CSL celebrates its 5th anniversary!

CSL Insurance recently celebrated our 5th anniversary.  To mark the occasion a number of insurers who have supported our clients over the last 5 years joined us aboard the British Pullman for a journey to Longleat in Wiltshire, the home of Alexander, the 7th Marquess of Bath. 

CSL would like to extend its thanks to all our clients and insurers for their support over the last 5 years and we look forward to working for and with you respectively in the future.

 
 

CSL Newsletter 006

Topics

  • Increased demand for cyber risk insurance;
  • Infographic providing the anatomy of a cyber intrusion;
  • Implications of FTC v Wyndham;
  • Cyber crime - brokers on the frontline; and
  • Cyber insurance market to triple to US$ 7.5B.


We are happy to share the sixth CSL newsletter containing selected recent cyber news articles which we believe may be of interest to you: CSL Newsletter 006.

We provide a summary of the areas of cyber exposure we can arrange cover for. Please click here to view.


Kindest regards,

CSL.

View our previous newsletters

Wishing you a very Merry Christmas!

CSL would like to take this opportunity to wish you, your families and colleagues a very Merry Christmas and a prosperous 2016.

2015 has been a very exciting year for CSL with additional staff members joining, the launch of a new website and an expansion into new products, such as Cyber Insurance.

Of course our clients and those we work with on our client's behalf are at the heart of what we do and we thank you all for your continued support. We look forward to working for and with you in 2016 and beyond. 

Kindest regards,

CSL.

As hackers go wild, cyber insurance gets expensive

An interesting video overview of the current cyber insurance situation.

"Attacks on U.S. banks, retailers and other major companies have led to skyrocketing cyber insurance premiums. Reuters Jim Finkle explores the effect hackers are having on the relationship between the insurance industry and some of their biggest corporate customers."

Article: Reuters - "As hackers go wild, cyber insurance gets expensive"

US and UK to test how regulators react to a cyber attack in the financial sector

The United States and Britain will test later this month how its regulators would respond if their financial sectors suffered a major cyber-attack or broader IT problems, a British official said on Monday.

"Businesses on both sides of the Atlantic have shown vulnerability to hacking. Just last month, hacking attacks threatened to compromise the data of 4 million customers of British telecoms company TalkTalk and 15 million clients of T-Mobile US Inc."

Article: Reuters - "U.S. and UK to test financial cyber-security later this month"

CSL presents at Cybercrime Conference in Gibraltar

The Conference took place at the Caleta Hotel 

The Conference took place at the Caleta Hotel 

Mr Myrtle of CSL "highlighted the importance of cybercrime-specific insurance in helping businesses recover from a cyber-attack. He referred to incoming EU legislation aiming to make businesses responsible for informing all of their customers of a breach that may have compromised their personal data that the business held about them in addition to and as well as potential fines, irrespective of any quantifiable monetary loss".

Article: GBC- Gibraltar News: Cybercrime conference highlights "huge increase" in cyber-attacks

Allianz specifically raise Cyber protection as "a major concern" in their Safety and Shipping Review 2015

Allianz have made reference to the lack of Cyber protection as a major concern in their annual review of the state of the maritime insurance industry:

"Dependence on e-navigation, the interconnectivity of the maritime sector, the current low levels of cyber security awareness and – longer term – the prospect of unmanned ships, means ships and ports could become enticing targets for hackers in future. A cyber-attack could result in a total loss, leading to substantial insurance claims for hull, cargo and protection & indemnity underwriters. It could even involve multiple vessels from the same company. Companies must simulate potential scenarios and identify appropriate mitigation strategies."

 Source: Safety and Shipping Review 2015 (PDF)

Demand for cyber risk insurance market on the rise

A substantial growth in the demand for cyber insurance in Europe is expected, subsequent to the new General Data Protection (GDPR) law, which is to be finalized by year end. The GDPR is expected to come into force by 2017 in all the EU member states, making data breach notification compulsory. It is likely that this will give more power to the regulators, along with an increase in penalties—up to $1.3 million or 2% of a company’s global annual turnover.

Source: PropertyCasualty360 (1 Oct 2015)

See also: Information Age: "New EU data law’s go-live date finally revealed – and why its costs will run into the billions" (12 Aug 2015)

 

 

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Announcement: Hugh Dunn joins CSL
 

CSL welcomes Hugh Dunn to its broking team with effect from 1st October 2015.

Hugh brings with him a wealth of experience gained over 40 years broking in the London and company insurance market.

Focusing predominantly on Hull, Liability and Marine Personal Accident insurances, Hugh can be contacted at:

+ 44 (0) 7974 939926
hd@cslinsurance.london

Kindest regards,

CSL.

CSL Newsletter 001 - Seasons Greetings

Christmas Message from CSL

CSL would like to take this opportunity to wish you, your families and colleagues a very Merry Christmas and a prosperous 2015.

We thank you for your continued support during 2014 and look forward to continuing to work for and with you in 2015 and beyond. 

From 1st January 2015, our website and email addresses will change to www.cslinsurance.london.

Craig Stansfield: cs@cslinsurance.london
Louise Bower-Wilson: lbw@cslinsurance.london

We invite you to visit our new website which incorporates the CSL newsletter and hope it is interesting and informative. We welcome your feedback and suggestions.


The CSL Newsletter

We are happy share the first CSL newsletter containing selected recent news articles which we believe may be of interest to you: CSL Newsletter 001.

Our aim is to send out a newsletter each quarter and we look forward to your comments.


Kindest regards,

Craig Stansfield
Director.