What is the biggest lesson cyber insurers should bear in 2021 after a year of the COVID-19 pandemic?
In the first Insurance cyber podcast New Year's episode and fifth overall, Tim Zeilman, vice president and global cyber product owner at Hartford Steam Boiler (HSB), discusses how lessons learned from the coronavirus pandemic and recent significant cyberattacks are more related than insurers might think.
"I think the lesson is pay attention and learn the lessons from the close calls," he tells Elizabeth Blosfield of Insurance Journal. "So when you think of the COVID-19 pandemic we're in the middle of right now, it's not the first. We suspected things like this could happen."
Indeed, in the past decade, outbreaks of diseases such as Ebola and H5N1, or the bird flu, made headlines, although these outbreaks never reached the same global scale as the COVID-19 pandemic, he explains.
"I think you can make an analogy with cyber attacks," he says. "We haven't seen the big one yet. We haven't seen the massive cyber hurricane that everyone is worried about and models, but we did see some smaller events. In 2017 in particular we saw NotPetya and WannaCry."
He says the message to be taken from this pandemic, as well as the cyber attacks of recent years, does not ignore near misses.
“Don't expect the future to look like this – that we'll always have these small, somewhat boxed-in events that might be big, but not the huge ones,” he says. “In the end, I think it's about keeping your focus in cyber insurance on accumulation, making plans for that big event that looks like a WannaCry or NotPetya event, but on a much larger scale and with a much greater impact. and what that would mean for your cyber insurance business. "
Forward to 2021
Also in this episode, Lauren Winchester, vice president of Smart Breach Response at Corvus – a provider of artificial intelligence-driven commercial insurance products – looks back at some of the big cyber insurance trends in 2020 and discusses what cyber insurers should be paying. attention for in the new year.
"I think vulnerability visibility will be really critical – how cyber insurers manage to partner with other vendors or develop internal capabilities to better understand their pool of risk and the vulnerabilities among their policyholders," said Winchester. .
She adds that over the course of 2021, it will be important for cyber insurers and their customers to enter into a larger partnership to better understand how they can work together.
“I think insurance buyers who work with their brokers should really think about what else their cyber insurance company can do for them,” she says. "It's really so much more than just transferring risk right now, and they could and could ask more from their cyber insurer."
Source: Elizabeth Blosfield puts new episodes in her Insurance cyber podcast every other Wednesday along with Insurance Journal's Insuring Cyber newsletter. Blosfield and her guests explore how the world of cyber and the insurance industry are connected.
The most important insurance news, delivered to your inbox every working day.
Receive the trusted newsletter from the insurance industry