Technology and Cyber Wrap up Navigating the changing and challenging - PowerPoint PPT Presentation

Technology and Cyber Wrap up Navigating the changing and challenging risk landscape

How to prepare for Cyber Risk: 3 2 1 Understand the tech & Cyber insurance Focus on company interconnected risks culture 2

Policy: Protection & Expert Support Pre-Breach Prevention Breach Assistance Post Breach Support  Pre-Breach Assessments,   Forensic Investigators Costs incurred to keep /return business to operational & restore/recreate data/information  Access to selected expert service providers.  Legal Services.  Loss of revenue/income/turnover  Latest cyber education, penetration testing  Crisis Management & PR expertise. and cyber security analysis. (£)  Legal costs for claims on privacy breach or network security failures. Our Partners include: 3

Our Coverage: What’s New.

Improved Cyber Cover Existing Cover NEW: Enhancements Our market leading cover responds to the  Limits up to £15M aggregate.  evolving cyber threats Impersonation Fraud  facing businesses. Incident Response & Notifications  GDPR Actions & Fines Expenses  No Retroactive Date  Remediation Costs Now includes as  No Excess for Breach  standard: Post Breach Remediation Costs Response Provision  Senior Officer Personal Funds  Cyber Crime  Phone hacking & PR Expenses  Business Interruption  Cyber Security Liability 5

Cyber Wording Enhancements Term Why is Cover Important? What the Client needs to know: No Retroactive Date: Full cover from the when the cyber breach first On average 68% of cyber breaches take months to occurred, regardless of how long the virus/hack discover.* was in the system, undiscovered. It can only take a cyber-criminal minutes to access and compromise a system, so the potential damage in that time frame is severe. Impersonation Fraud: Cover for cyber-incident from social engineering Social engineering attacks are growing in sophistication attacks that occur when cybercriminals manipulate and frequency, and are the biggest security threats staff into breaking standard security policies. facing businesses today. Many methods used by criminals to trick staff including Standard Limit is £250,000 with option to increase. issuing fake communications and invoices. • Up to € 10 million, or 2% annual global turnover – GDPR Coverage GDPR investigations and fines. (Punitive fines not covered) whichever is higher. € 20m coverage is available, from a standalone pot • Up to € 20 million, or 4% annual global turnover – (included in cover). whichever is higher. *Verizon 2018 Data Breach Investigation Report **Ponemon Institute’s 2017 Cost of Data Breach Study . 6

Cyber Wording Enhancements Cont. Term Why is Cover Important? What the Client needs to know: Remediation Cover to get the business back up and running following 24/7 access to our specialist partner, ReSecure Costs: an incident; from IT systems, networks, telephony for expertise & support to get businesses back through to manufacturing machinery. up and running. No Excess applicable for Breach Response If an incident occurs and immediate support is Provision when using our Partner Service, needed then our partner, ReSecure, will deliver ReSecure. their expert services with no excess payment required. Post Breach Cover of up to 15% of the claim to mitigate further cyber If improvements and fixes are required to avoid Remediation losses. the same cyber incident from occurring again Costs: then we pay up 15% of the claims amount to cover the fix. 7

Gama Sec: Pre Breach Service

Malware and web application threats: GamaSec monitors your website to detect dangerous malware and vulnerable web application threats that can disable a business and damage reputation: Web Vulnerability Denial of Service (£) Malware Threats 10

How GamaSec works: Gamasec is the first layer of protection: Cyber hackers are searching for GamaSec constantly monitors your website to detect dangerous malware and websites with vulnerable web application threats that could disable your business and security compromise your reputation. vulnerabilities or outdated web applications. How it works: • GamaSec runs daily malware detection & monitoring on your website. • GamaSec uses AI to scan your web applications for vulnerabilities. • GamaSec produces regular security reports with recommended solutions to fix potential vulnerabilities. 11

Security Reports GamaSec runs unlimited scans and creates easy-to-read reports to keep you updated with web security. 12

Five benefits of GamaSec 01 Free for all CNA Hardy Policyholders 02 Cloud based – no installation, new software or coding 03 Early identification of web vulnerabilities 04 Prevent web hacks and data breaches 05 No technical knowledge required 13

About GamaSec Official third party supplier fully vetted and endorsed by CNA Hardy. • Cloud based SaaS solution for businesses of all sizes globally. • GamaSec focuses on website security for small and medium business, and offers a portfolio of cloud based website security services. Why have we partnered with GamaSec? • Cyber Technology meets Cyber insurance; provides significant value to both businesses and insurance companies by reducing the number of successful cyber-attacks and reduce insurance claims. 14

Cyber Insurance summary: 3 2 1 Market leading Award winning claims Pre breach services wording service and post breach solution 15

It’s a wrap! Evolving Risk Changing Industries Landscape Feedback: Strive Differentiation: More Than To Be Better Just An Insurance Product Look Forward To: Thought Leadership A Focus On Financial Lines 16

Q&A

Legal disclaimer The information contained in this presentation does not represent a complete analysis of the topics presented and is provided for information purposes only. It is not intended as legal advice and no responsibility can be accepted by CNA Hardy for any reliance placed upon it. No representation or warranty, express or implied, is made as to the contents of this presentation, or for the omission of any material from this presentation. Legal advice should always be obtained before applying any information to particular circumstances. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products may not be available in all countries . 18