Novae Links - Q3 2017
Welcome to 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
- Upcoming events
- Where we’re travelling to next
- About the Cyber team
This past quarter has been a busy and exciting time for us. Following the successful launch of our white paper with Oxford University,our team members have spent these past few months globe-trotting to a number of industry events including: RIMS 2017; The European Digital Insurance Summit; The Gibraltar Cyber Security Summit 2017 and the London and Philadelphia NetDiligence conferences to share their insight with attendees.
In April, we co-hosted a table top exercise with Lloyd’s America and Mullen Coughlin at the RIMS annual conference. The table top exercise, which was attended by more than thirty risk managers from numerous global organisations, demonstrated first-hand how cyber insurance can support businesses in the face of a cyber-attack. We have since repeated the exercise for our broking partners and their clients at the McGriff, Seibels & Williams, Inc. Atlanta office. We are currently in talks with various brokers to participate in a number of similar future initiatives so watch this space.
To kick-start the summer and show our appreciation to our valued cyber brokers, we took a break from the busy City streets to host a day of raft racing at the Lee Valley White Water Centre. More than thirty brokers attended the event which saw underwriters and brokers working alongside one another in teams for a day of raft building and racing followed by a BBQ on what was the hottest day of the year! We’d like to say it was a close match but James Creasy’s team rowed ahead to glory. View more photos of the day here.
We are also very pleased to announce that we have been shortlisted for two categories in this year’s Insider Honours. Jacqui Spencer-Sim has been shortlisted for young underwriter of the year and our on-going research with Oxford University’s Department of Computer Science and the Saïd Business School has earned us a spot in the shortlist for underwriting initiative of the year. Winners will be announced at the Insider’s ceremony at Old Billingsgate in September and we hope to see some of you there.
Thank you for your support this year, and we look forward to continuing to work together.
We are pleased to welcome two new cyber stars to our growing team. Stuart Quick has joined us as Breach Response and Cyber Operations Manager and Charlotte Evans as Assistant Underwriter. Find out more about our new joiners:
Where have you come from?
For the past two and a half years I have worked as a Managing Consultant and Programme Security Manager at IBM’s UK&I Cyber Security consulting practice. At IBM I was responsible for overseeing large scale security projects in the public and private sector and managing other IBM consultants and contractors.
What is your focus within the team?
My key focus is to build a best in class breach response service to support our products and customers. This will require developing vendor relationships, working closely with the claims team and designing and implementing the operational process and infrastructure to achieve this. I am also involved in product development and anything else Dan throws at me on a day to day basis…!
Cyber is pervasive – it impacts everything we do and wherever we are. It’s an incredibly exciting space that changes daily. In my role at Novae I get to apply the full breadth of my skills, knowledge and experience while remaining fully immersed in the world of information security, getting to be part of a fun and ambitious team.
Tell us an interesting fact about yourself?
I have travelled to over 50 countries.
Where have you come from?
I have transferred internally from Novae’s financial lines team where I spent three years specialising in crime, computer crime, PI and D&O liability insurance for financial institutions. My focus was on emerging market territories, US SME commercial crime and fund industries. Prior to joining Novae, I worked for Towers Watsons’ Crisis Management team where I had the opportunity to explore cyber risk alongside terrorism, K&R and political risk.
What is your focus within the team?
Having joined as Assistant Underwriter, I will focus on strengthening our cyber offering through utilising my experience of underwriting for financial institutions, as well as my understanding of Novae’s culture, processes and systems. With so many talented underwriters already on the team, I look forward to working closely with them to increase my understanding of cyber and progress my underwriting skills in this sector.
My background in crisis management and FI lends itself to the cyber market. It is also very exciting to be working in the cutting-edge market of our time, where underwriters are challenged to take an innovative and forward-thinking approach to utilising data and assessing new risks.
Tell us an interesting fact about yourself
I ran the Sierra Leone marathon last year with Street Child and was the charity’s highest fundraiser.
What have we been up to?
- 21 April - RIMS 2017: four members of the Cyber team travelled to Philadelphia to present an insider threat scenario table top exercise in conjunction with Lloyd’s America and Mullen Coughlin.
- 4 May - Lunch & Learn: PCI DSS Seminar: attendees engaged in a discussion on the history of PCI and the historic crimes that brought about today’s standards.
- 9 May - NetDiligence Cyber Risk Summit in London: Dan served as a chair member and moderated the Systemic Risk panel for the inaugural London conference.
- 10 May - Lunch & Learn: attendees engaged in a discussion on business interruption and complex calculation.
- 5 - 7 June 2017 - NetDiligence Cyber Risk & Privacy Liability Forum: Dan participated in a panel discussion on GDPR during the inaugural Philadelphia conference.
- 13 June 2017 - Gibraltar Cyber Security Summit 2017: Sharif and James travelled to Gibraltar to present on “The Business of Cyber Resilience and Risk Transfer” at the territory’s first cyber security event. The event was well attended by business leaders from online gaming and shipping as well as government leaders, including the Governor of Gibraltar and Gibraltar’s First Minister.
