Cyber: From Risks to Claims – including Business Interruption

>> Event Overview

Cyber insurance cover is primarily purchased by a business or group to reimburse the policyholder for loss of profits and additional costs following an attack on its IT infrastructure. These attacks come in various forms including denial of service (“DoS”), distributed denial of service (“DDoS”) and most prevalent – ransomware, and they can have serious damaging effects on a business.

The increase in high profile cyberattacks such as those on the Colonial Pipeline or UK’s NHS is coinciding with an upward trend in policies being written for cyber protection.

While this seminar is aimed at all insurance personnel, key benefits include: assisting brokers with knowledge to speak confidently with clients on the risks they face and why they may want to consider transferring those risks; advising underwriters on how the cybercrimes are being committed and the risks which face both SMEs and large corporations; assisting personnel involved in claims on what the financial and operational effects are on a business after suffering a cyber-attack.

This seminar’s material includes causes of why incidents are becoming more frequent and significant. The seminar also covers business interruption issues when calculating losses.

>> Learning Objectives

By attending this event, delegates will be able to identify:

• the growing prominence of cybercrime as a risk to businesses
• the effects on a business from a cyber breach/incident
• Business interruption losses flowing from cyber incidents
• appreciation of the possible magnitude of economic damage from a cyber-attack including aggregate risk
• interpretation of certain cyber risk covers

>> More about our speaker

Rajen Rajput has a financial and technological background and has 14 years’ experience in the insurance industry of which the last 5 have been concentrated heavily on cyberinsurance. In 2007 he immediately began to specialise in Business Interruption claims and spent 8 years representing policyholders before moving to MDD as a forensic accountant.

Rajen has gained experience and knowledge from understanding claims from both a policyholder’s viewpoint and an insurer’s. Rajen has been involved in multi-million pound claims in addition to participation with smaller cases. He focusses on matters related to cyber, fraud and investigations, aviation, property, lost profits and financial services.