07/06/2018

Cyber insurance and its increasing role in the industry

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In this featured article publish in June in the European Cybersecurity Journal, FERMA Board member Philippe Cotelle is drawing some first conclusions after more than 10 years of cyber insurance offering in Europe. A gap between supply and demand remains despite insurance capacities being available.

Capture ECJ Cyber Insurance Philippe CotelleThe key factors of the purchase decision are presented with a reference to the need for a strong cyber risk governance, as shown in 2017 by FERMA in the report "At the Junction of Corporate Governance & Cybersecurity".

The challenges for the cyber insurance market: SMEs, data, aggregation of risks and types of cover are calling for a new corporate client approach, bringing clarity, comparability and certainty.

All these topics will be adressed during the FERMA European Risk Management Seminar in Antwerp (Belgium) on 8-9 October.

One session will provide risk managers with tools to address the purchase of cyber insurance whereas a second session will see two exceptional guest speakers from Maersk and Telefonica sharing their experience of large-scale cyber attacks on their companies in 2017.

Risk and Insurance managers will have a third opportunity to develop their cyber skills with a practical and lively exercise  to quantify cyber risks through a hypothetical cyber catastrophic scenarios based on a fictional company.

Registration details of the Seminar are available here.