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RIMS attendees encouraged to assess cyber related risks and consider the benefits of standalone cyber insurance

May 15, 2019

cyber roundtable

More than 10,000 attendees including risk managers and c-suite executives were on hand in Boston for the 2019 Risk & Insurance Management Society (RIMS) convention & exhibition in April. With such a large gathering of insurance executives, it was not surprising that many conversations around cybersecurity and how best to protect against cyber related losses were taking place on the exhibit floor, in business program sessions, with customers and with members of the media. With new losses emerging in 2017 and 2018 from cyber related events around the world, businesses are more concerned than ever and looking for guidance on cyber insurance solutions.

Zurich’s cyber team was well represented at RIMS in Boston. Zurich’s Lori Bailey, global head of cyber risk and Michelle Chia, head of specialty E&O led the Zurich pack meeting with its customers and brokers; and also taking time to speak with members of the media encouraging risk managers and c-suites to assess their cyber risks and rethink their risk strategies – including insurance solutions – to protect themselves and their customers from the magnitude of cyber related financial losses. Zurich is among insurers that have developed standalone cyber insurance policies designed specifically to fill many of the cyber coverage gaps in other – more traditional - types of insurance policies.

RIMS Lori BaileyCyber insurance policies provide specific coverages for losses caused by computer viruses, denial of service attacks, and the digital release of third party information. They also are designed to cover costs associated with the replacement of digital assets, business interruption and extortion; and provide coverage for the cost of compliance with state, federal and even international regulatory provisions governing data privacy and notification.

They conveyed that companies that implement standalone cyber insurance addressing first- and third-party coverages can be more resilient and confident that cyber risks have been addressed.

Media interested in learning more, contact Robyn Ziegler of the Media & Public Relations team.