Riekie Gordon, Karl Meissner-Roloff, Roger Truebody Chubb
17 October 2017 | 14:45 – 15:45 | Ballroom 2|3|4
Relevant practice area(s):Enterprise and Financial Risk Management (ERM)
Suggested audience knowledge level: Intermediate
With the advances in technology and connectivity resulting in changes from product systems to ways in which customers and employees interact with companies, businesses are forced to “tighten up on blocking cybercrime or face financial ruin” (timeslive.co.za February 2017). Currently cyber risk is not being taken seriously enough, and local protection offerings against this risk is limited.
In this talk we will consider some measures, as well as current options for insurers to deal with cyber risk. We will consider some quick wins aligned to contemporary vulnerabilities and cyber breaches. We will further explore second order effects and discuss future trends or expected developments.
Understanding cyber risk and attacks that have happened
Future trends – its only going to get worse
Appropriate responses – what are some companies doing
Security measures – what can or should be done
Insurance protection that can be offered
Second order effects (e.g. reputational risk)