Understanding Cyber Risk & Insurance Cover - The Essentials

Introduction

Cyber risk is one of the fastest growing threats to business, the UK being the second most targeted country in the world for cyber-attacks. However, cyber-related losses may result from both deliberate, malicious acts and from accidental system failures. Damage may occur both as a consequence of a cyber event at the business itself, and also as a consequence of a cyber failure at a third party or elsewhere in the supply chain. Proper due diligence in relation to cyber risk is, therefore, an essential part of any transaction.

A cyber event may result in loss and damage to the company itself but also potential exposure to third parties, often as a result of the loss of confidential data and associated reputational damage. Directors and officers may also find themselves personally exposed and potentially uninsured if adequate steps have not been taken to mitigate against cyber exposures.

Insurance is one of the principal tools for addressing cyber exposure. It is therefore important that anyone involved in the management of risk, including in-house lawyers and external legal advisers, understand how insurance is responding to cyber risk and some of the legal issues that arise, including the scope and limitations of the cover available.

What You Will Learn

This introductory webinar will cover the following:

• The different types of cyber risk, including malicious and non-malicious acts, ransomware, phishing, bricking, cyber jacking, system failure and 'Grey Rhino' events
• Potential first and third-party exposures from cyber-attacks
• The scope of cover under a typical cyber policy and common extensions
• Typical cyber policy exclusions
• The interaction between cyber insurance and other policies such as Directors' & Officers’ insurance and property cover
• The exclusion of cyber risk in non-specialist policies
• Cyber and war exclusions
• The regulatory background
• Reinsurance issues

This pre-recorded webinar will be available to view from Friday 28th February 2025

Alternatively, you can gain access to this webinar and 1,700+ others via the MBL Webinar Subscription. Please email webinarsubscription@mblseminars.com for more details.