Cyber Risk and Insurance

Estimates as to the true cost of cybercrime and cyber espionage vary widely according to which report you read but what is clear is that cyber crimes will often go unreported as companies attempt to conceal losses in order to protect brand and reputation. Conversely, many organisations are being breached on a daily basis and remain blissfully unaware that they have fallen victim to an attack since they have no means to detect them.

With a large majority of companies having either insufficient or no cyber insurance in place at all, the risk of catastrophic financial damage to both small and large enterprises alike is extremely high. Yet many organisations are unclear what they are buying with many off-the-shelf cyber insurance policies being a long way off from covering all costs associated with breaches, companies need to understand what an effective policy looks like, what they are covered for and where they are still exposed.

Cyber Insurance – what companies need to know will educate companies on the current cyber threats affecting organisations today and will equip them with the knowledge they need to select the most appropriate policies for protecting their businesses, assets and reputation. It will assist companies in evaluating their own needs by asking such questions as:

Does your organisation have the people or experience to effectively manage a data breach incident?
How should your organisation decide whether investment in cyber insurance should be part of your security strategy?
Ahead of impending legislation, how can your organisation reduce the significant costs resulting from a data breach incident?

Who should attend

Security managers and advisors
IT experts
Risk managers and consultants
Insurance buyers
Insurance professionals
Private practice lawyers and in-house counsel
Anyone wanting a better understanding of
where their organisation may be vulnerable to cyber risks

Benefits of attending

Evaluate what a good cyber insurance policy looks like
Understand the ramifications of a serious data breach and how it could affect your organisation
Gain insight into whether your workforce could be opening the door to IP thieves
Learn what you are covered for and where there are gaps
Question experts in a relaxed environment on the round table discussion groups
Evaluate the third party risks posed to your organisation through your supply chain
Gain insight into social media profiling and corporate liability

Session One. The Risks.
08.15	Refreshments, registration and exhibition
08.55	Conference organiser`s opening remarks
09.00	Welcome from the Chair
09.10	The Current Threat Landscape PDF Presentation Major IT trends Cyber-risk evolution Attackers, targets & objectives Vulnerabilities, impacts & Consequences Challenges around sharing breach and security data From Cyber-dependence to Cyber-Resilience Laurent Heslault, Director, Security Strategist, Symantec
09.35	An Insurance buyers perspectives Which exposures are of most concern to insurance and risk managers? What does the insurance market offer to protect against these risks and where are the gaps? John Hurrell, Chief Executive, Airmic
10.00	Securing your supply chain and vicarious liability What is an information classification system and why are more companies using them? Evaluating third party risks posed to your IT network Assessing the provision and limits of cover throughout your supply chain Challenges around unencrypted media in the control of your suppliers Analysing your culture of interacting with suppliers and customers and determining ‘at risk’ behaviour’ What does a good security and risk assessment look like when vetting third parties? Ollie Whitehouse, Technical Director, NCC Group
10.25	Cloud computing – the perceived and real risks The benefits and risks of cloud computing and how this is still evolving Hacking the cloud and security breaches Inadequate recovery or loss of leaked data What risk management precautions should be considered when implementing cloud computing? Craig Balding, Managing Director, Group Head of Cyber Security Risk, Barclays
10.50	Questions
11.00	Refreshment Break
Session Two: THE GOVERNMENT
11.25	Government guidance for business on tackling cyber threats Giles Smith, Deputy Director for Cyber Security and Resilience, Department for Business, Innovation and Skills (BIS)
Session Two: CYBER INCIDENT AND BREACH SCENARIOS
12.05	This session will analyses a range of scenarios focusing on cyber related incidents and their predicted outcomes. A panel of experts will discuss and debate the potential threat and resulting losses to first and third parties, including potential laws which would come into effect, how the losses might be quantified and the extent to which insurance could compensate. The audience will be invited to participate throughout the session with questions. Scenario One – Cyber criminals monitor traffic during an M&A Scenario Two – A public sector organisation fails to manage a data security breach incident Scenario Three – The impact of a long-term data breach accessed via an unencrypted portable device used by a travelling employee Scenario Four – Social media liability risk Scenario Five – The implications of a major cloud provider losing all data
13.00	Lunch
Session Four: INSURANCE
14.00	PANEL SESSION: What is being sold and what trends are emerging in buying habits? How is the insurance market evolving to keep pace with changing cyber threats? What does an effective cyber insurance policy look like? How is policy wording changing? Differentiating standard business risks from cyber insurable risks The scope for custom designing cover Who is making cyber cover purchasing decisions? Security controls which will reduce your premium What measures are expected of companies to reduce their risk? At what point could your organisation’s computer security be classed as negligent? Fines and penalties What separates competitive insurers? The future of the cyber insurance market Lisa Hansford Smith, Senior Underwriter, Cyber, Tech & Media, XL Catlin Richard Hodson, Head of Technology, Arthur J. Gallagher
14.45	PANEL SESSION:What claims and losses are arising and how are these impacting the companies involved? Which cyber security incidents have had the most profound impact on claimant and insurer to date? How is the market likely to respond to a substantial cyber attack? Phil Mayes, Head of Technology and Cyber Underwriting, ANZ Rossella Bollini, Senior International Underwriter, Beazley Ben Hobby, Director, RGL Forensics Jillian Raw, Partner, Kennedys
15.15	What changes should companies be implementing ahead of the EU’s data protection regulation and how will this impact the insurance market? What impact is mandatory breach reporting likely to have on uninsured companies? Hans Allnutt, Partner, DAC Beachcroft Sandra Cole, UK & International Claims Counsel, Beazley
15.20	Questions
15.30	Refreshment Break
Session Five: ROUNDTABLE SESSIONS
16.10	Ten round-table sessions will take place simultaneously. The round table sessions are designed to encourage discussion in smaller groups on a range of topics. Delegates will participate in 2 thirty minute round table discussions during the course of 1 hour
17.10	Chair’s closing remarks
17.15	Close of conference

Peter Warren

Cyber Security Research Institute

Laurent Heslault

Chief Security Strategy, Symantec

John Hurrell

Chief Executive, Airmic

Ollie Whitehouse

Technical Director, NCC Group

Giles Smith

Deputy Director for Cyber Security and Resilience, Department for Business, Innovation and Skills (BIS)

Raj Samani

VP, CTO, McAfee EMEA

Dan Solomon

Director - Cyber Security Services, Optimal Risk

Chris North

Head of Information, Security, Gazprom Marketing and Trading

Dan Trueman

Head of Cyber, Novae Group

Lisa Hansford Smith

Senior Underwriter, Cyber, Tech & Media, XL Catlin

Richard Hodson

Head of Technology, Arthur J. Gallagher

Phil Mayes

Head of Technology and Cyber Underwriting, ANV

Rossella Bollini

Beazley Group

Ben Hobby FCA

Dip CII, Director, RGL Forensics

Jillian Raw

Partner, Kennedys

Hans Allnutt

Partner, DAC Beachcroft

Sandra Cole

UK & International Claims Counsel, Beazley

Brett Warburton-Smith

Partner, Lockton Companies LLP

Darren Argyle, CISO

Markit

Ilia Kolochenko, CEO

High-Tech Bridge SA

Graeme McGowan

Optimal Risk Management

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