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on technical and financial risks,” he
It is also essential companies have
their own “Plan B” in case a vendor’s
service is interrupted.
“Maintain backups of key data under
your control or control of a separate
supplier. Have alternate sources for
necessary data feeds, and leverage
technologies such as blockchain where
possible to reduce the risk of malicious
modification,” Peterson said.
Steve Bridges, SVP of the cyber/
E&O practice at JLT Specialty USA,
urged all organizations to develop and
test response plans to ensure they are
prepared for potential data interruption.
“Companies should have
and continuity plans,” said Saeed,
adding: “It’s not about finding risks
that are impenetrable, but those that
turn themselves from soft targets to
Cyber CBI cover can theoretically
be obtained under three types of
policy — stand-alone cyber, property
A further concern for underwriters
is the aggregation of risk within their
portfolios if numerous insureds are
using the same data vendor.
Paul Bantick, Beazley’s technology
media and business services focus
group leader, said collaboration
between cyber and property
underwriters is needed.
“People have been addressing the
issue of risk accumulation in property
BI policies for years and we should
work with property underwriters to
come up with solutions.”
According to Bantick, the last year
has seen a number of cyber insurers
offer CBI cover with no sublimit.
Beazley itself is one of the few insurers
developing “holistic” cyber coverages
that effectively provide cover for all
risks, including CBI.
“Manufacturing, industrial, energy
and marine-type accounts, which
haven’t historically bought cyber cover,
are now coming to market. BI issues
are the main drivers of demand, and
they want full limits, without having to
rely on being covered under another
policy,” Bantick said.
He predicted that CBI will
eventually be standard in cyber policies
for these industries. Whether that
happens across the board is unclear,
but at least those who need it can now
access protection from selected carriers.
“Most people in our industry
understand that network interruption
claims are going to increase and there
will be growing demand for better,
broader coverage,” said Bridges. &
ANTONY IRELAND is a London-based
financial journalist. He can be reached at
procedures in place and work through
those plans so it is clear who gets
called, when, and what resources
need to be brought in to deal with
the situation,” he said, adding that
steps like this will also help companies
negotiate terms with their insurers.
“We look at an organization’s
overall cyber security and maturity, and
really dig into their response, recovery