Panel Discussion – Cyber Risk, Insurance and Related Job Market
Sponsoring Organizations: Zurich, Chubb, etc.
Date & Time: 02/02/2022, 2:00
During the panel discussion over Zoom, I expect to learn about how cybersecurity affects risk and about different kinds of cyber risks that occur most often. I would like to know how exactly these risks are covered and if someone were to lose their data, how would insurance companies go about that?
I learned that cyber insurance is more detailed and more evolved than other types of insurance. Products change over time; products like bitcoin affect premiums and can create more risks. Some companies in risk are starting to realize that technology is becoming an important role in the field, so employees have to try and keep up with technological advances. Some big cyber risks include different types of malwares, sometimes ransomware, and data breaches. With these risks in mind, they have to figure out the probabilities of which risks occur more often than others. Infrastructure failure is not insurable because the issue would happen to everyone and would be impossible to deal with. Cyber war is also not insurable. This relates to the risk management coursework because we talked about how when issues affect everyone in the world, those issues are pretty much always uninsurable. If insurance companies covered something such as infrastructure failure, they would most likely go out of business.