Cyber-crime is not new, but as the methods of nefarious actors have become more sophisticated, the defensive capabilities of organizations have failed to keep pace. Cyber-attacks on organizations show no signs of abating, they are becoming increasingly indiscriminate in their targeting, with small and medium sized firms now as vulnerable as their larger counterparts. A recent report by Hiscox brings the scale of the problem into sharp relief as according to the study, cyber-attacks against organizations have surged from 38% to 53% in the last 12 months. Despite this surge, however, recent figures show that 68% of North American businesses have yet to purchase any form of cyber insurance.
Many are unsure whether they need a cyber insurance policy in the first place, as what is actually covered can appear confusing. For example, most commercial insurance policies that normally provide coverage for ‘business interruption’ are unwilling to accept claims for interruptions stemming from cyber-attacks (understandably). Whatever the reasons, it is clear that insurance carriers must provide a value proposition that is attractive enough to persuade customers of the merits of purchasing cyber insurance. To circumvent the lack of internal talent and expertise, many carriers are now turning to third party specialists, brokers and clients to deliver effective cyber insurance policies that customers at the heart.
To provide some clarity around the challenges of customer-centric cyber insurance, Insurance Nexus are hosting an exclusive webinar, “Customer-First Cyber Insurance: Why Collaboration with Brokers & Clients is Key”, on July 30th, 11am ET. We will be joined by subject matter experts including Kelly Castriotta (Regional Head, Product Development Leader, Allianz Global, Corporate & Specialty), Paul King (SVP & National EPS Technical Director, USI Insurance Services) and Michael Born (Vice President, Account Executive, Lockton Companies) to explore the most effective strategies for insurance carriers to collaborate with brokers and clients to build solutions bespoke to the needs of individual customers.
· Reducing customer risk exposure: Explore how to offer a suite of pre-breach services and control, i.e. workforce training to create a culture of cyber security within clients – prevention over cure!
· Making policy simple, minimize reputation loss: Simplify policy language to ease client and broker understanding of policy coverage terms. Match clients to their perfect policy and avoid loss of reputation
· Working with brokers to understand client risk: One size doesn’t fit all. Collaborate with brokers and clients to build cyber insurance products that match and evolve with the individual needs of a business, whatever the industry
· Discovering the future evolution of cyber insurance: Anticipate the evolving cyber threat landscape to hear how carriers will develop new products in-line with growing customer needs
· Kelly Castriotta, Regional Head, Product Development Leader, Allianz
· Paul King, SVP & National EPS Technical Director, USI Insurance Services
· Michael Born, VP, Account Executive, Lockton Companies
· Moderator: Christopher Frankland, Head of InsurTech Partnerships ReSource Pro
This webinar is being run in association with Insurance Nexus’ upcoming Cyber Insurance USA Summit 2019. The conference, which will welcome over 150 senior executives from across cyber, product, claims and business teams, will take place on November 4th and 5th, 2019, in Chicago, Illinois. For more information about this and other Insurance Nexus events, please visit the website: https://events.insurancenexus.com/cyberusa/ or contact Kamilla Rakhmat directly.
Dovile Nastopkaite | Media Relations
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