Protecting Data From Cyber Attacks to Headline National Risk Retention Association Conference

CHICAGO, IL--(Marketwired - Sep 16, 2014) - Leaders in the risk retention sector of the insurance industry will focus on cyber security as a major issue at the National Risk Retention Association (NRRA) conference, September 30-October 2, in Chicago.

"The threat from hackers penetrating private data on policyholders held by risk retention groups has grown tremendously over the last few years. No company is too small to be exposed to cyber attacks," said Sanford Elsass, NRRA chairman.

More than half the 250 risk retention groups in business today are engaged in some form of healthcare from physicians and hospitals to long-term care facilities. These policyholders have extensive databases of private information on thousands of individuals, which is at risk to cyber attacks. A major feature of the conference will be a panel of security experts who will advise attendees how to develop breach and recovery plans to protect their members.

The NRRA conference is the only national meeting devoted exclusively to risk retention and risk purchasing groups. RRGs were authorized under the federal Liability Risk Retention Act of 1986 to write liability insurance in all 50 states when licensed in a single state. Today, RRGs collectively generate more than $2.6 billion annual premium.

Another priority of the conference will be to chart a course for growth of the RRG sector in the face of increasing competition from traditional insurance companies. A major panel of economists, industry executives, and regulators will address how to navigate uncertain markets over the next few years. 

The conference program will include a variety of panels and workshop sessions devoted to managing risk retention and purchasing groups and regulatory compliance including: how to lower reinsurance costs, enterprise risk management, enhancing capital, compliance with new state regulations, and boards' best practices.

New York State Senator Neil Breslin, chairman of the National Conference of Insurance Legislators (NCOIL), will address insurance regulatory issues at the state level in a keynote speech. A panel of state regulators will respond to questions in a session, "Ask the Regulators."

The conference will be held at the Sofitel Hotel. Attendees may register for the conference and make hotel reservations on the NRRA website, www.riskretention.org.