Ep. 13 - How Cyber Insurance Should Respond To Systemic Risk - with Kelly Castriotta

10/27/22 • 54 min

Are systemic cyber risks uninsurable?
With catastrophic events amassing over 200 million in losses, there is an extreme tail to cyber that people are starting to appreciate.
For this reason, systemic cyber risks are a top concern for the future of cyber insurance.
In today’s episode, Kelly Castriotta, Global Executive Underwriting Officer of Cyber at Markel, chats with Anthony and shares her thoughts about systemic events and how cyber insurance should be responding to them.
You’ll learn:
1. That contrary to what is often seen in the press, cyber insurance does pay claims
2. Why cyber insurance shouldn't be bundled up in non-cyber policies
3. What kind of risks should coverage really be changing to adapt to
4. The challenges of war exclusion as a response to systemic risk
5. Why solutions to systemic risk need to be twofold
About Kelly:
Kelly Castriotta, Esq., is Global Cyber Underwriting Executive, for Markel Corporation (NYSE: MKL) where she is responsible for leading the global underwriting strategy for cyber risk impacting all lines of business at Markel. She has a diverse background in professional lines, ranging from product development and underwriting management to in-house claims consulting and coverage litigation.
Find Kelly on LinkedIn: https://www.linkedin.com/in/kelly-castriotta-esq-2405615/
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About Markel:
Markel Corporation (NYSE: MKL) is a holding company for insurance, reinsurance, and investment operations around the world.
Headquartered in Richmond, Virginia, and founded in 1930, our financial goals are to earn consistent underwriting and operating profits
and superior investment returns to build shareholder value.
Website: https://www.markel.com/
Industry: Auto Insurance, Financial, Services, Insurance Management
Company size: 10,000+
Headquarters: Glen Allen, Virginia
Founded: 1930
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About the host Anthony:
Anthony is passionate about cyber insurance. He is the CEO of Asceris, a company that enables its clients to respond to cyber incidents quickly and effectively. Anthony is originally from the US but now lives in Europe with his wife and two children.
Get in touch with Anthony on LinkedIn: https://www.linkedin.com/in/anthonyhess/ or email: [email protected]
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This podcast is produced by our friends at the SCL Program by SAWOO

Previous Episode

Ep. 12 - How Private and Federal Parties Are Coming Together to Combat Threat Actors - with Carolyn Ryan

The regulatory aspect of cybersecurity is changing fast.
Previously, you would only have a couple of attorney general inquiries.
Now it’s in excess of 10!
As a result, more people are coming together to combat threat actors than before and even the FBI is getting involved.
In today’s episode, Carolyn Ryan, partner at Mullen Coughlin, chats to Anthony about the biggest legal developments in cyber insurance and security.
You’ll learn:
1. The biggest priority when cybersecurity incidents come in
2. What people get wrong about endpoint protection solutions
3. How to handle data better and more securely
4. Mullen Coughlin’s biggest challenge according to Carolyn
5. How the regulatory aspect of cybersecurity is changing
About Carolyn:
Carolyn Purwin Ryan is a Partner with Mullen Coughlin LLC, serving as a “Breach Couch” to organizations who are faced with a data privacy and security incident. She also provides organizations with pre-incident Advisory Compliance services, such as tabletop exercises, development of risk assessment policies, assessment of regulatory compliance requirements and inquiries from regulators at both the state and federal level.
Find Carolyn on LinkedIn: https://www.linkedin.com/in/carolyn-purwin-ryan-85461014/
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About Mullen Coughlin:
Mullen Coughlin is a law firm solely dedicated to counseling organizations in the context of data privacy and security. With over 90 attorneys, they are – and their mission is to remain – the data privacy and security thought leader for organizations of all sizes and across all industry sectors. Their equity members, many of whom are women, are pioneers in the field and are instrumental in shaping the development and implementation of data privacy and security practices and incident response services industry-wide.
Website: https://www.mullen.law
Industry: Law, Risk Management
Company size: 200
Headquarters: Devon, Pennsylvania
Founded: 2016
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About the host Anthony:
Anthony is passionate about cyber insurance. He is the CEO of Asceris, a company that enables its clients to respond to cyber incidents quickly and effectively. Anthony is originally from the US but now lives in Europe with his wife and two children.
Get in touch with Anthony on LinkedIn: https://www.linkedin.com/in/anthonyhess/ or email: [email protected]
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This podcast is produced by our friends at the SCL Program by SAWOO

Next Episode

Ep. 14 - Why Crypto Is The Next Big Product In Insurance - with Brad Gow

Crypto thefts result in hundreds of millions of dollars in damages.
But despite these immense losses, the insurance industry hasn’t yet gotten into the thick of this challenging area of risk.
Which means there is a massive, multi-million dollar gap in the market.
In today’s episode, Brad Gow, VP at Sompo Digital Labs, chats with Anthony about the parallels between the cyber market of yesterday and the crypto market of today while highlighting the pressing need for coverage in this new area of risk.
You’ll learn:
1. What underwriters and brokers need to know about crypto in the insurance context
2. The parallels between cyber insurance and crypto insurance
3. What an insurable product looks like in crypto
4. How the absence of insurance inhibits the adoption of blockchain technology
About Brad:
Brad is a senior professional liability insurance executive and recognized industry leader in cyber risk insurance. He is currently focused on researching and developing new insurance products focused on crypto, blockchain and Web3 technology.
Find Brad on LinkedIn: https://www.linkedin.com/in/brad-gow-22b5658/
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About Sompo Digital Labs:
Sompo Digital Labs is the innovation arm for SOMPO, bringing together pioneering startups and the insurance industry. We partner with companies to bring innovative technologies to market, providing an arena for implementing security, health and wellbeing solutions.
Website: https://sompo.io/en/
Industry: Research Services
Company size: 20
Headquarters: Foster City, California
Founded: 2015
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About the host Anthony:
Anthony is passionate about cyber insurance. He is the CEO of Asceris, a company that enables its clients to respond to cyber incidents quickly and effectively. Anthony is originally from the US but now lives in Europe with his wife and two children.
Get in touch with Anthony on LinkedIn: https://www.linkedin.com/in/anthonyhess/ or email: [email protected]
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This podcast is produced by our friends at the SCL Program by SAWOO