market hardens for the first time in its 15-plus year history. While most organizations already have some cyber insurance coverage, many are finding the bar for renewal is getting higher as capacity shrinks – and premiums are going up.

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Broker Week 2022: A fine balancing act

whitePaper | December 19, 2022

Customers are now accustomed to digital-first interactions, with Gen-X in particular expecting a frictionless experience. As a result, brokers are having to rethink how they engage with customers in order to meet these expectations. Increasing competition from a fast-changing industry – through consolidation and new independent digital-only providers – means they must improve customer satisfaction to stay in the game. Ultimately, broker business success relies on engendering long-term relationships with customers (and partners) based on trust.

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Insuring the net-zero transition: Evolving thinking and practices

whitePaper | April 14, 2022

Endorsed by the UN Secretary-General and insurance industry CEOs, the Principles for Sustainable Insurance (PSI) serve as a global framework for the insurance industry to address environmental, social and governance (ESG) risks and opportunities and a global initiative to strengthen the insurance industry’s contribution as risk managers, insurers and investors to building resilient, inclusive and sustainable communities and economies on a healthy planet.

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Fleet EV adoption 2022: Are UK businesses adapting to the accelerated electric vehicle revolution?

whitePaper | March 10, 2022

Whilst largescale fleet and leasing companies are leading the ascent on new EV purchasing, a significant number of businesses are yet to introduce EVs to their fleets. This whitepaper focuses on how businesses are adapting to the accelerated EV revolution and attitudes towards electrification.

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Legal expenses insurance: A force for social good

whitePaper | July 18, 2023

Legal expenses insurance (LEI) has been available in the UK for almost 50 years. While adoption was initially slow, its popularity has grown enormously over that time. Today, tens of millions of people and hundreds of thousands of businesses are insured against the potentially crippling costs of asserting even basic legal rights. Every week, LEI claims enable the pursuit and defence of thousands of cases that might otherwise have been abandoned as unaffordable.

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How to Become an Insurance Innovator with Liferay DXP

whitePaper | June 15, 2023

In 2018, a PWC industry report1 indicated that 44% of those surveyed did not believe existing insurers would survive in their current form. The industry is moving into an era called “Digital Insurance 2.0”2 and many insurers are struggling to keep up with its accelerating pace. The shift was born to support new technologies, processes and a market of predominantly Gen Z and Millennial customers. Digital Insurance 2.0 is centered on becoming more customer-centric across operations, people, technologies and processes.

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Spotlight

Lowers & Associates

Lowers & Associates (L&A) is an independent and internationally recognized risk management consulting firm. We offer a wide range of risk assessment, loss prevention, loss/claims investigation, audit/compliance, and risk mitigation services. Over the years, we’ve partnered with many insurance companies, insurance brokers, and insureds directly to assist in the mitigation of business, operational, and technology risks on both a proactive/pre-loss and reactive/post-loss basis. Our origins, dating back over 25 years, are in physical security and over that time we’ve become a leading authority in crime and fidelity related risk mitigation. Today our service offering extends into computer/cyber crime with a comprehensive array of enterprise risk, compliance/audit, privacy, IT/information security, and cyber risk management services. Given the areas of our historical success, special domain expertise is afforded organizations in the banking/financial services, hospital/healthcare, higher edu

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