OLDWICK, N.J.–(BUSINESS WIRE)–In this AMBestTV episode at the Risk and Insurance Management
Society, Inc.’s (RIMS) conference in Boston, MA, a panel examines the
state of cyber risk modeling, including how insurers are learning to
deal with so-called silent cyber and other developments. Click on http://www.ambest.com/v.asp?v=cyberpanel419
to view the entire program.
Michelle Chia, senior vice president, head of specialty products, errors
and omissions, Zurich North America, highlighted what she sees as the
greatest challenges in understanding and managing cyber risk.
“Definitely simplifying is one of those things that we need to do more
when it comes to cyber risk,” said Chia. “The other thing that is really
challenging for customers and companies is that as technology continues
to evolve, cyber risk also evolves. … As the world becomes more
interconnected, there is an increase in reliance upon protecting not
only yourself but all those in your ecosystem, as well as identifying
what those potential challenges will be in the future due to innovation.”
Adapting cyber policies to account for silent risk exposures remains a
challenge for underwriters.
“It is this risk of cyber incidents that causes loss to non-cyber
policies,” said Scott Stransky, assistant vice president, AIR Worldwide.
“All the clients that we talk to are very concerned about this type of
risk because it is not quantifiable. … Our view is that over time there
is going to be less and less of this silent cyber. It is either going to
be covered under a pure cyber policy that covers everything, or it will
be put back into the individual risks.”
Other people that appear in this episode:
- Erica Davis, senior vice president, Zurich North America.
For full video coverage of RIMS, including exclusive executive
interviews, visit http://www.ambest.tv/rims19.
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