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Old 05-15-2015, 09:29 AM
Infinity Infinity is offline
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Default Cyber Insurance Event Definition

Hi,

Anyone having a good "event" definition for cyber data breach events in US? We are struggling to settle for a good "event" definition for the reinsurance programs related to Cyber. Key dilemma is how to pin point a breach since there can be a malware attack and a hacker attack which can be correlated however we do not know for certain if they are. Again there can be different hacker groups and that one hacker group can target one insured over several months. Question is how do we ring-fence the events that the reinsurers could cover on a XOL basis rather a straight QS or Agg XL where these are not necessary however costlier.

Infinity
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Old 05-15-2015, 09:58 AM
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llcooljabe llcooljabe is offline
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check with ISO. I think they've had webinar on that topic a while back.

Found it...not quite what you're asking, but they probably can direct you or have something available.

Here are other webinars:
http://www.insurancejournal.com/webc...gister.php?w=2
http://www.insurancejournal.com/webc...ister.php?w=74
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Old 05-15-2015, 09:38 PM
asile asile is offline
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Quote:
Originally Posted by Infinity View Post
Hi,

Anyone having a good "event" definition for cyber data breach events in US? We are struggling to settle for a good "event" definition for the reinsurance programs related to Cyber. Key dilemma is how to pin point a breach since there can be a malware attack and a hacker attack which can be correlated however we do not know for certain if they are. Again there can be different hacker groups and that one hacker group can target one insured over several months. Question is how do we ring-fence the events that the reinsurers could cover on a XOL basis rather a straight QS or Agg XL where these are not necessary however costlier.

Infinity
Don't you guys have a broker? Even if you are Swiss/Gen/Munich/etc direct they all have a broker-facing unit - ask your buds about their treaties. The language for cyber clauses continues to evolve. Think about the need (or lack thereof) for a hours clause.

If you are a broker, shame on you!
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Old 05-18-2015, 08:29 AM
Infinity Infinity is offline
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asile... thanks for your kind remarks... if you are in the market you would know that brokers are still trying to find a solution. SR/MR/GR all are scrambling on how to define an event and there is no clear definition. Cyber Re is only QS/AggXL to circumvent this problem.. hours clause does not resolve although reduces uncertainty.
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