Hiscox hosts first broker cyber summit
Over 100 cyber brokers from the UK, Europe and the US joined Hiscox’s cyber experts on the 3 March to take part in the inaugural Hiscox Cyber Summit.
Delivering events like the cyber summit is part of Hiscox’s drive to promote learning and development in cyber, as well as bring on new talent in the London market as businesses look for solutions to their rapidly changing cyber exposures.
...it is an exciting time to be working in cyber as the line of business adapts and matures, and our clients look for new and innovative solutions.
“The cyber insurance market is dealing with a number of challenges, partly due to the recent increase in ransomware claims. Despite the difficulties that the market faces now and, in the future, it is an exciting time to be working in cyber as the line of business adapts and matures, and our clients look for new and innovative solutions,” said Beth Granger – Cyber Underwriter for Hiscox London Market. “It’s why events like this provide a valuable forum for the industry to develop its cyber propositions and discuss the challenges confronting underwriters, brokers and clients.”
Be prepared
The one-day cyber summit kicked off with a session focused on business interruption and the importance of ensuring an effective incident response plan is in place, highlighting what it could mean for businesses unprepared for a cyber event. Hiscox’s Granger – joined by Ben Hobby from Baker Tilly and Norton Rose Fulbright’s Steve Hadwin – also examined how cyber business interruption incidents have changed in the last 12 months, while exploring the biggest challenges faced when dealing with international incidents.
Demystifying Lloyd’s
Hiscox London Market’s Paul Lawrence – Chief Underwriting Officer and Andy Lewis – Lead Cyber Underwriter followed up with a discussion on demystifying the Lloyd’s Market, concluding that cyber as a class of business is not alone in coming under scrutiny at Lloyd’s. “This process is happening throughout the Lloyd’s market but there are challenges unique to cyber that are important to discuss and address,” said Lewis. “It is important we work together and communicate the issues we are all seeing as both underwriters and brokers.”
It is important we work together and communicate the issues we are all seeing as both underwriters and brokers.
Other sessions held during the summit included a mock mediation with Andy Lewis, Paul Karlsgodt from law firm BakerHostetler, and Tony Kriesel – a Senior Claims Underwriter at Hiscox London Market, who said: “Privacy-related class actions are on the rise, especially given the rights being conferred by data privacy laws. This presents insurers with a significant claims tail challenge when participating higher up a tower. Insureds are supporting consumers following a breach, but this may not mitigate the size of settlements.”
State of the market
The virtual summit wrapped up with a state of the market panel hosted by Hiscox London Market’s Matt Webb – Acting Casualty Divisional Director, who was joined by Shannan Fort from McGill and Partners, Glyn Thoms at Willis Towers Watson, and Alistair Clarke at Aon. Between them, they discussed the challenges the market faces ranging from the increase in the frequency and severity of ransomware, as well as offering tips for navigating a hard market.
Commenting on the Hiscox Cyber Summit, Aon’s Devina Patel a broker within the firm’s Global Broking Centre said: “Brokers don’t get many opportunities to interact with companies like Norton Rose and Baker Tilly so the BI session was really helpful. The mock mediation was really interesting with BakerHostetler and a great insight into discussions that we never normally get a view of.”
