Cyber Insurance Beyond Ransomware

Insurtech Story Podcast

Feb 17 2024 • 26 mins

In the rapidly evolving landscape of cyber threats, cyber insurance has traditionally focused on mitigating losses primarily from ransomware attacks. However, as cybercriminals diversify their tactics, the scope of cyber insurance is expanding beyond ransomware to encompass a broader array of risks. This shift reflects the growing recognition among businesses of the need for comprehensive protection against a range of cyber threats, including data breaches, supply chain vulnerabilities, and social engineering scams. As organizations seek to bolster their resilience in the face of these challenges, cyber insurance providers are adapting their policies to offer more tailored coverage and proactive risk management solutions.

Points of discussion:

1. How has the rise of sophisticated cyber threats beyond ransomware influenced the evolution of cyber insurance policies, and what new coverage options are emerging to address these challenges?

2. What are some key considerations for businesses looking to enhance their cyber insurance coverage beyond ransomware, particularly in light of the increasing frequency and complexity of cyber-attacks?

3. In what ways can organizations leverage cyber insurance as a strategic tool beyond mitigating financial losses, such as improving cybersecurity posture and fostering a culture of cyber resilience?

Speaker Bio: John Pennick, is the Financial Risks Director and member of the board at Berkeley Insurance Group UK Limited. John is a highly experienced Financial Risks Director specializing in Professional Indemnity, Cyber, and other specialist insurances, with over 30 years of expertise. He advises businesses on managing and insuring financial, legal, and regulatory risks, offering practical advice and in-house training. John is a market leader in Cyber insurance and a founding member and Chairman of the British Insurance Brokers’ Association’s Cyber Focus Group. He regularly speaks at Cyber conferences and networking events and collaborates with organizations such as the CBI, Willis Towers Watson Network, and Institute of Fundraising. John is a key liaison with the government, Information Commissioner’s Office, and Association of British Insurers.