Territory Insurance Conference, resilient future Mr Ralph Bönig, Special Counsel, Finlaysons Cyber...
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Transcript of Territory Insurance Conference, resilient future Mr Ralph Bönig, Special Counsel, Finlaysons Cyber...
![Page 1: Territory Insurance Conference, resilient future Mr Ralph Bönig, Special Counsel, Finlaysons Cyber Times and the Insurance Industry Territory Insurance.](https://reader035.fdocuments.net/reader035/viewer/2022070415/5697c0031a28abf838cc3828/html5/thumbnails/1.jpg)
Territory Insurance Conference, resilient future
Mr Ralph Bönig, Special Counsel, Finlaysons
Cyber Times and the Insurance Industry
TerritoryInsurance Conferenceresilient future
![Page 2: Territory Insurance Conference, resilient future Mr Ralph Bönig, Special Counsel, Finlaysons Cyber Times and the Insurance Industry Territory Insurance.](https://reader035.fdocuments.net/reader035/viewer/2022070415/5697c0031a28abf838cc3828/html5/thumbnails/2.jpg)
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 CriminologyTrends 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 SpecialtyA 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 CriminologyTrends and issues in Crime and Criminal Justice
Computer security threats faced by small businesses in AustraliaFebruary 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
![Page 10: Territory Insurance Conference, resilient future Mr Ralph Bönig, Special Counsel, Finlaysons Cyber Times and the Insurance Industry Territory Insurance.](https://reader035.fdocuments.net/reader035/viewer/2022070415/5697c0031a28abf838cc3828/html5/thumbnails/10.jpg)
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