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

11/10/22 • 49 min

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

Previous Episode

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

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

Next Episode

Ep. 15 - Data Breaches – Back from the Past and Worse than Ever? - with James Jansen

Sometimes a data breach is only one mouse-click away.
But what happens then? How do you deal with an incident most efficiently?
In today’s episode, James Jansen, Global Lead Cyber Incident Response Solutions at Consilio, chats with Anthony about his experience in data breach response, and shares some dos and don'ts to mitigate risk.
You’ll learn:
1. Why getting expert help when dealing with a data breach incident is the most efficient way to handle it
2. Why it’s key to look at data retention policies & data mapping as a way to mitigate risk
3. Why you should look at the human component of an incident instead of focusing only on the technology detection side
4. What are the main improvements in processes and automation surrounding data breach incidents
5. James' thoughts on recent "botched" incident responses and their impact on the cyber world
About James:
James is an experienced senior leader with 15+ years in the Legal, eDiscovery and Cyber Incident Response space - focusing on project management, strategic process development and comprehensive data mining and review solutions to clients impacted by cyber incidents, litigation and investigations.
Find James on LinkedIn: https://www.linkedin.com/in/james-jansen-076a0214/
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About Consilio:
Consilio is a global leader in eDiscovery, document review, risk management, and legal consulting services. The company supports multinational law firms and corporations using innovative software, cost-effective managed services and deep legal and regulatory industry expertise. Consilio has extensive experience in litigation, HSR second requests, internal and regulatory investigations, eDiscovery, document review and more.
Website: https://www.consilio.com/
Industry: Legal services
Company size: : 5,400+
Headquarters: Washington, United States
Founded: 2002
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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