Mon 12 May 2014
Cyber insurance...it's going #viral!
The Insurance Institute of London's Young Members' Committee, in association with Swiss Re, held the first event of its 2014 Educational & Networking Programme to a full house in the Gherkin on 12 May. Cyber Liability is the talk of the 'Insurance' town right now and this looks set to continue with recent high-profile data breaches and corporate security exposures making the headlines. With the Cyber market constantly changing, this event aims to identify the key insurance issues, exposures and coverages affecting this developing market.
Leading experts provided valuable insights into the Cyber Insurance market by drawing on their own experiences
Joan D'Ambrosio (Partner, Clyde & Co) provided a legal perspective with her presentation covering the increase seen in data breaches, how they occur and the consequences of identity theft. Her presentation also covered the range of industries and information that is now being affected and looked at the levels of exposure.
Sir Edward Garnier (MP, One Brick Court) highlighted the risks arising out of the use of social media. He gave an overview of the current state of the law, pointing out that social media users were not exempt from complying with defamation law. He used the landmark McAlpine v Bercow case to show how relaying false allegations from the printed & televised media on Twitter could lead to a potential liability to damages.
In his presentation, Ben Maidment (Class Underwriter, Brit Insurance) explained the challenges of underwriting this type of business, illustrating this with examples such as the shortage of sound and accurate information which inevitably leads to difficulties in providing consistent and accurate pricing. During his presentation, Ben also covered IT security, risk management and compliance and emerging trends.
John Yeo (Director, Trustwave) provided the security assessment perspective by looking at what data is being compromised and how and who is detecting the breaches. John also explained what systems are being targeted and how this has changed over the years and provided some sobering statistics on how slow the detection rates are. John concluded by providing a summary of his observations on cyber security today.
This event was aimed at younger industry professionals aspiring to better understand Cyber Risk and insurance:
The presentations were followed by a panel discussion and Q&A session. Guests then enjoyed a networking reception hosted by Swiss Re.
By the end of this lecture members will have gained an insight into Cyber Risk and insurance:
- Better understanding of insurance, legal and security aspects associated with cyber risks
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