Is cyber insurance keeping up with the (ever-changing) cyber threat?
Held on Thursday, April 12, 2018
With support from K&L Gates
Shannan Fort (Aon)
Matt Ford (Accenture)
Sarah Turpin (K&L Gates)
Joe Ahern (ABI)
Petya, WannaCry, worms, viruses, DoS attacks… It is a new world for financial services firms – and for the insurers who have traditionally offered more-or-less adequate cover for the risks that such businesses face. Now, we face risks we really don’t (or perhaps cannot) understand – risks that can snowball across a range of firms (or geographies), risks that may be explicit or may be hidden in the existing policies.
Clearly, cyber is a new risk, and cyber insurance is a new market – but a very fast growing one. According to the FT, 17 insurers were selling cyber cover in 2007; now, there are at least 65 – and (it is said) the market is heading to $10bn. Are markets keeping up? The market is said to be (very) profitable today; will it remain so – or will it be blindsided by some event (or series of events) that the industry failed to pick up on?
And how does what is happening in London fit into a wider context? Are we still market leaders? Or are our friends in the US and across the Channel about to eat our lunch?
All real issues – real problems, and perhaps real opportunities. To discuss where we stand, and where the cyber insurance industry ought to be going, I am delighted that we have been able to put together a distinguished panel:
- Shannan Fort is the cyber product development leader at Aon here in London, and a member of Aon’s Global Broking Centre specialising in cyber and professional indemnity placement.
- Matt Ford is a CISSP and CISM qualified senior manager at Accenture, focusing on finance and risk technology (particularly strategic security).
- Sarah Turpin is a partner with K&L Gates, focusing on insurance coverage – including cyber/technology risks.
- Joe Ahern is a policy advisor in the general insurance team at the ABI, who currently leads the Association’s policy work on cyber insurance.
This is an enormously important area, one that is still insufficiently understood. If you (or a colleague) would like to join us for what I am sure will be a lively discussion – and perhaps add your own thoughts – please let us know by emailing firstname.lastname@example.org or phoning the Centre (0207 621 1056). As usual, thanks to K&L Gates, there will be wine and sandwiches to keep us going.