Cyber insurance is a relatively new form of risk transfer that helps companies to mitigate the financial impact of cyber-attacks and outages. It provides an additional layer of protection by addressing some of the residual risks that cannot be completely eliminated through technical and organizational controls alone.

However, not all companies are insurable and insurers typically evaluate the appropriateness of cybersecurity measures and risk management practices before providing coverage. This seminar will give an overview on the basic cyber insurance covers that address business interruption and data breaches and how they are typically quantified. It will also introduce the risk-based approach for cyber risk assessments to determine insurability and top controls from an insurance view.

Speakers

Thomas Schnitzer

Thomas started his career as information security consultant before he joined the insurance industry in 2013. He worked in the Swiss Re internal IT department as business and security analyst and joined the cyber reinsurance team in 2017. Since 2022 he works as a cyber risk engineer at Zurich insurance. His responsibilities include the assessment of cyber risks to support insurance underwriters and the development of guidelines, trainings and questionnaires. He holds a master’s degree in business information systems and CISA, CISM, CISSP and CEH certifications.

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