HSNO partner Craig Streiff will be joining a distinguished panel of experts to discuss the latest trends in insurance claims for the shutdown of operations following cyber events. The panel will take place at the Property & Liability Resource Bureau’s 2019 Claims Conference in Indianapolis, which runs from March 31 through April 3, 2019. In addition to Craig the panel will include executives from Clausen Miller, Envista Forensics, and AIG Property Casualty.
The cyber landscape is evolving at a pace that puts businesses and their insurers under constant pressure to stay ahead of new threats. Malevolent actors constantly develop new methods of attack, raising questions about what new threats are on the horizon. For insurers that cover cyber claims, it’s a real challenge to anticipate who will be targeted in attacks and the kinds of damage attacks can cause
Part of the challenge of insuring for cyber threats is their global character. An attack might originate on a workstation in one office, but only get detected when it begins to affect server performance at an office on the other side of the world. For large, multinational organizations, a cyber attack can affect thousands of machines and lead to significant downtime. It also can draw unwanted media attention to a company’s vulnerabilities.
Network failures are just one of many types of cyber risk. In an increasingly wired (and wireless) world, computer systems have infiltrated even the most mechanical processes. Pricing policies to account for risks posed by complex and highly customized machines adds to the cyber challenge.
The PLRB panel will cover the current cyber landscape both with a broad brush and with specific examples. Drawing on the real-world experience of the panelists, the discussion will explore in detail some concrete cases where significant cyber threats raised novel coverage questions. The panel will also explore the various roles insurance can play in shutdown of operations cases.