You can get insurance for about anything. From homes, your health, to even a singer’s voice, cyber insurance is a newer but growing market. Cyber insurance is a type of property and liability insurance created by cyber risks. When you think about cyber security risk, hacking usually comes to mind. This might be data breaches or denial-of-service attacks. But what about the second and third-order effects associated? Media and reputational damages, legal liability from other damaged parties, and more.

Quantifying cyber risk into actual dollars is no walk in the park. The inter-dependencies between business and computer networks make this even more difficult. The actual damages of a cyber incident or hack can easily dwarf paper estimates.

Insurance companies model payouts using historical data of comparable hacking incidents. But with cyber security being so new, there isn’t nearly as much data as fields like car or health insurance. It’s hard to tell when the next “100-year flood” event in cyber will come and wipe out everything. much of the gains accrued by the cyber insurance industry.

You’ve got to wonder if the risk cyber insurance providers assume outweigh what they’re actually covering.

In this conversation with Daniel Kasper, we learn all about the considerations behind cyber insurance. We discuss cyber risk quantification, the structures of insurance plans, and the future trajectory of this market.

Daniel is a researcher specializing in the fields of cyber risk and cyber insurance. He’s worked as an intern for KPMG Germany and at a wholesale insurance broker focused solely on cyber security. Daniel offers a wealth of knowledge when it comes to the non-technical aspect of cyber risk management. He has both a Bachelor’s and Master’s in Economics, and is pursuing a PhD in cyber risk quantification.

Cyber insurance is a market that will grow with the cyber security risks moving forward. Everyone is going to need it. It’s a problem opportunity for both cyber AND insurance professionals to solve together.

00;00 Introduction – Daniel Kasper 
01:21 What Types of Insurance Are There?
02:51 Misconceptions About Cyber Insurance 
03:58 What Makes Cyber Insurance Compelling?
07:15 Why More Companies Aren’t Getting Insured
09:49 What Goes In a Cyber Insurance Policy?
13:07 How Much Does a Cyber Insurance Policy Cost?
15:25 How Do You Quantify Cyber Risk in Financial Terms?
18:52 How Cyber Risk Modeling Can Be Flawed 
20:42 What Types of Cyber Risks are Insurable?
25:45 How To Get Cyber Insurance As a Large Company
27:52 How To Get Cyber Insurance As a Small and Medium Business
29:18 How Big Is the Cyber Insurance Market?
33:19 Biggest Cyber Insurance Companies
34:32 Audit Requirements for Cyber Insurance
37:07 Filing a Cyber Insurance Claim
38:29 How Much Cyber Expertise Do Insurance Professionals Need?
40:46 Will Cyber Insurance Be Available to Individuals?
42:16 Transitioning from Economics to Cyber Insurance
43:43 Find Daniel on Cyber-Economics.com

—– Resources —-

Cyber Economics:
https://cyber-economics.com

LinkedIn:
https://www.linkedin.com/in/daniel-kasper-cyber/

#CyberInsurance #CyberRisk #Cyberspatial

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Andrew Horton, President and CEO, Beazley talks to RBC about the changing landscape in the Insurance industry and how the company is positioned for the future.
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About Andrew Horton, Chief Executive, Beazley Group

Andrew Horton is the chief executive of Beazley Group (BG), a European insurance company. He was appointed on 1 September 2008. Horton was born in Manchester and brought up in Bedfordshire where he attended Bedford School before reading natural sciences at Cambridge.

Horton joined Beazley as the Group Finance Director in June 2003 responsible for the finance function. In September 2008 he was appointed as Chief Executive Officer of Beazley plc and President of Beazley Insurance Company Inc.

He was previously finance director of BG and has been on the board since June 2003. Prior to that, he was the UK chief financial officer at ING and was the deputy global chief financial officer and global head of finance for the equity markets division of ING Barings, having held various financial positions with the company since January 1997.

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PANEL DISCUSSION: THE RISE OF EMBEDDED INSURANCE IN A DIGITAL-FIRST WORLD

• How is the shift towards embedded insurance impacting traditional insurance models?
• How can insurers meet the needs of generational groups with different perspectives on technology-enabled insurance services?
• What are the reservations about embedded insurance?
• To what extent are regulatory barriers preventing embedded insurance from reaching its full potential?

Chair – David Clamp, Founder & Managing Director, Merlin Digital Consulting Valentina Smirnova, Head of Finance Operations, Travel, AXA Partners George Beattie, Head of Incubation Underwriting, Beazley