In our fifth exclusive extract from Crawford & Company®’s new report, Scenario planning and adapting to emerging risks—a risk manager’s essential guide, we look at the strategies in play as corporates fight the growing threat of cyber-attack.
The corporate world has passed several uncomfortable milestones in recent years, as the threat of cyber-attack becomes a reality. In 2013 and 2014, major incidents in the U.S. exposing several mega retailers, resulted in substantial seven- and eight-figure losses and a realisation that direct costs and expenses could easily break through, in the former case, a coverage limit of $90m.
Despite these headlines, claims history is a developing and dynamic area where obvious trends are hard to spot. Instead, Crawford’s new report Scenario planning and adapting to emerging risks—a risk manager’s essential guide, discovers how risk managers are deploying retention and transfer strategies to face up to cyber risk.
The report includes insights from Benedict Burke, head of Global Markets, alongside key industry figures from the carrier and broker market. Mark Bannon, senior underwriter, Technology, Security & Privacy at Zurich Insurance reveals how, “Corporates are increasingly looking for a cradle-to-grave post data breach incident response service,” while Sam Tiltman of JLT Speciality says, “Insurance and deductibles are playing an increasing role for risk managers, but a further complication lies with the number of options available. This varies per industry, business model and country (and between insurers), but corporates have at least 10 options from which to choose.
To download a full copy of the Crawford & Company report, please click here.
 Source: Business Insurance – August 6th 2013