Data Risk, Cyber and Network Security Insurance

As websites, e-commerce and social media take a prominent role in every facet of business, companies everywhere face a multitude of threats to their brand integrity, business continuity, network security and customer and employee data.

Whilst internal risk management schemes are more important than ever, even those so-called state-of-the-art, gold-star compliance programmes have proven far from water-tight against increasingly sophisticated criminal elements, as well as technical malfunction and human error.

For this reason, insurance protection against digital security and information breaches is now critically important across all industry sectors. The coming months will see a phenomenal rise in demand for cover across Europe, as the European Commission leads the way in tightening legal and regulatory requirements relating to post-breach obligations, particularly with regard to notifying those whose data is compromised. Indeed, experts are forecasting a surge in insurance purchasing unseen since the “big boom” in the US, when mandatory notification obligations became effective across 45 States.

It is vital therefore that insurers and brokers in Europe are fully prepared to face and capitalise on market demands, by ensuring that existing products evolve alongside technological advancements and by creating dynamic policies that meet complex needs of today’s businesses. However, they must also understand and guard against the unique exposures associated with operating in the digital arena, including the seemingly impossible aggregation challenge: the potential world-wide cyber disaster, the next millennium bug.

The C5 Data Risk, Cyber and Network Security Insurance Forum has been developed specifically for the insurance industry, based on feedback from your own colleagues and competitors, to help you to exploit this unmatched opportunity whilst minimising exposure to potentially titanic claims.

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