Speakers
Synopsis
Cyber insurance has become a contentious industry issue over the past 12 months. Major cyber event losses which occurred in 2022 resulted in the market hardening, leading to coverage restrictions and insurance terms becoming less available. Since then, the market has softened, and obtaining insurance is much easier. However, confusion remain for many organisations and it can be hard to examine objectively the benefits of cyber insurance and how it should fit into an overall cyber resilience strategy. This session will explore common issues that arise for organisations who are at an insurance crossroads and are balancing whether to obtain insurance or to manage cyber and technology risks through other processes.
To provide context, the session will examine key emerging trends in the industry and how cyber insurance and related products, such as IT liability insurance, have been impacted by recent local and global claim and loss trends. The session will also explore some of the common challenges organisations face when trying to assess insurance options, and how to answer underwriting questions and insurance proposals.
Guidance will also be provided on how to avoid limitations and exclusion language that can create uninsured losses and out-of-pocket costs, and how to assess whether insurance will provide proportionate value for money. Finally navigating incidents and insurance claims processes will be covered, including how to align cyber incident response plans with insurance notification obligations and how to choose between using an insurer incident response panel or the existing vendors with whom an organization has a relationship with.
