Managing third party supply chain cyber risk

In this IIL cyber webinar, Cameron Carr, Neil Hare-Brown and Andrea Garcia-Beltran identify the most important cyber risks posed by third-party suppliers to your client’s organisation, the likely impacts and policy response by reference to recent loss events, the breadth of cover as perceived by underwriters and brokers, any anticipated changes in the near future and how clients can mitigate the risk to protect themselves and avoid the events leading to policy notifications.

As the cyber risk landscape evolves, companies are focusing more on the cyber risk presented by their third-party suppliers. There is a greater appreciation that this risk can be harder to control but can introduce unforeseen vulnerabilities into a company’s cyber risk profile. As recent cyber events arising from incidents originating from third-party suppliers illustrate, it is important to understand the nature of third-party supplier risk, the impacts they can cause and how an insurance policy will respond to those cyber events/impacts.

The availability and breadth of coverage can depend on an underwriter’s appetite for the risk as it is understood by the client and mitigated where possible. This emphasises the importance of due diligence of third-party suppliers, proper contractual obligations on them, and protections for the company, along with measures the company can take to its own networks and processes to minimise that external vulnerability.

Learning objectives:

• Understand the risks posed to policyholders through cyber events impacting suppliers
• Review the typical policy response to supply cyber events provided through cyber policies today in the context of recent loss events
• Discuss the arguments relating to the scope of existing cover and how it might be changed in future
• How can your clients mitigate this risk, making them more ‘insurable’ for underwriters and potentially avoid the event

Chair: Charlotte Peniston, International Wholesale Cyber & TMT Leader, WTW

Please contact Patricia Pedraza (020 7397 3911) with any queries regarding this event.

You will be sent a confirmation email shortly after booking. If you have not received this within one hour, please contact Patricia Pedraza (020 7397 3911).

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