Cyber Risk: A Survivors. Guide for Title Goes Here

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1 Cyber Risk: A Survivors Title Goes Here Guide for 2019 Webinar Start Time: 1:00pm EST There currently is no audio but please be sure to have the volume turned up on your computer to hear the audio once the presentation begins.

2 THANK YOU TO OUR SPONSORS

3 SPONSORS: GUIDEWIRE AND AXA XL Guidewire delivers the industry platform that Property and Casualty (P&C) insurers rely upon to adapt and succeed in a time of accelerating change. They provide the software, services, and partner ecosystem to enable their customers to run, differentiate, and grow their business. Guidewire is privileged to serve more than 350 companies in 32 countries. For more information about Guidewire, please visit Follow Guidewire on AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. They partner with those who move the world forward. To learn more, visit

4 PRESENTERS Moderators: John Coletti Senior Vice President, Chief Underwriting Officer AXA XL Dan Reynolds Editor-in-Chief Risk & Insurance Jeremy Gittler Practice Leader and Head of Cyber Claims Americas AXA XL John Merchant Director, Cyber Insurance Cyence Risk Analytics

5 2018: RISKS UP CLOSE Increased Ransomware Attacks Ransoms have gone up exponentially More Sophisticated Thieves Social engineering A New Regulatory Environment General Data Protection Regulation (GDPR) The California Consumer Privacy Act of 2018 (CCPA)

6 ENTRY METHODS BY ORGANIZED GROUPS Watering Hole Software Updates Web Server 71% 24% 6% 3% But.20% of attackers use two or more methods

7 2018: INDUSTRY CYBER RISK ANALYSIS

8 THE EVOLVING BUYER INFLUENCE Buyers in Charge Lots of capacity putting buyers in the driver s seat Buyers are turning to carriers for comprehensive pre-breach and post-breach cyber risk management services Expanded Coverage More inclusive coverage Endorsements popping up -- system failures, social engineering losses, consequential reputational loss, and hardware loss More Claims Pressure Demanding buyers are also beginning to test policy parameters at claim time Increased claims activity More InsurTech Get new products and enhancements to market faster Data & Analytics Providing a seamless digital platform/customer experience for smaller businesses

9 PREDICTIONS FOR 2019 More pressure Carriers pressed to deliver more comprehensive coverage options and services More demand for risk management service Buyers will continue to turn to their carriers for risk management and loss prevention services Continued Evolution of Policy Language Brokers continuing to advocate for broader policy language and endorsements Carriers will be looking to clarify policy language, given potential overlap with property and crime Increased use of data & analytics The traditional method of using standard questions to underwrite cyber risk will eventually be replaced by data-driven underwriting and risk engineering that can speed underwriting decisions on a case-by-case basis

10 KEY TAKEAWAYS Cyber risks and threat vectors continue to evolve Coverage will continue to adapt InsurTech platforms will encourage buy-in from smaller companies Data analytics provide insights to guide underwriting Buyers should look to partner with carriers that have built a solid claims history and have a clear understanding of the cyber landscape

11 SPONSORS: GUIDEWIRE AND AXA XL Guidewire delivers the industry platform that Property and Casualty (P&C) insurers rely upon to adapt and succeed in a time of accelerating change. They provide the software, services, and partner ecosystem to enable their customers to run, differentiate, and grow their business. Guidewire is privileged to serve more than 350 companies in 32 countries. For more information about Guidewire, please visit Follow Guidewire on AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. They partner with those who move the world forward. To learn more, visit