CYBERSEC Brussels Leaders’ Foresight is an exclusive, high-level meeting that aims to discuss the activities to enhance European cybersecurity preparedness and foster a competitive IT industry.

The central topics of the discussions will be based on the recommendations and key takeaways discussed during the 4th European Cybersecurity Forum – CYBERSEC that took place in Kraków, on 8-9 October 2018. The topics will refer to the cyberthreat landscape and its constantly evolving challenges, that in order to ensure the safe digital future, must be assessed by the stakeholders on a regular basis.

Philippe Cotelle, FERMA Board Member and Head of Insurance and Risk Management at Airbus Defence and Space, will be speaking at the panel discussion  ”ASSESSING DIGITAL RISKS: CYBER INSURANCE ON THE RISE ” from 11:00 am-12:00 pm

Click here to read FERMA’s Practical guide to help prepare for Cyber Insurance

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With the growing digitalization of the business processes in all sectors of the economies, the risk associated to their potential interruption is increasing. Traditional insurance products do not specifically define the nature of cyber risks and cyber-insurance market in many countries is still relatively small compared to other insurance products. The difficulty to quantify the risk of cyber threats and their ever-changing nature (where no two incidents are alike) only adds to the complexity of this landscape. Private users, public administration entities, critical infrastructure operators and companies are increasingly seeking tools to protect themselves and their customer against this new type of risks as well as legal consequences imposed by regulations such as GDPR or NIS Directive. In this regard, cyber insurance may serve as an effective and financially viable mechanism that will not only reduce losses but also increase the overall level of cyber resilience. In addition, the current development of the EU-wide certification framework under the ‘Cybersecurity Act’ would impact the digital ecosystem, including the cyber insurance industry and will provide insurers with tools defining the level of cyber resilience of ICT services and products.

Points for discussion are:

• How to build effective insurance tools and products that would enhance cybersecurity and contribute to the growth of the cyber resilience among companies and organisations? Does cyber insurance need to be a part of the broader protection plan?
• There are different types of costs that a company or an organisation must bear after an attack. Moreover, many of these costs are related to a third party. What are main factors that contribute to the complexity of the coverage specifications?
• As in the digital realm there is no one-fits-all solution, how to create an insurance policy suitable for different types of actors and different types of threats?
• Certification plays an important role in boosting trust and security for ICT products and services. The common framework at the EU level based on the ‘Cybersecurity Act’ will be a big step in providing the EU-wide certification schemes aiming at decreasing the fragmentation and barriers in the single market. What possible implications on cyber insurance market and on division of liabilities will have EU-wide certification frameworks?
• What is the role of the information sharing and reporting of the breaches impact by companies and organisations? Can the past be prediction of the future in the digital ecosystem?
• Companies strive hard to avoid negative publicity that would damage their reputation and breach the trust of their customers. How to incentivize them to share the information about potential vulnerabilities that would help in assessing cyber risks?

Other Speakers:

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Twitter: @CYBERSECEU

LinkedIn: @European Cybersecurity Forum – CYBERSEC

Website: https://cybersecforum.eu/en/brussels/