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Territory Insurance Conference, resilient future Mr Ralph Bönig, Special Counsel, Finlaysons Cyber Times and the Insurance Industry Territory Insurance Conference resilient future
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Territory Insurance Conference, resilient future Overview “The digital age is central to the economic growth and wellbeing of Australians. It brings both opportunities and challenges.” * Mr Ralph Bönig, Special Counsel, Finlaysons 28/10/2015 * ASIC – Cyber resilience: Health Check, March 2015.
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Territory Insurance Conference, resilient future Mr Ralph Bönig, Special Counsel, Finlaysons 28/10/2015 * Australian Institute of Criminology Trends and issues in Crime and Criminal Justice Cyber threat landscape faced by financial and insurance industry
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Territory Insurance Conference, resilient future Mr Ralph Bönig, Special Counsel, Finlaysons 28/10/2015 * Allianz Global Corporate and Specialty A Guide to Cyber Risk September 2015
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Territory Insurance Conference, resilient future Crime Prevention Security patches Firewalls Antivirus and malware tools Fraud detection and prevention Staff policies, awareness and training Physical security Mr Ralph Bönig, Special Counsel, Finlaysons 28/10/2015 * Australian Institute of Criminology Trends and issues in Crime and Criminal Justice Computer security threats faced by small businesses in Australia February 2012
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Territory Insurance Conference, resilient future Mr Ralph Bönig, Special Counsel, Finlaysons 28/10/2015
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Territory Insurance Conference, resilient future Mr Ralph Bönig, Special Counsel, Finlaysons 28/10/2015 * Dual Claim Examples
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Territory Insurance Conference, resilient future Mr Ralph Bönig, Special Counsel, Finlaysons 28/10/2015 * Allianz
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Territory Insurance Conference, resilient future Mr Ralph Bönig, Special Counsel, Finlaysons 28/10/2015 * Dual Claim Examples
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Territory Insurance Conference, resilient future Mr Ralph Bönig, Special Counsel, Finlaysons 28/10/2015
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Territory Insurance Conference, resilient future Mr Ralph Bönig, Special Counsel, Finlaysons 28/10/2015
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Territory Insurance Conference, resilient future Cyber Insurance There has been increasing appetite for, and developments in, targeted cyber insurance liability cover. Existing insurance ( e.g. business continuity or professional indemnity cover) may not adequately cover the impact of a cyber attack. Cyber insurance can include a range of covers tailored to relevant cyber risks, such as: (a)data or privacy breach cover-relating to the management of an incident, notification of the data subject, remediation, court costs and regulatory fines; (b) media liability cover-for example, third-party damages for a defacement of a website, or intellectual property infringements; (c) extortion liability cover-typically due to losses as a result of a threat of extortion; and (d)network security liability cover-third-party damages as a result of a cyber attack on network security, such as a disruption of service attack or a theft of data on third- party systems. Considering cyber insurance may be an appropriate business decision based on a company's risk profile. Mr Ralph Bönig, Special Counsel, Finlaysons 28/10/2015 * ASIC – Cyber resilience: Health Check
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Territory Insurance Conference, resilient future Mr Ralph Bönig, Special Counsel, Finlaysons 28/10/2015
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Territory Insurance Conference, resilient future Cover Privacy and Data Breach Repair of Individual Reputation Business Interruption and Restoration costs Forensic Services Remediation Costs Cyber Extortion Hacker Theft Cover Mr Ralph Bönig, Special Counsel, Finlaysons 28/10/2015 Allianz AIG Dual Claims Examples
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Territory Insurance Conference, resilient future Policy wording Industry wide data Reliance on policies and procedures Increased regulation Advancing technology Mr Ralph Bönig, Special Counsel, Finlaysons 28/10/2015
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Territory Insurance Conference, resilient future Premiums are too expensive (52%) Too many exclusions, restrictions and uninsurable risks (44%) Property and casualty policies are sufficient (38%) Mr Ralph Bönig, Special Counsel, Finlaysons 28/10/2015
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Territory Insurance Conference, resilient future The Challenge Can the insurance industry keep abreast of the rapidly changing face of the cyber world? Mr Ralph Bönig, Special Counsel, Finlaysons 28/10/2015
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