Cyber risk is the industry’s biggest opportunity in 2017, but also its biggest challenge. 2016 was a record breaking year in the cyber insurance space. The cyber insurance market is set to reach $14 billion by 2022. This is an opportunity for insurers and reinsurers to innovate their cyber insurance products that manage various degrees of risks and cover cost-associated to data breaches, credit monitoring, forensic investigations, reputation management, and business interruption.
Increased cyber risk awareness among executives and high cyber-related losses have boosted the level of its importance in the market. As a result, the insurance and reinsurance providers of the cyber insurance industry have taken this opportunity upon themselves to secure higher margins. For property-casualty insurers, the expanding Internet of Things (IoT) will continue to open up new horizons for both personal and commercial lines carriers. Given the speed of connectivity that drives business, everyday life, and the likely gaps in protection, it’s inevitable that cyber breaches and ransomware will become more widespread. As our world becomes further connected through the IoT and more businesses switch to intangible assets, insurers will need to respond by further mitigating evolving exposures, while, providing new yet beneficial products to meet the emerging needs of their clients. After all, any size cyber breach is a threat to an organisation’s brand and reputation.
This forum will address the topics of cyber risks, emerging risks, and the changing risk landscape.
Moderator
Dr. Paul L. Walker, James J. Schiro / Zurich Chair in Enterprise Risk Management & Exec. Director, Center for Excellence in ERM, St. John's University
Speakers
John Farley, Vice President and Practice Leader, Cyber Risk Management Services, HUB International
Adrian Scott, Global Head of Cyber, Pen Underwriting
Tracey Vispoli, President, Berkley Cyber Risk Solutions, a company of W. R. Berkley Corporation
To register contact:
alana.gutierrez@euromoneyny.com