2017 Cyber Claims Study

Wondering what the average cost of a breach incident was this year? Or which industry was the most affected by cyber events? We’re pleased to share the 2017 Cyber Claims Study authored by  NetDiligence.

The 2017 Cyber Claims Study is pivotal with extensive data-driven analysis distilled and modeled in three distinct measures: numbers of records, costs of breached, and per record costs. Notable in this year’s study, we have contrasted and compared datasets aggregated over the last four years.

The data graphics provided distinguish the rich and complex statistical material, successfully organizing a large collection of numbers and making comparisons between different parts of the data narrative.

In coming years, we will closely follow costs associated with exposures for companies that have a presence in the EU. The General Data Protection Regulation (GDPR) goes into effect in May 2018. This regulation applies to all EU member countries and companies based in those countries and any non-EU companies that process the data of EU citizens. The maximum fines for lack of compliance could be enormous—up to 4% of overall turnover/revenues or €20M, whichever is greater.

To download this whitepaper and to review our technology and life science library of whitepapers, visit our website resource library.

Safety First: Major Recall of Kidde Portable Fire Extinguishers

Earlier this month, the Consumer Product Safety Commission (CPSC) announced the recall of roughly 40.5 million Kidde portable fire extinguishers sold in the U.S. (37.8 million units) and Canada (2.7 million units).  The recall involves 134 different models manufactured between Jan 1, 1972 and August 15, 2017, including models that were previously recalled in March 2009 and February 2015. Kidde extinguishers are commonly sold for residential, vehicle and sometimes commercial use.

Background

This recall involves two styles of Kidde extinguishers – plastic handle and push-button Pindicator portable fire extinguishers.  The CPSC notes that these fire extinguishers can become clogged or require excessive force to discharge and can fail to activate during a fire emergency.  In addition, the nozzle can detach with enough force to pose an impact hazard.

There have been nearly 400 reports of failed or limited activation or nozzle detachment, including a 2014 fatality involving a car fire following a crash where emergency responders were unable to get a recalled Kidde fire extinguisher to work.  Extinguisher failure has also resulted in approximately 16 injuries including smoke inhalation, minor burns and approximately 91 reports of property damage.

Replace your Extinguisher

Consumers can immediately contact Kidde to request a free replacement fire extinguisher and to obtain instructions on returning the recalled unit, as it may not work property in a fire emergency.

Insurance Journal Careers Contest

What’s the coolest part of your insurance job? Insurance journal wants to know!

Insurance Careers Movements has partnered with Insurance Journal to launch a careers contest aimed at insurance professionals who are 40 years old and under. Contestants are encouraged to be creative in submitting photos and short videos to share their experiences!

Participants will be entered to win a prize drawing for a one-year all-access Insurance Journal Academy Membership and an Amazon Echo. The deadline is November 16 and winners will be announced on December 4.

For more information, check out the Insurance Journal careers contest article and view the Insurance Journal careers contest.

Craig Collins Speaking at KBA Conference

This week, Financial Services’ President Craig Collins is headed to Wichita for the Kanas Bankers Association’s 2017 Economic Outlook & Risk Management Conference. He will lead a discussion about current claims and close calls that are being reported to insurers. In addition, several loss prevention strategies will be presented, and will include information on corporate account takeover, wire transfer fraud, social engineering and Ransomware. If you are headed to this conference, be sure to attend this session on Tuesday morning!

OneBeacon’s Jennifer Weinstein Speaking at PLUS Conference

This year’s PLUS International Conference is taking place in Atlanta, GA from November 1-3, and team members from several OneBeacon businesses are looking forward to the networking opportunities and educational sessions taking place during the conference.

Jennifer Weinstein, Assistant Vice President Management Liability Claims, will participate in one of these sessions titled, “WARNING – The Internet May Be Hazardous to Employees!” This panel discussion will focus on how employers must be prepared to prevent and/or address a wide range of workplace issues arising out of the internet and social media – whether there are potential safety issues that happen in the workplace or concerns about privacy and employers using social media to find out more about employees or potential employees. The panel will address policies and procedures employers can institute to mitigate some of those exposures.

Stop by to hear the discussion on November 2!