The Growing Web of Cybersecurity Insurance

The Growing Web of Cybersecurity Insurance: It’s almost impossible to fathom driving without car insurance. It’s our safety net for worst-case scenarios and peace of mind when we click in our seatbeltplus, illegal to go drive without. In the last two years, cyber attacks have become as feasible for companies as car troubles are for Americans, so businesses across the world are arming themselves with protection reports The Economist.

But unlike the clear damage from a fender-bender, the damage assessment–and the subsequent price to mitigate itin the digital space isn’t so cut-and-dry. It is no secret that all software contains some bugs, but only few will infiltrate a company’s security. Many can sit dormant until a hacker begins working his or her dark magic, creating new and thus-far immeasurable effects.

Even more compelling, however, is that many cybersecurity attacks do not happen independently of each other, making insurance pricing and coverage even murkier. In the case of car accidents, a three-car pile-up on the Long Island Expressway has no bearing on a side-swipe incident on the New Jersey Turnpike. The internet isn’t so simple.

“Insurers build that independence into their risk models and depend upon it in their calculations of the maximum they may have to pay out in a single year,” according to the article. “But a newly found flaw in software can make all users vulnerable simultaneously. Insurers fret that a single big attack could hit many of their clients at once. In the worst case, the value of claims might be more than they could meet.

Always Use Protection: If The Economist’s piece on the growing need and use of cybersecurity insurance wasn’t enough of a reminder to protect your data, we’ve got another important reminder for you. Today is National Data Privacy Day and, as marketers, we’re constantly leveraging everyone’s favorite buzzword, “big data,” to better reach our target audiences. But as the rules around data and the definition of personally identifiable information shift, it’s vital that we’re in compliance with the respective ethical and legal standards. Check out our blog on four tips for digital marketers in the age of big data.

We’re Still Wells Fargo: After admitting it created millions of accounts without customers’ permission in 2016, Wells Fargo has launched a new marketing campaign to improve its image and rebuild customer trust, writes Barron’s Ross Snel. Called “We’re Still Wells Fargo,” the facelift will include rethinking the iconic stagecoach emblem and working closely with the brokerage division to create new promotional materials like PowerPoints, business cards and more.

If this sounds familiar, it’s because it is. The bank attempted to reinvent itself with its “Re-Established” campaign in May 2018. Similarly, the goal was to showcase the “company’s commitment to re-establish trust with stakeholders and to demonstrate how Wells Fargo is transforming as it emerges from a challenging period in its history.”

“Re-Established means recommitting to our customers and team members, reaffirming support of our communities and re-inventing how we serve our customers through every interaction in new and improved ways,” said Jamie Moldafsky, chief marketing officer, in a company press release, “It is about holding ourselves to a higher standard and our unwavering commitment to become a better bank.”

At least they’re consistent.

Investing in our Youth: New Jersey announced its plans to incorporate financial literacy into its public education programs starting in September 2019. Students as young as 11- and 12-years-old will now be taught the value of a dollar as part of their curriculum, reports CNBC. With research backing the importance of learning money management at a young age, it’s surprising New Jersey joins just 17 other states in legally requiring financial literacy programs. A total of 28 states have “some” financial education standards for lower grades, according to the Brookings Instituteand it’s not because it isn’t necessary. Quite the opposite.

From CNBC: “About 1 in 5 children in the U.S. don’t meet baseline levels for financial literacy proficiency, according to the often-cited PISA 2015 Financial Literacy assessment. Only 10 percent are considered “top performers” capable of analyzing complex financial products and problems.”

Workaholics: Looking for a new club to join? A new religion to practice? An all-encompassing identity to proudly share with your brunch circle on Saturday afternoons? Welcome to “hustle culture,” as the New York Times’s Erin Griffith puts it in her piece, “Why Are Young People Pretending to Love Work?” For almost all Millennials, it’s a familiar taleearly morning Instagram posts of the office with the caption “#RiseAndGrind,” and the never-ending one-upping of how many hours you logged this week. Not because you’re complaining; you’re “changing the world” (right?).

But is the infatuation with burn-out culture purely convenient for those at the top? Or speaking to a larger, more universal craving for meaning in what we do? It depends on who you askbut Griffith is mincing no words: “If we’re doomed to toil away until we die, we may as well pretend to like it. Even on Mondays.”


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