Cyber Insurance - Part 2

We welcome all members & guests to attend a lunch time seminar which will be presented by Rajen Rajput from Matson Driscoll & Damico UK LLP.

Please note that at this seminar, tea, coffee and pastries will be available but the usual finger buffet will not be provided at this seminar and future seminars. This is in order to save costs and enable us to continue to provide these free seminars to our members and non-members. We will hope you will understand that this is being done to benefit members and allow us to continue providing these seminars on a regular basis

About the speaker

Rajen Rajput has a financial and technological background and has 12 years’ experience in the insurance industry. 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, fidelity, aviation, property, lost profits and financial services.

Overview

This is the follow up seminar to the well-attended first part held on 22 May 2019. It will expand on the issues faced by policyholders after suffering a cyberattack and on the impact of extra costs and business interruption losses.

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”), phishing or ransomware and they can have serious damaging effects on a business.

The increase in high profile cyber-attacks such as the WannaCry and NotPetya malwares is coinciding with an upward trend in policies being written for cyber protection. According to AON, the estimated global gross written premium in the cyber market was approximately USD 2.3bn in 2016 and has shown annual growth rates of circa 30% in recent years.

This seminar explores cyber insurance from a claims point of view and provides material on this relatively new but rapidly growing market. The material includes potential damages to a business both insured and uninsured, issues when calculating losses flowing from cyber-attacks and the methods of attacking a business’s IT infrastructure.

Learning Objectives

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

• the effects on a business from a cyber breach;
• business interruption losses flowing from cyber incidents;
• subjectivities of business interruption;
• appreciation of the possible magnitude of economic damage from a cyberattack including aggregate risk;
• interpretation of cyber risk policies.

The presentation is available here: