On the 18 September 2019, David Legassick of CNA Hardy and Paul Dickson of Innovation Broking presented at The Daily Telegraph Cyber Crime Summit to over 240 delegates.
They took the audience on a voyage of discovery into cyber risks and the lasting disruptive impact that a breach can have on their businesses; raising the question as to why businesses insure their tangible assets against fire, flood and theft, while leaving the intangibles, such as cyber, exposed.
To help demonstrate cyber exposures, David asked the audience three simple questions:
- Do you use a mobile device for business?
- Is your business using the Cloud?
- Are you utilising apps to drive business efficiency?
Almost everyone raised their hands to these questions, but a much lower number raised their hands to the question on ‘How many of you have Cyber Insurance?’
This is in line with the sobering figures released by the ABI recently that stated only 11% of UK businesses purchasing cyber cover.1
Cyber Claims Insight:
Rather than scaremongering, David used some recent cyber claims as examples to demonstrate the different types of cyber-attacks:
- Business interruption,
- Data breach,
- Virus damage & ransomware,
- Phishing.
The lasting impact of a cyber-attack was also covered:
Insurance as a Service:
In their closing statements, David and Paul called cyber cover the ‘Bricks and mortar insurance equivalent for the 21st century’ and explained that cyber insurance policies of today are quickly becoming ‘Insurance as a Service’ as they provide businesses with:
- Breach prevention tools including malware & web vulnerability scanning, penetration testing, staff education and IT security analysis.
- Incident response services including Legal advice; PR & crisis management, forensics and call centre support.
- Insurance cover that pays the cost of the claim to get the business back up and running.
Finally, David and Paul encouraged the audience to develop a cyber strategy with three pillars:
Read David and Paul’s article in the Telegraph here
David Legassick is Head of Life Science, Technology & Cyber for CNA Hardy
[email protected]
Paul Dickson is CEO of Innovation Broking
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1The Association of British Insurers article 8/8/2019