Assessing and managing silent/non-affirmative cyber
risk - one day course
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
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.
On completion of the workshop delegates will be able
- 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
- 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
- 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
- Outline how ways in which insurers are building cyber risks in
to their underwriting models to manage their exposure
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?
- Financial lines?
- Personal lines?
Policy wordings - what does silence mean
- Operative clauses
- Cyber exclusions
- Cyber exclusion carve backs
- Cyber extensions
- Sub limits
- Key aspects
- Cyber losses
- Injury and damage scenarios
Pricing silent cyber
Measuring exposure to silent cyber
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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