See Credit Details Below
Overview
The cyber insurance market is again in the midst of a revolution as a result of large losses over the past few years, a rapidly evolving regulatory environment, unexpected court decisions on coverage, the war in Ukraine and anxiety in the board rooms of both insurance companies and insurance buyers.
The possibility of a broad event which might have a detrimental effect on large numbers of entities and essential services across economies and geographies is changing the perception of cyber risk amongst executives and the approach of the cyber insurance markets.
This session will review the types of losses that have been driving change, recent regulatory developments and the nature of the reaction of the cyber insurance markets. The session will provide guidance regarding what to expect as the marketplace evolves and advice regarding how to best respond to amendments to cyber insurance programs which are in development.
Topics to be discussed include:
- The magnitude of the cyber problem and recent cyber events [5 minutes]
- Increasing regulatory scrutiny [10 minutes]
-SEC
-BIPA
-State regulation
- State of the cyber insurance market [10 minutes]
-Size of the market
-Future of the market
- Anatomy of a cyber insurance policy [5 minutes]
- Key controls that are required by the insurance market [10 minutes]
- Evolving threats for policy holders [10 minutes]
-Rescission, misrepresentation, and inability to recover
-War exclusion and aggregation exclusions
- Cyber insurance, due diligence and representations & warranties insurance (RWI) [10 minutes]
Program Level: Update
Prerequisites: None
Advanced Preparation: None
Faculty:
Joseph Ehrlich
Brown & Brown Risk Solutions
Christopher Keegan
Brown & Brown Risk Solutions
Robert Parisi
Munich RE