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Chartered Insurance Institute
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Assessing and managing silent/non-affirmative cyber risk - one day course

Overview

The PRA's July 2017 supervisory statement Cyber insurance underwriting risk was not just relevant to insurers who sell cyber insurance but to any insurer who underwrites policies "that are exposed to cyber-related losses resulting from malicious acts (e.g cyber attack, infection of an IT system with malicious code) and non-malicious acts (e.g loss of data, accidental acts or omissions) involving both tangible and intangible assets."

In the rapidly developing world of the internet of things such exposures are not only found in commercial insurance but also in personal lines.

In this workshop we thus intend to provide an introduction to how insurers can actively identify, assess and manage their silent/non-affirmative cyber risk.

Who should attend

The course will particularly benefit underwriters but is also relevant to brokers and clients who need to understand the coverage they get for cyber related losses.

It is at an introductory level so will examine a range of different poilcies although further workshops will be available on specific classes of insurance.

Learning outcomes

On completion of the workshop delegates will be able to :

 

  • Describe how the development of technology and connectivity combined with the increasing threat and sophistication of cyber attacks is increasing cyber risk
  • Distinguish between cyber losses and cyber as a cause of loss
  • Identify which policies are likely to have non-affirmative/silent cyber exposure within them
  • Describe why many policies may not cover cyber losses but could cover claims caused by a cyber attack.
  • Outline ways insurers have sought to restrict cover for exposures through policy wordings e.g. exclusions and sub limits
  • Identify the key elements of cyber security which can be used to mitigate the risk
  • Outline how cyber risk can be built in to the pricing of policies which cover cyber risk on either an affirmative or non affirmative basis
  • Outline how ways in which insurers are building cyber risks in to their underwriting models to manage their exposure

 

Course Content:

Cyber risk - the evolving threat

  • Nature of the cyber threat
  • Injury and damage scenarios
  • Internet of things implications
  • Claims examples

Cyber losses v cyber as a cause of loss/peril

Silent/Non affirmative cyber risk where is it insured 

  • Property damage and business interruption?
  • Casualty?
  • Financial lines?
  • Energy?
  • Marine?
  • Aviation?
  • Motor?
  • Personal lines?

Policy wordings - what does silence mean

  • Operative clauses
  • Cyber exclusions
  • Cyber exclusion carve backs
  • Cyber extensions
  •  Sub limits

Cyber security 

  • Key aspects
  • Cyber losses
  • Injury and damage scenarios

Pricing silent cyber

Measuring exposure to silent cyber


Book online

Sold out!

Scheduled dates for this course have now sold out, please keep checking the website for updates to availability. Dates are added subject to demand and can also be run in-house for corporate clients.