From a risk management perspective, cyber risks are being viewed with growing concern.  But what is meant by the term cyber risks?  This session is designed to explore the risks faced by organisations that are reliant on technology.

Cyber risks are not often well understood.  The losses that an organisation may face as a result of a privacy or security breach or network failure range from the obvious to the more obscure.  From reputational damage and loss of income due to interrupted business operations to legal expenses incurred in dealing with privacy regulators as well as the fines imposed for breaches, losses from a cyber-incident are many.  Citing current examples the session highlights how one cyber incident can lead to a whole host of problems for an organisation – large or small.

Organisations need to be aware of these cyber risks and consider how best they can manage them.  Insurance is one method.  Traditional insurance policies, such as property, professional indemnity, and crime were not developed with cyber risks in mind and so often do not respond to them.  The emergence of Cyber Insurance in recent times has been a response to the gap in cover that organisations face in their existing insurance policies, ensuring organisations have the protection they require.