Cyber Catastrophe: Are You Prepared?

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Insurance Insider

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Insurers are well versed in managing natural catastrophe risk, but are they ready to manage a cyber catastrophe? As the world continues to become more digitally connected, the risk of a cyber catastrophe event is increasing. Unlike most natural catastrophes, a cyber attack has the potential to spread beyond a specific location and may also grow over time. A scenario such as a 1 in 250-year Wiperware attack (a malware-based attack designed to permanently delete or corrupt data on targeted systems) impacting the U.S. would see losses exceeding US$14 billion, surpassing the current global cyber insurance premium, according to Moody’s Insurance Solutions Insured Exposure Database. How are insurers preparing to manage such an event? Join Insurance Insider, in partnership with the Insurance Solutions team at Moody’s, for a free webinar, 10:30 EDT/3:30 BST, July 11, as we explore what insurers should be doing to prepare for a cyber catastrophe. Discussion questions include: --Possible scenarios: What could a cyber catastrophe look like? --How are cyber models evolving? --How to accelerate growth in the cyber insurance market? --What role can cyber ILS play? --How to manage challenges, including potential capacity constraints with incident response? --Would a cyber catastrophe threaten the solvency of the cyber insurance market? --How would the cyber war exclusion impact the market? Speakers: Damini Mago, Cyber Risk Expert, Moody's Simon Dejung, Chief Underwriting Officer, Global Cyber & Technology, AXIS Oliver Brew, Cyber Practice Leader, Lockton Stephan von Watzdorf, Head Cyber Centre of Competence, Swiss Re Moderator: Meg Green, Senior Editor, Insurance Insider
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