Concurrent Session A - Pulling Back the Curtain: The Future of Cyber Insurance presented at ICRMC 2019

by Greg Eskins, Ruby Rosenbaum,

Summary : 2017 was inarguably the most financially devastating year to date for companies who experienced a cyber breach. Around the world, these incidents resulted in the loss of billions in market capital, the firing or resignation of CISOs and CEOs and large scale government investigations. In a 2018 global survey by the Ponemon Institute, IT security practitioners were more pessimistic than in past years about their ability to protect their organizations from cyber security threats. Yet, despite this apparent increase in the frequency and severity of cyber losses, the cyber insurance market has continued to grow and evolve. This session will consist of a candid conversation concerning the state of the cyber insurance market, the evolution of underwriting cyber risk, the convergence of coverage, and cyber claim trends. More specifically, we will talk through key considerations in building an effective insurance portfolio (including information about the limitations of insurance), dispel the myths concerning coverage and claims, and share our insights from both an underwriting and broking perspective.