Novae Links - April 2017
Welcome to the first edition of Novae Links, a quarterly newsletter from Novae’s Cyber team providing brokers with updates from the team along with special features on emerging vulnerabilities, regulations, news and events.
- What have we been up to?
- Where we’ve been mentioned
- What’s next
- Where we’re travelling to next
- About the Cyber team
We’ve had an exciting start to the first quarter. Thank you to all who attended the launch of our cyber risk and compliance white paper with Oxford University in February; it was great to see so many of you there and we hope you found it interesting and useful.
Novae Cyber Connect (NCC), our best in class product, has been a huge success and embraced by our brokers. We have already bound over $1m in premium and v1.2 has just been released. We also have a UK Insurance Act compliant endorsement available and we will be launching a SME wording shortly.
It’s also coming up to awards season and we are delighted to have been shortlisted for insurance team of the year at the Reactions’ London Market Awards in June and the following three categories in the Advisen Cyber Risk awards in June:
- Cyber Risk Insurer of the year (Novae)
- Cyber Risk Industry person of the year – London (Dan Trueman)
- Cyber Risk Innovation of the year (Novae partnership with Oxford University on risk controls and the real value of compliance)
Voting for the Advisen Cyber Risk Awards ends 19th May and we’d really appreciate your vote - please click here to vote for us.
The cyber unit at Novae believe that insurance alone cannot entirely manage cyber-risk. Much more needs to be done to understand the risk environment and reduce the potential damage to organisations that this threat can inflict. The threat posed by “cyber-attacks” must be answered through new collaborations to educate stakeholders, evaluate risk, test compliance, monitor the ever-changing threat environment, prepare and implement best in class crisis management plans in response to cyber-threats. Our approach must be holistic and this is what we are trying to achieve and promote. Thank you for all your support this year, and we look forward to continue working together.
The Cyber Unit @ Novae
What have we been up to?
- Created and ran a Table Top scenario to over 40 Aon brokers from across the globe
- Ran our first ‘understanding cyber insurance’ workshop which is 6 hours CPD accredited
- Presented at the Emergency Response College on cyber security run by the Cabinet Office
- Launched our cyber risk and compliance white paper with the University of Oxford
- Collaborated with MDD to host a Business Interruption ‘lunch and learn’ for 40 brokers focusing on the three different methods of calculations Novae uses in NCC
- Jacqui co-chaired Advisen London – one of the largest cyber conferences in the UK
- Dan and Jacqui moderated panels on the increased application of technology in the underwriting process and insurance buying trends and capacity at Advisen
As part of our commitment to collaboration, we have partnered with Oxford University to conduct research in cyber risk controls and compliance. The first white paper - The relative effectiveness of widely used risk controls and the real value of compliance - was launched in February and Dan Trueman and Professor Sadie Crease presented on how companies might look to manage and mitigate cyber risk.
Where we’ve been mentioned
- Phish & Ships: by-lined article on cyber security basics and an article on mitigating cyber threats in the shipping industry
- Insurance Day marine roundtable special report: contributed comments on the maritime sector’s vulnerability to cyber-attacks and how the risk can be managed
- MENA Insurance Review: contributed comments on cyber awareness in the MENA region and the human error aspect
- Reactions: contributed comments on the evolution of the cyber market
- Phish & Ships: talking cyber sense – by-lined article on GPS spoofing and threats to navigation
- Phish & Ships: talking cyber sense – by-lined article on smart phones and cyber security
- Insurance Day: interview discussing cyber insurance, data analytics and product development
- 24th April: we are partnering with Mullen Coughlin and Lloyd’s of London, to host a Table Top exercise at the Lloyd’s lounge at the RIMS annual conference in Philadelphia. It will explore how insurance can respond in a simulated cyber-attack caused by the insider threat.
Where we’re travelling to next
- 22th - 27th April: RIMS (Philadelphia) - Dan, Jacqui, Mike and Sharif attending
- 9th May: Net Diligence (London) – Dan presenting
- 18th - 26th May: Japan, Singapore and Hong Kong – Dan travelling
- 5th - 7th June: Net Diligence (Philadelphia) – Dan and James attending
- 7th - 8th June: New York – James travelling
- 7th - 9th June: Bermuda – Dan travelling
- 12th - 15th June: Advisen Cyber Risk Awards (New York) – Dan and Jacqui attending
About the Cyber team
You can find out more about Novae’s Cyber team here. If you have a specific request in mind contact us in one of the following ways:
Telephone: 0207 050 9000