[February 17, 2016]

A.M. BestTV: Cyber Standards Chasing Fast Evolving Risk

This ^A.M.BestTV episode highlights the recent Risk Management Solutions (RMS) Cyber Risk Seminar held in New York, NY, where insurance executives said they are adapting quickly to new electronic risk exposures, but coverages, standards and policies are struggling to stay abreast. Click on http://www.ambest.com/v.asp?v=rmscyber216 to view the entire program.

"Ninety-five percent of issues are caused by human error, mostly accidental and maybe just unaware of what the issues are. It's very important to have an education awareness program so that your employees become aware of the risks," said Stephen Burke, RenaissanceRe (RenRe).

Andrew Coburn of RMS identifies five areas of accumulation risk for cyber exposures: illicit posting or sale of stolen data, distributed denial of service attacks, problems with supply chains, interference with financial transactions and cyber extortion.

Full-length interviews are available as well. To see all the interviews, please visit http://www.ambest.tv/ or click on the individual links below. Interviews conducted include:

Aon Benfield's Laux: Relying on Limits and Exclusions Will Hamper Cyber Market.

• Jon Laux, senior consultant, Aon Benfield, said insurers must begin thinking like or working with technology companies in order to best leverage the increasing demands for cyber coverage: http://www.ambest.com/v.asp?v=laux216

Axis' (News - Alert) Miskovich: It's a Mistake to Rely on Silent Coverage for Cyber.

• Paul Miskovich, global cber practice leader, Axis Insurance, said insureds should not assume that a lack of exclusions means they will be covered in the event of cyber related losses: http://www.ambest.com/v.asp?v=miskovich216

• Fred Eslami, senior financial analyst, A.M. Best, said A.M. Best has been seeking greater detail about rated insurers' exposure to cyber losses: http://www.ambest.com/v.asp?v=eslami216.

RenRe's Burke: 95% of Cyber Issues Caused by Human Error.

• Stephen Burke, group information security manager, RenRe, said education and training could substantially reduce an organization's chances of falling prey to cyber-attacks: http://www.ambest.com/v.asp?v=burke216

RMS' Coburn: Cyber Risk Now a Five-Front Challenge.

• Andrew Coburn, senior vice president, RMS said cyber risk poses accumulation risks and now threatens organizations on five fronts: http://www.ambest.com/v.asp?v=coburn216.

XL Catlin's Rosengarten: Standardizing Cyber Involves Courts, Governments.

• Jacob Rosengarten, chief enterprise risk officer, XL Catlin said insurers must quickly find ways to better measure total cyber exposures, but also need more certainty from law and government in order to cover the biggest risks: http://www.ambest.com/v.asp?v=rosengarten216.

^A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View ^A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2016 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160217006466/en/

[ Back To TMCnet.com's Homepage ]