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Cyber Risk Masterclass Series

Cyber insurance trends 2021: What Australian and NZ businesses must consider

 


As we head into 2021 every sector and company, regardless of size, is heavily reliant on technology to facilitate its operations, communications, and engagements. In the current digital climate, cyber attacks pose a significant threat to businesses, which has resulted in cybersecurity steadily climbing up the C-suite’s priorities agenda.

We kicked off our Cyber Risk Masterclass series with our global cyber leaders looking at the cyber threat landscape, sharing the latest insights on global and Pacific cyber insurance trends going into 2021.

Key cyber insurance trends discussed –

  • Cyber insurance claims trend activity and the impact that ransomware is having
  • Insurance market update – How the market is reacting to the significant increase in claims activity in terms of coverage and pricing; and
  • Silent Cyber Update – Insurers are now affirming or excluding cyber risks from non-cyber policies. Proposed exclusions may affect coverage, sometimes overreaching to exclude physical risks merely because technology was in the chain of causation

Our Marsh panelists included:

  • Kelly Butler – Cyber Practice Leader, Pacific
  • Thomas Reagan – Cyber Practice Leader, US
  • Scott Leney – Head of Risk Management, Asia & Pacific
  • Damian Schinck – Head of Risk Management, Australia

Watch the full replay below.

The information contained in this webinar is based on sources we believe reliable, but we do not guarantee its accuracy. This information provides only a general overview of subjects covered, is not intended to be taken as advice regarding any individual situation or as legal, tax, or accounting advice and should not be relied upon as such. Recipients of this webinar should consult their own insurance, legal, and other advisors regarding specific coverage and other issues.

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Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.