Cyber Risk and Insurance

Overview

As demand for cyber cover continues to grow so does the range of risks, wordings and underwriting approaches. As it becomes more mainstream in customers’ minds, it is no longer just cyber specialists who need to be able to understand how standalone or silent cyber cover may complement conventional policies.

A common method of managing the cyber risk is to transfer the risk of loss to insurance coverage. However, standard commercial lines policies either exclude cyber losses altogether or provide only limited coverage. To meet this need, a variety of specialized cyber risk policies have been developed.

This course provides a good understanding of cyber risk insurance, including the nature and types of cyber risk that organisations face, how cyber risk insurance features in policy coverage, and how it relates to underwriting, claims handling and broking.

This training is ideal for those looking to gain a good understanding of cyber risk insurance, including the nature and types of cyber risk that organisations face, how cyber risk insurance features in policy coverage and how it relates to underwriting, claims handling and broking.

Suitability

This course is designed for all insurance and risk professionals looking to build knowledge and understanding of cyber risk and insurance to inform their day-to-day roles, influence wider business activities and to serve customers facing challenging cyber threats.

Learning Outcomes

This course will give participants a better awareness of cyber risk insurance, how it features in policy coverage and how it relates to underwriting, claims handling and broking. By the end of this course, you will be able to:

• Describe the nature and types of cyber threat.
• Explain how legal and regulatory developments impact cyber exposures
• Identify how different insurance policies can impact cyber coverage.
• Summarise the principal considerations of underwriters and brokers in relation to cyber insurance policies.
• Describe the claims handling process for cyber insurance.

Day One

• What cyber risks are and how organisations are exposed to them, with examples of typical claims.
• Why commercial customers need cyber insurance.
• Characteristics of non-affirmative/silent cyber coverage.
• Policy coverage provided under affirmative cyber policies

Day Two

• Cyber claims handling process and typical claims conditions.
• Data loss, data breaches and data protection and how they relate to the role of the broker.
• Cyber security - considerations and ratings factors for underwriters.
• Recent developments in the cyber insurance market.