An Introduction to Cyber Insurance

Overview

Cyber risk is a growing issue for all businesses, so brokers and insurers need to understand the risks and insurance cover available. No two cyber policies are the same so this can be a complex area for insurers, brokers, and their clients to understand the cover offered. This session reviews the cyber risk insurance solutions available in this rapidly changing class.

It includes:

Coverage found in a typical cyber policy – data breach, BI, cyber liability, cyber-crime, issues of retro dates, social engineering limitations, industrial control systems, definition of BI indemnity periods and limit calculation.

Market developments -

hardening of rates, additional security and protection requirement, ransom payment issues., concern about group actions, implications of Lloyd v Google Supreme Court action.
Market innovation - parametric, stand-alone breach support, wrap policies, industry specific policies.

Learning Objectives

Understand the cyber risks covered in an SME cyber policy.

Be aware of key cyber insurance market developments and their practical implications for brokers and insurers.

Be aware of cyber market innovations and their potential use for clients.

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