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.
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!
In this month’s issue of Public Risk Magazine, Government Risks’ Kenny Smith talks about how to create and accomplish a successful risk management program. You can read the full article here beginning on page 16.
The completion of our acquisition by Intact Financial Corporation was announced this morning. We’re excited to officially be part of the Intact Financial Corporation family and to create a leading North American specialty insurer.
Read the full news release here>>
The Tennessee Bankers Association (TBA) hosts a number of member meetings this time of year, providing a setting for the TBA chairman and staff to talk about the initiatives and goals of the association. These meetings also provide great opportunities for colleagues to network and reconnect. This week, Craig Collins will kick off the meeting in Memphis. His seminar will focus on current trends in bond, D&O and cyber insurance, and how these trends affect community banks. We look forward to speaking to the TBA members this year!
When 3D printing technology emerged, there was immediate excitement within the life science community, which quickly imagined the many possibilities. Fast forward to 2017 and 3D printing has expanded to “bioprinting,” or the practice of manufacturing tissue and organs with materials that incorporate viable living cells. This almost unbelievable technique has enabled practitioners to test advancements in the area of reconstructive surgery, transplantation and more.
We are pleased to announce our OneBeacon Technology group’s newest whitepaper, which addresses this topic. Titled “3D Bioprinting – Printing for Life” and co-authored by our technology risk control specialists Tushar Nandwana and Steve Morkovsky, this reference piece defines bioprinting, discusses various current technologies and emerging applications, along with the associated risks and exposures.
To access of our full inventory of technology-focused whitepapers, visit our website.
As many of us prepare to celebrate July 4th, barbecues, swimming and fireworks are likely highlights! But while Independence Day celebrations can provide great summer memories, they can also be the most dangerous. Accidents can and do happen. So as the fun-filled weekend approaches, make sure you’re prepared for some of the risks associated with the holiday. Here are a few tips from our friends at Insurance Information Institute:
- July 4th is a popular vacation time and theft rates tend to increase as homes and businesses are left empty. Be sure to ask a trusted neighbor, person or service to check on your home or business while you are away.
- If you’re hosting a BBQ, make sure your grill is clean and located a safe distance away from your house.
- Keep children and pets away from open flames or grills; call 911 for serious incidents.
- If you’re around a pool, make sure young children are accompanied by an adult and that the proper protections are in place (e.g. fence).
- Check your pool or party area for potential accident hazards such as glass, electronics, toys, etc.
- Skip your own fireworks display and attend a local celebration.
Visit the I.I.I. website for more information and tips on grilling and pool safety.
Have a happy and safe Fourth of July!
This article is provided for general informational purposes only and does not constitute and is not intended to take the place of legal or risk management advice. Readers should consult their own counsel or other representatives for any such advice. Any and all external websites or sources referred to herein are for informational purposes only and are not affiliated with or endorsed by OneBeacon Insurance Group. OneBeacon Insurance Group hereby disclaims any and all liability arising out of the information contained herein.
OneBeacon Healthcare Group’s Sarah Logue and Linda McSmith are speaking at the 2017 Ambulatory Surgery Center Association (ASCA) conference in Washington D.C. this week.
Their session, “Protect Your ASC by Evaluating Its Insurance Coverages,” outlines key objectives and strategies to help evaluate current insurance coverages and considerations for the next insurance renewal season. Each insurance policy or coverage option that is signed offers an opportunity to protect a facility’s assets. Reconsider the way risks are looked at and treated in an ASC.
Thursday’s presentation will help demonstrate strategies for leaders to implement that may affect the way they look at and treat risks in their organization.
Senior Vice President and Risk Manager Patty Hughes is participating today on a panel titled, “Risk Managing Midwifery Practices,” at the New England Regional Healthcare Risk Management Conference in Mystic, CT.
The practice of Midwifery is thousands of years old and still evolving. In the U.S. there are Licensed Midwives, Certified Nurse Midwives, Certified Midwives, Certified Professional Midwives, Direct Entry Midwives and Traditional Midwives. According to the Midwives Alliance of North America, slightly more than 10% of births in the U.S. are attended by midwives. Midwives may practice in private homes, clinics, birth centers, and hospitals, and in addition to maternity care they provide primary women’s health care. The panel will examine the growing use of midwifery practices, the risk associated with them and potential strategies to mitigate risks.
Patty is also exhibiting at the conference, so be sure to stop by to say hello!
A.W.G. Dewar’s Chairman, Dana Tufts, recently received an award from the National Business Officers Association for Outstanding Support of Independent Schools. This award is given to individuals who have generously supported independent schools and their business officers. Dana quickly noted that the recognition was truly a team effort and that he accepted on behalf of the entire Dewar team. By receiving this award, it shows that the Dewar team has done an exceptional job developing strong relationships with their clients in the independent school industry.
Dana and his team are proud to accept this award, as Dewar has been a supporter of NBOA since its inception. Congratulations!
Click here for full article on Dewar’s achievement.