Editorial Board   Guest Author

Mr. Farley

John Farley

Managing Director - Cyber Liability Practice, Gallagher

John Farley leads Gallagher's Cyber Practice developing and executing strategy for cyber insurance and related insurance coverage lines. He assists clients across all industries in navigating the dynamic cyber insurance markets as a means to cyber risk transfer while providing guidance on emerging regulatory risk, cyberattack techniques, cyber risk prevention and data breach cost mitigation strategies.

Mr. Farley is an industry-recognized subject matter expert in cyber risk management. He is also a frequent guest speaker and a published author with a 27 year track record in the insurance industry. Part of Gallagher since 2019, Mr. Farley gained valuable experience at other insurance brokerages including Marsh & McLennan, Wells Fargo Insurance Services and HUB International.

During his career Mr. Farley forged strategic relationships with cyber insurance underwriters, privacy attorneys, IT forensics investigators, and law enforcement. His extensive experience earned him a seat on an advisory board for the U.S. Treasury.

Mr. Farley served clients by facilitating cyber risk assessments to identify and remediate network vulnerabilities to portray clients in the most favorable light as they entered the insurance market. He also wrote detailed incident response plans and coordinated table top exercises that included live hacking demonstrations. He was also the main source of cyber risk education for clients by leading cyber risk education training programs.

Mr. Farley also was a lead data breach response resource for clients. He quarterbacked the response to over 400 cyberattacks involving social engineering schemes, ransomware infiltrations, Denial of Service attacks, vendor data breaches, employee negligence and rouge insiders. This experience drove Mr. Farley to recommend key changes to cyber insurance policy forms to broaden insurance coverage for clients in the face of ever-evolving and sophisticated cyberattacks.

Please visit http://www.ajg.com for more information.

Mr. Farley can be contacted at +1 212-349-6600 or john_farley@ajg.com

Coming up in October 2019...

Revenue Management: Focus On Profit

Revenue Management is still a relatively new profession within hotel operations and as such, it continues to evolve. One significant trend in this area is a shift away from using revenue as the foundation to generate key performance indicators (KPIs) and to instead place the emphasis on profit. Traditionally, revenue managers have relied on total revenue per available room (TrevPAR) and revenue per available room (RevPAR) as the basis of their KPIs. Now, some revenue managers are using gross operating profit per available room (GOPPAR) as their primary KPI. This puts profit at the center of revenue management strategy, and managers are increasingly searching for new ways to increase the profitability of their hotels. Return on Investment is the objective of any hotel investment, so it is only logical that profitability and ROI will be emphasized going forward. Another trend is an expanded focus on direct hotel bookings. Revenue managers know that one way to increase profitability is to steer guests away from online travel agencies (OTAs) and book directly with the hotel. This tactic also reinforces brand identity and loyalty, and encourages repeat business. In addition, it provides a valuable platform to market the hotel directly to the customer, and to upsell room upgrades or other services to them. Another trend for revenue managers involves automation in their software programs. Revenue management systems with automation are far more desirable than those without it. Automating data entry and logistics increases efficiency, allowing managers to spend more time on formulating strategy. As a bonus, an automated system helps with aggregating and interpreting data. The October issue of the Hotel Business Review will address these developments and document how some leading hotels are executing their revenue management strategies.