The 2017 Cyber Symposium was our biggest and most successful yet. We are pleased that so many of you attended and we hope to see you all again this year.
More than 180 of our partners and peers in the London market came together to hear the views on the cyber insurance market from three exceptional speakers – Inventor of the World Wide Web, Sir Tim Berners-Lee; Executive Director of Europol, Rob Wainwright; and CEO of Security at BT, Mark Hughes.
Mark Hughes presents his views on how an open, speak up culture has lead to a rich seam of information, enabling the organisation to define risk. Followed by Rob Wainwright discussing the impact of cybercrime on businesses, and Tim Berners-Lee on data being the new oil.
If you weren’t able to attend this year, or if you did but you can’t get enough of it, we have uploaded a highlights video on our YouTube channel here: https://youtu.be/ellP6Z3UEaU
Today we are releasing findings from a survey conducted at the 2017 London Market Cyber Symposium last month*.
When asked whether they were seeing more demand for cyber insurance as a direct result of the incoming EU General Data Protection Regulation (GDPR), an overwhelming 80% of survey respondents agreed.
Respondents to the survey at last year’s event cited the incoming GDPR regulation as an element likely to drive up the demand for cyber insurance in 2017.
Graeme Newman, Chief Innovation Officer at CFC, explained: “Under the GDPR there will be a requirement that businesses have an incident response plan in place and must notify any data breach no later than 72 hours of becoming aware of the event. To do this, businesses are going to need access to a whole raft of specialists and that’s going to have a disproportionate effect on SMEs who are unlikely to have this level of capability in-house. They could find themselves scrambling for help and possibly face missing the cut off, thus exposing themselves to breaching the new rules.
“I think that there is a greater realisation as GDPR looms ever closer that cyber insurance can offer a valuable lifeline. As well as protecting them against the emerging threats of the digital age, the right provider will give insureds instant access to carefully selected specialists who can guide them every step of the way from creating an incident response plan to dealing with a cyber attack.”
* The survey was conducted on 23rd November at the 2017 Cyber Symposium in London, UK. Hosted by CFC Underwriting, the event was attended by over 200 representatives from the insurance industry.
Thank you to all those who joined us at the London Market Cyber Symposium last week. We hope everyone found the contributions by our three speakers – Mark Hughes from BT, Rob Wainwright from Europol, and Sir Tim Berners-Lee of ‘the Web’ fame – insightful and inspiring. We certainly also enjoyed the panel sessions, expertly moderated by Mark Geoghegan, and were pleased that so many thought-provoking questions were put to them by the audience. One of our personal highlights was seeing so many industry peers and partners in the same room – and quite a few of them strutting their stuff on the dancefloor later that night! For those who missed the chance to attend, we will be posting a highlights video of the event next week, so make a note to check back then. In the meantime, we hope you enjoy this selection of photos from the event.