This session at the NetDiligence® Cyber Risk Summit provided a basic understanding of blockchain technology and its potential application to the insurance industry. Speakers included: Neeraj Sahni, Senior Vice President, Willis Towers Watson Cristina Dolan, Co-Founder & COO, iXledger Meghan Hannes, Vice President, Cyber Product Leader, AXIS Scott Diamond, Managing Partner, Chicago Digital Asset Network Stephen Palley, Partner, Anderson Kill Blockchain technology is a way to record transactions chronologically forming an immutable chain, providing an audit trail for digitized assets. There is no central point of failure, with data distributed in nodes (so many multiple points that it is impossible
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The collection and potential loss or misuse of biometric information can expose organizations to privacy liability. This session at the NetDiligence® Cyber Risk Summit provided an introduction to biometric information collection and issues related to privacy laws when using biometric data. Speakers included: Ernest Koschineg, Partner, Cipriani & Werner Chris Dore, Partner, Edelson Julia Jacobson, Partner, K&L Gates Matthew Webb, Chief Underwriting Officer, Hiscox Serge Jorgensen, Partner & Chief Technology Officer, Sylint An individual’s biometric data includes unique identifiers such as fingerprints or facial geometry. Since an individual’s biometric data is both unique and irreplaceable – unlike a social security
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This session at the 2018 NetDiligence® Cyber Risk Summit discussed the need for improving collaboration between the insurance industry and government and how that can lead to a common cyber good. Speakers included: Ronald Raether, Partner, Troutman Sanders Scott Kannry, Chief Executive Officer, Axio Global Wyatt Hoffman, Research Analyst, Carnegie Endowment for International Peace Fundamentally, government has a vested interest in having a robust insurance market for cyber to create best practices and stomach the losses. There are still boundaries to be broken down, however, related to the relationship between government and the insurance industry. There are different layers to
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Understanding how policies intersect around cyber coverage and claims can help guide proper placement. This panel discussion at the 2018 NetDiligence® Cyber Risk Summit provided opinions on where the gaps and overlaps in cyber policies lie so that coverage can be developed to match the business need. Speakers included: Meredith Schnur, Senior Vice President, USI Christina Terplan, Partner, Clyde & Co John Coletti, Chief Underwriting Officer, XL Catlin Nick Economidis, Underwriter, Crum & Forster Shannon Groeber, Senior Vice President Cyber/E&O Practice, JLT Specialty Is reputational harm measurable and covered in cyber policies? Sometimes. For instance, if you have a business
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Understanding current cyber claim trends can be extremely helpful in assessing the cyber risk of a potential policyholder. This session at the 2018 NetDiligence® Cyber Risk Summit explored results from the most recent NetDiligence® Cyber Claims Study and the Verizon Data Breach Incident Response Report. Speakers included: John Mullen, Partner, Mullen Coughlin Beth Diamond, Head of Third-Party Complex Claims, Beazley Brad Vatrt, Assistant Vice President, AIG Chris Novak, Global Director, Threat Research Advisory Center, Verizon John Spiehs, Assistant Vice President, AXIS Mark Greisiger, President & CEO, NetDiligence® The NetDiligence® Cyber Claims Study, which analyzed over 1,200 claims in 2018, uncovered
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The opening keynote session at the 2018 NetDiligence® Cyber Risk Summit highlighted the state of the cyber risk industry as we see it today. Speakers included: Josh Shapiro, Attorney General, Commonwealth of Pennsylvania Josh Ladeau, Senior Vice President, Head of U.S. Cyber, Aspen Insurance There has been some interesting commentary in the market regarding cyber being unchartered territory. It is the great unknown. And it is probably going to get worse before it gets better, so this industry will be challenged. That being said, the concept that “nobody knows what they are doing” is a misconception. This is new, but
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At the 2018 National Council of Self-Insurers Annual Meeting a panel of employers discussed workers’ compensation tips. The panel was: Rob Quast – Director of Risk Managment, Kroger Janet Kral – VP Risk Management, Nordstrom Zoe Zinn – WC Program Manager, Packaging Corporation of America Max Koonce – Managing Director, Sedgwick (Moderator) What is your overall culture toward risk? Customer obsessed. We expect our employees to always be thinking about our customers first and what is best for them. Our self-administered claims team views our injured workers as their customers too so we are giving them the same treatment we
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At the 2018 National Council of Self Insurer’s Annual Meeting, Max Koonce from Sedgwick talked about issues facing self-insured employers now and into the future. The very definition of employee and injury are changing. A recent Supreme Court case in California dramatically shifted the definition of who is an employee (vs independent contractor). The courts are also increasingly allowing claims where the actual “injury” was an aggravation of preexisting conditions. These two fundamental shifts are having a significant impact on workers’ compensation. Issues Discussed: Reacting to catastrophes: Every employer should have a disaster recovery plan on how they will keep
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At the 2018 National Council of Self-Insurers Annual Meeting, Ivan Diaz from Walt Disney Company talked about their safety efforts. Safety has always been a core part of Disney’s culture at their theme parks. If you look back at the letters that Walt Disney himself sent to new employees at Disneyland back in the 1950s, it included a mention of the importance of safety. The Safety Charter at Disney is that “no one gets hurt”. Your safety program needs to focus on more than just compliance with regulations. While it is very important to comply with safety regulations, your safety
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This session at PRIMA’s 2018 Annual Conference featured the following speakers: Richard A. Spiers, CPCU, ARM, ARe Attorney Samuel C. Hall, Jr. Federal and state laws, with input from the ACLU,  are evolving regarding the information collected and stored by cameras. When the cameras should be turned on is another media topic. In addition, issues are arising regarding how body cameras can support workers’ compensation claims made by officers. Improvements in technology have been surging upward and body cameras will soon have the ability to automatically activate and include real-time facial recognition technology. Automatic Activation was implemented to avoid concern
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