Following publication of the IUA and CyberCube report ‘Supply Chain Risk in the Cyber Insurance Market’, two of its major contributors will be discussing the key lessons for insurers, brokers and clients.
Companies are increasingly reliant on digital support from third parties and individual cyber losses can have extensive knock-on effects across today’s modern, interconnected business environment. Yet whilst war risks and other major cyber threats have been widely publicised, the importance of understanding digital supply chains has received far less attention.
At this market briefing Thomas Clayton and Jon Laux will discuss the findings of a new report exploring the issue. They will examine the rise of cyber risk accumulation events and the need for (re)insurers to pay attention to Single Points of Failure. There will be reference to case studies highlighting the impacts on supply chains of various cyber attacks and a consideration of how the losses in question can be modelled.
The event will also review regulatory approaches to cyber modelling, including points raised by the Prudential Regulatory Authority’s Insurance Stress Test exercise, and explore reasons for diverging approaches of different cyber loss models.