Demystifying Cyber Insurance
- Demystifying Cyber Insurance
- Fall 2021
- Temple University, Munich RE
- Zoom Online Webinar, Octorber 18th, 2021, 12pm-1pm
- I learnt about the key stakeholders of cyber insurance such as the insured party, the carrier, brokers, breach counsel, digital forensics and incident response, and reinsurance center. I also learned about main targets of cyber insurance which are first and third parties. First parties are ones who take the loss, which are interruption of operation, threats of extortion and costs to recover data assets. Third parties are ones who insure the first parties, their risks include claims of disclosure or failure to protect types of information such as PII, PHI, CCI, PCI, and other fines and penalties that possibly occur. Cyber trends are also a part of the webinars, regarding trending tendencies such as increasingly political cyber attacks, growth of e-commerce, enhanced security standards of corporate, and increasing propensity for cyber induced interruption of business.
- Security is a growing problem in our digital adopting business world, having some security insight on the side is highly beneficial for my IT related career, whether I am going to be working with data analytics or programming. Understanding cybersecurity standards and trends, especially liabilities and potential imminent threats is useful as for when I’m working on real project where security is an inevitable aspect of technology, as well as having my own business running.