Cyber insurance buyers heading for Bermuda

Published Nov 21, 2018 at 8:00 am (Updated Nov 20, 2018 at 9:00 pm)

ICRMC Bermuda: speakers at the event, from left, are (top row) Anthony Belfiore, Wayne Caines, and Nick Galletto; (middle row) Tracie Grella, John Huff, and Maneesha Mithal; (bottom row) Noel Pearman, Mark Synnott, and Derek Vadala (Photograph supplied)

Cyber insurance buyers and risk experts will be in Bermuda next month for a two-day conference.

The International Cyber Risk Management Conference will welcome 175 delegates, including 70 overseas visitors, representing pension funds, banks and tech firms.

John Huff, president of the Association of Bermuda Insurers and Reinsurers, said that cyber-risk was becoming “one of the most complex and challenging situations for individuals and businesses worldwide”.

He added: “Enterprises of all sizes are assessing their appetite for retaining cyber-risk. It’s not just the large organisations.”

Mr Huff said that insurers and reinsurers were examining where they wanted to take on cyber-risk “including taking stock of any ‘silent’ cyber exposures and stress testing those scenarios”.

He added: “Insurers are really stepping up to add value when policyholders are facing network security and data privacy events.

“Building and immediately deploying a network of reliable partners to respond quickly and efficiently to events can be crucial to containing losses and preserving reputations. New privacy protection laws are adding additional complexities and require sophisticated coverages. Bermuda’s global insurance market is leading the way.”

John Baker, chairman of the event, said he was proud to be hosting the event in Bermuda.

“Delegates are flying in from around the globe to attend, along with some accompanying guests,” he said.

“As a conference, we pride ourselves on hosting intimate conversations with senior decision makers and leaders that have real cyber-risk management experience to share in a vendor-neutral environment.”

An event spokeswoman said that the conference agenda “has been developed around the dynamic cyberthreat landscape and ways in which insurance companies and corporations can approach the challenge to protect their customers, operations, and reputations before and through a data breach”.

Topics will include cyber-risk trends, regulatory concerns and cyber implications of emerging technologies, including blockchain.

Among the speakers will be Noel Pearman, cyber product lead at XL Catlin; Derek Vadala, global head of cyber-risk at Moody’s Investors Service; Nick Galletto, global cyber-risk services leader at Deloitte; and Tracie Grella, global head of cyber-risk insurance at AIG.

The event will take place at the Hamilton Princess & Beach Club on December 6 and 7. For more information visit bermuda.icrmc.com.

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