Embracing Cyber Risk: Insurance Solutions

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1 Embracing Cyber Risk: Insurance Solutions ANZIIF Risk Rendezvous 15 Ian Pollard, Managing Director, Delta Insurance New Zealand Limited

2 Agenda Risk Management Risk Transfer and Insurance Cyber attacks + case studies Conclusion Questions

3 Risk Management

4 What can companies do to protect themselves? Public / Private Cooperation Risk management Cyber risk protection

5 The best practices in Cyber Risk Management What Cyber Underwriters look for People Processes Technology

6 Risk Transfer and Insurance

7 Risk Factors and Risk Transfer Insurance solution for first party/third party coverage First Party Risks Business interruption Crisis response Network extortion Data forensic expenses Data restoration costs Cyber theft/crime Damage to physical assets Public relations costs Notification costs Credit monitoring ID monitoring Third Party Risks Civil claims for damages Personal Information Civil claims for damages Corporate & Confidential Legal support/defence Fines & penalties Regulatory actions Online Media Liability Social Media Liability

8 Risk Factors and Risk Transfer Vendors and Crisis Management PR Support Legal Support Forensic & IT Support Notification & Crisis Support Reputational damage Breach coaching / Initial Response Data restoration Call centre Crisis management Regulatory and defence costs Forensic support Notification and mitigation Security support ID theft and resotoration Technology Support Credit monitoring

9 Risk Factors and Risk Transfer 3rd party cyber risks - gaps in traditional insurance

10 Risk Factors and Risk Transfer 1 st party cyber risks - gaps in traditional insurance

11 Cyber attacks and case studies in New Zealand

12 International Cyber Attacks / Data Breaches

13 Cyber Attacks / Data Breaches in NZ

14 Case study 1: SME Example of a common office-based claim paid under Cyber Insurance policy in NZ Background - Professional services firm with real-time anti-virus software - Good risk management and preventative measures Incident - Virus infection spread through network - IT service provider initially unsuccessful in eradicating virus - Finally eradicated by wiping and reinstalling all computers Exposure and Insurance Coverage - Services costs, costs for restoring data, business interruption, loss of revenue Total Loss $50,000+

15 Case study 1: SME Breakdown of potential loss Total Loss $50, $30,000+ data restoration and forensic fees - $20,000 estimated network loss

16 Case study 2: Retailer Global cosmetic retail chain suffers from a hack-attack Background - Retailer with 600 stores in 43 countries including NZ, USA, Canada, Australia - Online trading presence Incident - Hackers breached websites and stole customer billing information - NZ and Aus websites shut down for 2 months; 39,000 customers notified Exposure and Insurance Coverage - Business interruption, liability, PCI fines, notification costs, reputation, IT / Forensic Total Loss $2.5 million

17 Case study 2: Retailer Breakdown of potential loss Total Loss $2.5 million Loss of $1m+ website down + lost reputational revenue - Liability, Regulatory fines and penalties, defence and $900k ($25 per customer) Other $300k+ - PR $20k - Call Centre $15k - Customer Notification $39k - PCI Assessments/Card re-issuance $195k - Forensics Investigations $20k - Data Breach legal guidance $15k

18 Case study 3: NZ-based Gambling Site DDOS cost site millions of dollars Background - Crashed multiple times on Boxing Day Punters unable to place bets online, resulting in loss internet revenue - Previous Christmas week $10m online Incident - Cyber attack connecting multiple times to try to expose a flaw in system - Potentially opens up access point to data Exposure and Insurance Coverage - Network interruption & increased costs, forensic and IT costs, reputation, data loss, PCI fines, liability & legal costs Total Loss $7-10 million

19 Case study 3: NZ-based Gambling Site Breakdown of potential loss Total Loss $7-10 million Network interruption and increased costs - Revenue over period $5m-$7.5m - Increase costs would have been around $1.5m-$2m Other Costs in this event could include: - PR $250k+ - Liability & legal costs remains to be seen (business customers / lost data?) - Upwards $500k+

20 In summary

21 Benefits of Cyber Liability Insurance - Comprehensive coverage for cyber-related incidents - Addresses loopholes in existing coverage lines - Growing necessity with dependence on technology - Becoming one of the most relevant coverage lines - Affordable premiums with high customer satisfaction - Insurers Beware! - Claims In NZ Estimated 100% + LR - Fitch Report - Aggregation Concerns Global Event? - Legislative changes - impose greater penalties / costs

22

23 Any questions?

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