Jason Roberts, FinTech and InsurTech Specialist, discusses the July InsurTechNZ Meetup:
It was great to see a healthy turnout for the InsurTechNZ event The Evolution of Cyber Risk and Insurance hosted by Marsh.
Kristen Ellis (from Marsh) gave us an overview of international cyber insurance trends and risk across various markets; discussed insurance systems, risks, and claims; and rounded out her presentation with an update on current concerns regarding GDPR and regulatory changes.
John Moore from Delta Insurance Group presented an insurers perspective on claiming; in particular noting typical risk profiles, company misperceptions and vulnerabilities. He gave advice on how to reduce risk through better data management, technology maintenance and staff education.
Last but not least, Marc Barlow from InPhySec provided graphic examples of cyber-attacks on brands, detailing direct costs to companies involved. He discussed possible solutions for reducing cyber risk, including early investigation, improving internal systems, and partnering with specialists.
What was clear across all the presentations, is that cyber risk is real, can seriously impact a business’s brand value; not to mention the down-stream costs of poor risk management and recovery.
Based on the themes discussed; education, recognition and prevention are the key factors to reducing cyber risk. Expert knowledge is also vital for companies new to this space.
Make a note in your diary for the next InsurTechNZ event Bridging the Gap on September 8 , focused on bringing together incumbents, contenders, technology and funding partners with the goal to stimulate broader InsurTech market opportunity identifying the issues, barriers and opportunities to expand engagement. We are inviting companies/leaders interested to advance this issue within InsurTechNZ to either contact Jason Roberts to join a select working group and/or attend and participate at the event.
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