Cyber – From Risks to Claims – Including Business Interruption - 26th July 2019

Overview

Cyber insurance cover is primarily purchased by a business or group to reimburse the policyholder for loss of profits, reinstatement and additional costs following an attack or interference on its IT infrastructure. This interference can come from various forms including denial of service (“DoS”), distributed denial of service (“DDoS”), phishing, ransomware and also from non-malicious actions -they can have serious damaging effects on a business.

The increase in high-profile cyber attacks such as the WannaCry and NotPetya malwares is coinciding with an upward trend in policies being written for cyber protection. According to AON, the estimated global gross written premium in the cyber market was approximately USD 2.3bn in 2016 and has shown annual growth rates of circa 30% in recent years.

While this seminar is aimed at all insurance personnel, key benefits include: assisting brokers with knowledge to speak confidently with clients on the risks they face and why they may want to consider transferring those risks; advising underwriters on how the cyber crimes are being committed and the risks which face both SMEs and large corporations; assisting personnel involved in claims on what the financial and operational effects are on a business after suffering a cyber-attack.

This seminar’s material includes causes of why incidents are becoming more frequent and significant. The seminar also covers business interruption issues when calculating losses and discusses why this head of claim repeatedly forms the largest part of the loss.

Learning Objectives

By attending this event, delegates will be able to identify:

• the growing prominence of cyber crime as a risk to businesses
• the effects on a business from a cyber breach/incident
• Business interruption losses flowing from cyber incidents
• appreciation of the possible magnitude of economic damage from a cyber-attack including aggregate risk
• interpretation of certain cyber risk covers