Breakout: Cyber Insurance in Flux

The session discusses the evolving landscape of cyber insurance, focusing on policy changes, industry reactions, and challenges in risk assessment and attribution. It highlights the impact of state-sponsored attacks, the importance of multifactor authentication, and the rising premiums in sectors like healthcare. The discussion also covers self-insurance options for large companies and the role of insurers in supporting clients with threat intelligence.

What is the main focus of the session introduced by Sloan?

• Cybersecurity threats

• Cyber insurance

• Risk management

• Data privacy

What major geopolitical event influenced recent policy changes in cyber insurance?

• The Ukraine War

• Brexit

• The US-China trade war

• The Syrian conflict

What is a challenge in attributing cyber attacks to specific actors?

• Legal restrictions

• Lack of evidence

• Actors masquerading as others

• Insufficient technology

What is a significant concern for companies regarding cyber insurance policies?

• High premiums

• Ambiguous policy language

• Limited coverage options

• Complex application process

Which sector has seen the most significant increase in cyber insurance premiums?

• Manufacturing

• Education

• Healthcare

• Retail

What is a common reason for insurers to decline coverage or claw back payments?

• Lack of employee training

• Failure to implement MFA

• Outdated software

• Insufficient data backup

What is a common feature of cyber insurance policies that companies must comply with?

• Data encryption

• Employee training programs

• Multi-factor authentication

• Regular audits

What is a potential solution for companies facing high cyber insurance premiums?

• Becoming self-insured

• Reducing coverage limits

• Increasing deductibles

• Switching insurers frequently

What is a key benefit of self-insurance for large companies?

• Simplified policy management

• Lower administrative costs

• Greater control over coverage

• Immediate claim payouts

How can insurers help clients better protect themselves?

• By sharing threat intelligence

• By reducing premiums

• By offering discounts

• By simplifying policies