1. Cyber Risk Management and Insurance
Risks and Rewards
Presented by – Jennifer Soper, National Casualty Director, Northbridge

2. Agenda Applying a traditional Risk Management model to Cyber
Risk Mitigation—can everything be insured?
Monitoring the plan—how do you know it’s working?
Is Cyber spinning out of control?

3. Risk Management Strategies

4. Five steps of Risk Management
Identify exposures
Analyze those exposures
Evaluate the risk
Implement solution(s) to manage the risk
Monitor the outcome

5. Cyber Risk is not just an IT issue
Corporation
Board of Directors
CEO
CFO
Legal & HR
Risk Manager
CRO
CSO, CIO

6. Analyzing and evaluating Cyber Risk
Reputation
Extortion
Hacking
Personal Information
Manipulation of Data
Intellectual Property
Virus
Business Interruption
Customer Data
Cloud Compromise
Contractual Responsibilities
Network Security

7. Risk Mitigation: The insurance solution

8. Cyber Risk policy Coverage options are numerous
Understanding the exposure = a comprehensive solution
How much coverage is too much?
First party
Third party
Incident Response Expenses
Network Security & Privacy Cover
Digital Asset Expense
Internet Media Liability
Business Interruption
Regulatory Proceeding Expenses
E-Commerce Extortion Expenses

9. Beyond the Cyber Risk policy
Blurring the coverage lines
Property Covers
Commercial General Liability
Directors & Officers

10. The insurance solution: Navigating the abyss
Predictive
Modelling
Reserving
Reinsurance
Insurance
Company
Pricing
Actuarial
Cyber
Accumulation
accumulation
Limits

11. Monitoring the plan

12. The role of Claims when it goes wrong
The outcome
The fix
The breach

13. The Courts The Courts PIPEDA Breach notification and monitoring
The Insurers
The Insureds
PIPEDA
Breach notification and monitoring
Role of the Cyber policy
Will other covers be called in?
Jurisdiction

14. The evolution Past Present Future Cyber Risk? It can’t happen to me
It can happen to me

15. Where do we go from here?

16. The Future
The Internet of Things has pushed the need for Cyber insurance solutions to its greatest level
It has caused Insurers to step far beyond their comfort zone as data is limited and still very new
Claims, coverage, pricing, modelling and analytics will continue to become more sophisticated but will challenge our traditional thinking of how we look at Cyber risk