- 14 June - The European Digital Insurance Summit: Mike presented to 50 C-level leaders from numerous European insurance organisations on “Defining a Robust Cyber Security Strategy”. The invitation-only forum addressed some of the key challenges European insurance institutions are facing during this once-in-a-generation digital transformation journey.
- 20 June - Advisen Webinar: Mike formed part of the Advisen panel for “The Digital Ecosystem – How to Manage Cyber Effects on Your Supply Chain”. More than 340 professionals registered for the webinar which covered topics such as understanding supply chain risk management, cyber security threats surrounding the digital ecosystem and cyber risk management practices.
- 20 June - Lunch & Learn: Security by Design: Tim Nursall, Head of Technical Services at Net Defence, a leading UK cybersecurity firm, spoke with attendees on the fundamental aspects and evolution of an operational security programme and how to identify vulnerabilities via gap analysis.
- 21 June - Lee Valley White Water Centre: the Cyber team hosted an event for more than thirty cyber brokers which included a day of racing and raft building.
- 22 - 23 June - McGriff, Seibels & Williams, Inc. roadshow table top: Mike and Sharif presented to McGriff’s Atlanta office on “Innovation and the Development of the Cyber Insurance Market” and provided a tour of the dark web. Mike and Shariff also conducted a table top exercise on ‘The Insider Threat’ with Melissa Ventrone of Thompson Coburn for McGriff and its clients.
- 28 June - Dan took part in a panel during Lloyd’s Learning Week to discuss “Closing the Cyber Gap”.
Where we’ve been mentioned
- Insurance Day: Novae: Cyber insurance needs to be a better product: Dan speaks with Insurance Day’s Scott Vincent on the critical role data analytics will play in the development of future cyber products. Access to Insurance Day requires a subscription; for a summary of the article click here.
- Reactions: Cyber market evolution underway: Dan speaks with Reactions’ David Benyon on how the cyber market is evolving.
- Phish & Ships: Smart Phone and Mobile Device Security: Phish & Ships April newsletter contains a column from James explaining the steps mobile users should take to protect their data from cyber criminals.
- Best News: Novae Executive: Expanding Cyber Market May Hit Talent Snag: Dan speaks with Best News’ London editor, Bob O’Connor, on the potential for growth in the cyber market following the WannaCry attack. Access to Best News requires a subscription; for a summary of the article click here.
- Phish & Ships: Maritime Cyber Risk Insurance: Phish & Ships May newsletter contains a column from Michael on the need for a cyber product that can fill existing coverage gaps in the marine market.
- Insurance Day: “The Innovation Game”: Dan speaks with Insurance Day’s Michael Faulkner on the extent to which innovation is taking place in the London market and what is holding it back. Access to Insurance Day requires a subscription; for a summary of the article click here.
- Phish & Ships: Protecting Against Ransomware Attack: Phish & Ships June newsletter contains a column from Jacqueline, providing insight into the recent WannaCry ransomware attacks and risk management measures businesses should take to protect themselves.
- Breakbulk Magazine: Cyber Tsunami: Journalist Jonathan Di Rollo reports on the technology-based issues that are hitting the breakbulk and cargo project industry like a tsunami, with Sharif providing insight into business interruption loss.
2017 has seen the launch of our hugely popular ‘Understanding Cybersecurity & Insurance UCS-I’ course as well as our on-going series of Lunch & Learns, which provide the opportunity to engage in fun and insightful discussions on some of the hottest topics impacting our industry.
Upcoming Lunch & Learns
We have been asked to present on maritime cyber risks at the “Defence Strategic Cyber Awareness Course” which will be hosted by the Defence Academy of the United Kingdom.
We have been asked to present on cyber risk at the Andrew Beazley Academy in London and to work with them at their first Lloyd’s Boot Camp in Chicago.
- From 10 to 13 October Jacqueline will help organise and moderate a cyber-breach scenario for around forty risk managers and brokers at the NetDiligence conference in Santa Monica.
- A member of the Cyber team will be speaking at the fifth edition of the Privacy XChange Forum in Las Vegas.
- Following the success of our 2017 RIMS collaboration with Lloyd’s, we will a co-host a ransomware scenario at the annual FERMA conference.
Where we’re travelling to next
- 19 - 21 July: Dan in Boston
- 24 July: Jacqueline travelling to LA, New Port Beach, Irvine and San Francisco
- 21 August: Dan in Chicago
- 4 - 8 September: Jacqueline travelling to Wisconsin, LA and the RIMS conference in Las Vegas
- 11 - 15 September: Dan in South Africa
About the Cyber team
You can find out more about Novae’s Cyber team here. If you have a specific request in mind, or a topic you’d like us to discuss in the next edition, please contact us in one of the following ways:
Telephone: 0207 050 9000