SCOR and the Cyber Insurance Association host a joint Cyber Insurance Forum in Zurich
With data breaches and cyber attacks appearing regularly in the news, including some very high-profile cases affecting millions of people, cyber risk has become a hot topic for insurers and reinsurers.
SCOR is no exception to this. To ensure that they remain at the forefront of knowledge and expertise in this regard, over the past few months SCOR’s teams have been sharing and furthering their cyber know-how at a number of dedicated events around the world.
One of these took place in Zurich, Switzerland on September 20, when SCOR’s Zurich office hosted a Cyber Insurance Forum - “Are silent and non-affirmative cyber risks everywhere? - ”in conjunction with the Cyber Insurance Association. Non-affirmative or silent cyber coverages refer to exposures that are neither explicitly included nor excluded in insurance policies or reinsurance treaties – so their potential financial implications for the entire insurance industry are huge.
The conference welcomed 120 attendees from 10 EMEA countries, with a majority from London, Germany and Switzerland, as well as international panelists from 22 different organizations including insurers, reinsurers, lawyers, associations and consultants. The program included discussions on the problems and solutions surrounding non-affirmative & silent cyber exposure for direct and treaty P&C lines (casualty, financial lines, property), and a look at the potential contribution of the capital markets from the perspective of the Insurance Linked Securities (ILS) and Industry Loss Warranties (ILW) sectors.