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Decode Cyber Brief - Summer 2018 Edition

Cyber Risk Management
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July 24, 2018

A biannual publication featuring the latest trends in managing people, capital and technology risks related to cybersecurity across your enterprise.

Foreword

We’re pleased to present our summer 2018 edition of Decode Cyber Brief, following up on our most recent edition, which featured the results of the Willis Towers Watson “Reported Claims Index” for 2016 to 2017. It is hard to imagine that we are already midway through 2018, and what an exciting year it has been thus far in the world of cyber risk. In just the past few months, we’ve seen The General Data Protection Regulation (GDPR) finally take effect; governments are increasingly interested in how personal information is collected, used, and shared over social media; and cyberattackers continue to evolve in their methods and sophistication. We also sponsored The Economist Intelligence Unit’s (EIU) recent study to learn more about cyber risk management challenges organisations face and to provide insight into strategies that executives can employ to create a more cyber-resilient organisation.

In this edition, David Gacioch and Natasha Dobrott of McDermott Will & Emery take an in-depth look at the current state of data breach litigation and also review recent regulatory developments. Gamelah Palagonia, a thought leader in privacy risk, also examines regulation, offering a unique analysis of the GDPR, including several issues to be mindful of when negotiating cyberinsurance coverage. Sou Ford and Jason Krauss spotlight the public sector, highlighting several risks specific to this industry class, as well as strategies to help manage those risks most efficiently. Using two recent case studies, Dan Twersky demonstrates how the Willis Towers Watson FINEX Claims & Legal Group unique and complex cyber claims. Finally, Magdalena Ramada looks to the future of blockchain technology, advancing her thoughts on its forthcoming relevance and utility to the insurance industry.

We hope you find this edition both useful and insightful. As always, we welcome your feedback.

Table of contents


  1. Ready or not, GDPR is here. Will you navigate your way to success?

    By Gamelah Palagonia

    GDPR represents a new liability paradigm and is forcing a fundamental culture change to all types of businesses. Compliance with the new regulations is not only a necessity, but something that must be thoroughly maintained. Read the article

  2. Is blockchain a risky business?

    By Magdalena Ramada

    High-stakes technologies like blockchain introduce a myriad of risks to a variety of industries. Are these blockchain-related risks insurable? Read the article

  3. 4 Essentials for effective security awareness training

    The human element remains an overwhelming cause of cyber risk, prompting security managers to invest more in security awareness training. However, in order to be effective, organizations need to get creative. Read the article

  4. How public entities can combat cyber risk: An integrated approach across people, capital and technology

    By Sou Ford and Jason Krauss

    Cyber risk is a growing concern from the public sector, especially in the wake of recent high-profile news events. Combating cyber risk requires a multi-faceted approach. Read the article

  5. Emerging, high-stakes, cybersecurity litigation and investigations risks are upending the legal landscape

    By David Quinn Gacioch, partner, and Natasha Dobrott, summer associate, McDermott Will & Emery LLP

    Technology companies face more complex risk management challenges as they have evolved from primary provider of hardware and software to on-demand service providers. The expansion of IoT devices and cloud solutions call for proactive realignment of risk management strategies to align with new potential threats. Read the article

  6. Subrogation and cyber extortion: Real threats, real insurance recoveries

    By Dan Twersky

    The stories of two companies that were impacted by cyber incidents and how they persevered with support from the Willis Towers Watson FINEX Claims & Legal Group. Read the article

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