A Known, Unknown: Evolving Cyber Threats and the future of the UK Cyber Insurance Market

We live in a changing society in which firms across all sectors of the economy rely on some level of digital infrastructure for their everyday operations. Today, with millions of people working remotely, separated from their colleagues, friends and families, our reliance on technology has become an inseparable part of the way we live our lives and earn our income. With this increased reliance on technology lies an increased risk, that beneath our dependence there is a shadow of vulnerability. Cyber insurance offers one vital component of any strategy aimed at mitigating risks and improving cyber security for UK businesses and the economy at large. ABI is pleased to launch a report in conjunction with Oxera that seeks to explain the UK cyber insurance market and the threats it faces and to demonstrate its potential role in creating a more secure and resilient UK economy.

Programme

Chair: Graham Walsh – Senior Policy Adviser, Specialist Insurance Lines, General Insurance

• Graham is the ABI policy lead on specialist insurance lines, with a primary focus on Cyber Insurance and Trade Credit Insurance policy. Prior to taking on this position he worked in the ABI Health and Protection team leading on the creation of industry standards for the underwriting of mental health conditions. Graham joined the ABI in 2017 from Quest Global, where he was a Management Consultant working for the Sports Integrity and Strategy Team.

Report Presentation: The Value of Cyber insurance to the UK Economy 

The Association of British Insurers (‘ABI’) has commissioned Oxera to assess the impact of cyber insurance on the UK economy. This report considers the benefits and importance of cyber insurance policies for UK businesses and the UK economy more broadly, providing new insights from UK cyber risk insurers and insurance brokers.

The report can be found here

Presenter: Helen Ralston– Partner, Oxera

• Helen specialises in financial services markets and has experience in competition policy, regulation, litigation and arbitration. She has analysed the economics of markets on both the wholesale and retail sides of the financial services sector. Much of her work has focused on high-profile issues, including the European Commission’s investigations into LIBOR and foreign exchange, the proposed London Stock Exchange and Deutsche Börse merger, and the ongoing CMA investigations into wide Most Favoured Nation clauses in home insurance.

Panel Session: A Known, Unknown: Evolving Cyber Threats and the future of the UK Cyber Insurance Market

With increasing dependence comes increased risk. Our society, economy and lives have never been more closely tied to digital infrastructure, and as such, never has the security and resilience of those systems been so important. Over the coming years, new and old threats will plague businesses of all sizes and the impact will be increasingly devastating. How are businesses going to adapt to the varied risks in a climate of dwindling corporate revenues and reserves? What can government do to incentivise and encourage greater digital resilience? Are SME’s the forgotten frontier in this battle and what role does the insurance industry have to play in the years to come? We will aim to explore these issues and more in this panel session.

Panellists

• Erica Constance – Cyber Portfolio Manager, QBE European Operations, Chair of the ABI Cyber Committee

• • • Erica leads the development and delivery of QBE’s strategy for cyber across the European Operations, showcasing QBE’s solutions orientated approach. Erica’s remit includes ensuring that QBE’s proposition keeps pace with the rapidly evolving Cyber risk environment and that QBE remain relevant to customers and brokers.

• Laura De Hann – Cyber Security and Digital Identity Directorate, Department for Digital, Culture, Media and Sport

• • • Laura is a policy lead from the Cyber Resilience team in the Cyber Security and Digital Identity Directorate. For over two years she has been focusing on how to encourage organisations to effectively manage cyber risk, from ensuring there are the right cyber resilience foundations (advice, guidance and standards) to creating the right market incentives across the UK economy. Laura has extensive policy experience across the UK and New Zealand Civil Service, from departments at the centre of Government to regulators and front-line policy delivery agencies.

• Jason Nurse – Associate Professor in Cyber Security at the University of Kent

• • • Dr Jason R.C. Nurse is an Associate Professor in Cyber Security at the University of Kent and a Visiting Academic at the University of Oxford. He co-leads an NCSC/RISCS-funded project investigating the role of cyber insurance in incentivising improved cyber security behaviours within organisations.

• Helen Ralston – Partner, Oxera

• • • Helen specialises in financial services markets and has experience in competition policy, regulation, litigation and arbitration. She has analysed the economics of markets on both the wholesale and retail sides of the financial services sector. Much of her work has focused on high-profile issues, including the European Commission’s investigations into LIBOR and foreign exchange, the proposed London Stock Exchange and Deutsche Börse merger, and the ongoing CMA investigations into wide Most Favoured Nation clauses in home insurance.

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