Replay: Preparing for digital catastrophes: is cyber insurance ready?
Moderator: Itai Benartzi, Director of Policy Advancement, INCD, Israel
Speakers:
- Roberta (Bobbie) Stempfley, Vice President and Business Unit Security Officer, Dell Technologies
- Peter Armstrong, Director, Cyber Risk Insights Limited
- Maya Bundt, Head Cyber & Digital Solutions, Swiss Re
- Leigh Wolfrom, Policy Analyst, Directorate for Financial and Enterprise Affairs, OECD
- Ariel Eli Levite, Non-resident Senior Fellow, Carnegie Endowment for International Peace (CEIP)
Description:
Many experts view the growth of the cyber insurance market as driving insured companies to adopt better digital security risk management, and as an effective lever to increase digital security. However, aggregation risk is limiting the development of this market. In 2017, Wannacry and NotPetya showed that a single exploit can affect a large number of victims simultaneously and globally. The cost of such systemic incidents, or so-called “digital catastrophes”, could exceed the capacity of insurers, potentially leading to their insolvency. Unlike for natural disasters, it is difficult to model digital catastrophes and to anticipate their frequency and magnitude. An international dialogue between digital security and insurance experts is necessary to better understand cyber aggregation risk.
