The Importance of Speed in Cyber Underwriting. Sponsored By:

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1 The Importance of Speed in Cyber Underwriting Sponsored By:

2 The Importance of Speed in Cyber Underwriting Visit at the end of this webinar to download: Copy of these slides Recording of today s webinar

3 Many Thanks to our Sponsor!

4 Bring sophistication by driving cyber decisions from the analysis of security data 3,000+ Engineers & researchers 2,500+ Patents worldwide 500+ Security researchers 4 Trillion Events tracked using big data 2 Billion s scanned daily 1 Billion Web requests categorized daily 150 Billion Objects mined for relationships 1 Million Threats analyzed daily with machine learning 99% Automated protection Copyright 2016 Symantec Corporation 4

5 About Advisen Leading the way to smarter and more efficient risk and insurance communities, Advisen delivers: the right information into the right hands at the right time to power performance.

6 Today s Moderator Erin Ayers Editor, Cyber Front Page News Advisen Contact at eayers@advisen.com

7 Today s Panelists Oliver Brew Chief Underwriter Symantec Bob Parisi Managing Director Marsh FINPRO Nikon Rasumov Director of Product Symantec

8 Importance of SPEED in Cyber Underwriting

9 Small Business vs. Complex Risks

10 Small Business vs. Complex Risks

11 Small Business vs. Complex Risks

12 Small Business vs. Complex Risks

13 Thank you, panelists! Oliver Brew Chief Underwriter Symantec Bob Parisi Managing Director Marsh FINPRO Nikon Rasumov Director of Product Symantec

14 The Importance of Speed in Cyber Underwriting Visit at the end of this webinar to download: Copy of these slides Recording of today s webinar

15 Cyber Risk Insights Conference NY 2017 The world s largest Cyber Risk event for P&C professionals Register TODAY before a price increase on September 8 th! media/conferences/

16 2017 Claims Satisfaction Survey Pre-order the 2017 report and receive $80 off, as well as a digital copy of the 2015 version for free! 1

17 Contact Us Advisen Ltd Broadway 8 th Floor New York, NY Phone advisenevents@advisen.com

18 Leading the way to smarter and more efficient risk and insurance communities. Advisen delivers: the right information into the right hands at the right time to power performance. About Advisen Ltd. Advisen is the leading provider of data, media, and technology solutions for the commercial property and casualty insurance market. Advisen's proprietary data sets and applications focus on large, specialty risks. Through Web Connectivity Ltd., Advisen provides messaging services, business consulting, and technical solutions to streamline and automate insurance transactions. Advisen connects a community of more than 200,000 professionals through daily newsletters, conferences, and webinars. The company was founded in 2000 and is headquartered in New York City, with offices in the US and the UK. +1 (212) info@advisen.com

19 Small Business vs. Complex Risks Persona SMB Complex Risk Insured Question Broker Coverage Carrier Time Understand basic security questions Appreciate the benefits and breadth of the cyber coverage Reduce the time for underwriting low premium accounts Focus on meaningful deep dive questions for industry and size Customize the policy to specifics of the company risk profile Focuses the time of the underwriter on the most salient highlights of an application Everyone Context switching between information gathering, submitting, rating, pricing, quoting, binding All stakeholders in different systems 1 looking at different information

20 Problems and Solutions in Underwriting Small Business vs. Complex Risks Persona SMB Symantec CyberWriter Complex Risk Insured Question Broker Coverage Carrier Time vs Risk Understand basic security questions Appreciate the benefits, value and breadth of the cyber coverage Reduce the time for underwriting and risk selection Everyone Context switching between information gathering, submitting, rating, pricing, quoting, Copyright 2017 Symantec binding Corporation 420 simple tooltip explanations of underwriting question (Pii vs PCI) 22 Risk description (phishing vs malware attack) 22 Mitigation steps (train your employees vs Anti-Malware) 200 Risk Factors (low # of OpSec) 10 every-day Underwriting Scenarios (lost laptop vs BEC) 20 Estimated Costs Types (legal) We can answer more questions by: 13 Pre-populated firmographics 22 Company specific and micro-segment security metrics (phishing attacks vs open ports) 30 averaged statistics for industry and size (%IT budget for security) 2.7x faster streamlining of Information Gathering, Submission, Rating, Pricing, Quoting, Binding all in one platform Customized questions for large risk have been created by: 10 Top Cyber Underwriters 5 F500 Company CISOs 10 Symantec Security Experts 6 insurance coverages with description of what scenarios are covered by policy, limit and deductible (Tech E&O, BI, Media) 4000 underwriting and security rules that automatically scan for an application risks depending on the dynamic threat profile (financial industry targeted by nation state of financial gain) 3in1 platform for insured (CISO, CRO, CLO, CFO), brokers (retail, whole sale, international), underwriters (junior, head, chief) Problem Solution Focus on meaningful deep dive questions for industry and size Customize the policy to specifics of the company risk profile Focuses the time of the underwriter on the most salient highlights of an application All stakeholders in different systems looking at different information

21 Competitive Feature Differentiation Features Copyright 2017 Symantec Corporation Symantec CyberWriter Outside-In Rating Spreadsheet or Internal Tools Underwriting Platforms Outside-in Data Broker Self-service Symantec Data on SMBs Complex Risk Data Premium Quote Variables Policies Deep Dive Questions Rule-based Analytics Underwriting Scenarios Accelerate Underwriting Improve Risk Selection Sum

22 Outside-In vs Inside-Out: WannaCry and Petya illustrate that it is insufficient to rely on outside-in data alone # Open Port SMB v1 (~13k total May '17) Pearls in the dirt High competition and lucky guess # Wanna Cry Infection Attempts (~13MM total May '17) CONFIDENTIAL: Not for distribution outside of client organization without written permission from Symantec. Contains draft product development plans, which are subject to change at any time. Hell High competition and bad luck 22