Skip to main content

Podcast

Risk in Context Podcast: Debunking common cyber insurance myths

An expanded threat landscape and more sophisticated and persistent attackers are leading to an increase in the number and types of cyberattacks that can cripple a company.

Two smiling diverse businesspeople using a laptop together

An expanded threat landscape and more sophisticated and persistent attackers are leading to an increase in the number and types of cyberattacks that can cripple a company. Related claims have skyrocketed, leading to higher insurance rates and further underwriting scrutiny. But there is still a widespread misunderstanding of the value of cyber insurance.

In this episode of Risk in Context, Brian Warszona, Marsh’s UK Cyber Deputy Practice Leader, talks to Rachel Lavender, Marsh’s Southeast Zone Cyber Practice Leader, and Philippe Cotelle, who sits on the board of the Federation of European Risk Management Associations, about three common cyber insurance myths. This episode also features an interview with Jamil Farshchi, Chief Information Security Officer at Equifax.

Google Podcast Apple Podcast Spotify Podcast
Download transcript

Key takeaways

Even companies with good cyber hygiene benefit from cyber coverage

Cyber controls do not eliminate cyber risk. Today’s challenging threat landscape has made it more difficult for organisations to defend against cyberattackers. Cyber insurance provides an additional layer of protection.

Detailed underwriting process is critical to secure appropriate coverage

More than ever, underwriters are asking for detailed information about a company’s risks, making the process seem cumbersome. However, underwriting scrutiny should be seen as a pressure test of a company’s cyber hygiene controls and identify potential areas of improvement.

Insurance can help companies respond following a cyber incident

Some organisations, especially small- and medium-sized companies, may not have the structures and resources to respond to a cyber incident. When the worst happens, they can rely on their carrier to help them take the necessary action to minimise the impact of an event.

About our speakers

Brian Warszona

Brian Warszona

Global Cyber Digital Leader

Brian Warszona is the Deputy Practice Leader for Marsh’s FINPRO Cyber, Media & Technology Practice in the UK. He is responsible for connecting the cyber expertise within the UK and globally to the different businesses within Marsh and enhancing client engagement through supporting the UK Cyber Practice.

Placeholder Image

Rachel Lavender

US and Canada Cyber Brokerage Leader

Based in Washington, DC, Rachel Lavender leads the Southeast Zone for Marsh’s US and Canada Cyber Practice. She is responsible for executing the firm’s cyber strategy for her clients, supervising the team across the region, developing marketplace strategies, and crafting solutions to address cyber risks. This experience contributes to a broad view of the exposures and challenges organizations face and of the availability of coverages in today’s insurance marketplace.

Philippe Cotelle

Philippe Cotelle

Vice President, Federation of European Risk Management Associations

Philippe Cotelle is the vice president of the Federation of European Risk Management Associations and chairs its European Digital Committee. He is a board member of AMRAE and presides over its cyber commission. He is also the head of insurance risk management at Airbus Defense and Space and coordinates the cyber insurance program for Airbus Group.

Jamil Farshchi

Jamil Farshchi

Chief Information Security Officer, Equifax

Jamil Farshchi is executive vice president and Chief Information Security Officer of Equifax. He joined Equifax in the aftermath of one of the most consequential data breaches in history and led an unprecedented US$1.5 billion transformation. He has built what is regarded as one of the most advanced, effective, and transparent cybersecurity and privacy programs in business today.

Our people

Placeholder Image

Kristine Salgado

Head of Corporate – Cyber, Marsh Specialty, Australia

Placeholder Image

Hannah Morgans

Growth Leader, Cyber

  • Australia

This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. Any modelling, analytics, or projections are subject to inherent uncertainty, and any analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change.

LCPA 23/139

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.”