Ep. 5 - In For A Penny, In For A Pound: There's no Successful Cyber Insurance without Cyber Security - with Sarah Stephens

07/07/22 • 31 min

Cyber insurance alone isn't enough. You need both cyber security systems and insurance in place.
Sarah Stephens, Head of Cyber at Marsh, chats with Anthony about the next 6-12 months in the cyber insurance market.
You'll learn:
1. Why cyber insurance needs cyber security to successfully prevent losses
2. Why underwriting needs to become more nuanced
3. The importance of tabletop exercises
4. Why you shouldn’t skip quantifying cyber risks
5. What impact the war in Ukraine has on cyber security and insurance
About Sarah:
Sarah is Head of Cyber, International at Marsh and has more than 20 years of experience. She focuses on strategy development and compliance, as well as cyber risk insurance implementation. She advises Marsh Specialty clients around the world, and is part of the largest and most experienced cyber team in the London market. Sarah counsels clients on understanding cyber, technology and media E&O (PI) risks and developing leading, tailored insurance solutions.
Find Sarah on LinkedIn: https://www.linkedin.com/in/sarahmstephens/
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About Marsh:
Marsh is the world's leading professional services firm providing risk, strategy and human capital advice and solutions. Through its market-leading brands, colleagues in more than 130 countries help clients identify, plan for and respond to critical business issues and risks. Its around 45,000 employees worldwide provide industry-focused brokerage, consulting and claim advocacy services on leveraging data, technology, and analytics to reduce their clients' total cost of risk.
Website: https://www.marsh.com/
Industry: Financial Services, Professional Services, Service Industry
Company size: over 45,000
Headquarters: Greater New York Area, East Coast, Northeastern US
Founded: 1871
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About the host Anthony:
Anthony is passionate about cyber insurance. He is the CEO of Asceris, where they enable their 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]
This podcast is powered by SAWOO – http://www.sawoo.io

Previous Episode

Ep. 4 - Cyber Insurers Paying Claims is Driving the Industry Today - with James Tuplin

Cyber Insurers sometimes hear in the press that they don't pay claims.
The truth is the opposite:
Cyberattacks drive high claim numbers – and premiums increase while coverage is harder to find.
James Tuplin, SVP, Head of International Cyber at Mosaic Insurance, chats with Anthony Hess about cyber policies today, and shares the only time he's ever declined a cyber claim.
You'll learn:
1. Why cyber insurers paying claims is a driving force for the industry
2. System outages as part of cyber policies – Yes or No?
3. How to improve cyber underwriting
4. Why ransomware is a huge concern in cybersecurity
5. The challenges with aggregated events
About James:
James has more than 18 years of experience underwriting international commercial risk, with a focus on the cyber and tech, media and telecom (TMT) sector. At Mosaic, he is developing the international cyber portfolio, starting in London and seeking opportunities in Europe, Asia Pacific, and the Middle East. He was previously head of cyber and TMT for AXA XL’s international financial lines division and also held cyber-related roles at QBE, Allianz Insurance, and Zurich.
Find James on LinkedIn: https://www.linkedin.com/in/james-tuplin-9b24a29/
James' company Mosaic Insurance: https://www.mosaicinsurance.com/
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About Mosaic Insurance:
Mosaic is a next-generation, global specialty insurer harnessing visionary leadership, exceptional underwriting talent, a focus on complex product lines, and a digitized operating model. Coupling Lloyd’s Syndicate 1609 with a wholly-owned syndicated capital management agency, Mosaic is uniquely positioned to offer capacity and custom service to clients in markets around the world. We leverage the legacy of Lloyd’s, along with the market’s global license network and financial-strength ratings: A, Excellent Outlook (AM Best); A+, Strong Outlook (Standard & Poor’s); AA-, Very Strong Outlook (Fitch Ratings).
Website: https://www.mosaicinsurance.com/
Industry: Insurance
Company size: 80-100
Headquarters: Hamilton, Bermuda; Chicago, New York, US; London, UK
Founded: 2021
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About the host Anthony:
Anthony is passionate about cyber insurance. He is the CEO of Asceris, where they enable their clients to respond to cyber incidents quickly and effectively.
Anthony is originally from the US, but lives in Europe now with his wife and two children.Get in touch with Anthony via LinkedIn https://www.linkedin.com/in/anthonyhess/
or email [email protected]
This podcast is powered by SAWOO – https://www.sawoo.io

Next Episode

Ep. 6 - Outside-In Scans Aren't the Answer: Why there's More to Assessing a Company's Cyber Risk - with Lindsey Nelson

We're facing a corrective market: Premiums increase and capacity for most types of insurance decreases.
Lindsey Nelson, Cyber Development Leader at CFC, chats with our host Anthony about how to reintroduce consistency in approaching the "hard market" & market correction.
You'll learn:
1. Why assessing a company's risk should not be based on outside-in scans alone
2. Lindsey's thoughts on the corrective market, rate increases and the difficulty in securing capacity
3. Challenges selling the value of cyber insurance in today's market
4. Ways to enhance the overall cyber market
5. The 3 biggest challenges in cyber insurance today
About Lindsey:
As Cyber Development Leader, Lindsey oversees the global business development strategy across CFC’s cyber portfolio, responsible for key account management, distribution and new business growth strategy, and internal development across a team of over 60 underwriters. Having nearly a decade of experience underwriting Cyber and Technology risks previously at Chubb, and overseeing the international cyber team at CFC, Lindsey's expertise in cyber has put her in demand for a wide range of conferences across Europe and North America while continuing to play an active role in underwriting strategy. She is a sought-after speaker on the topic of cyber insurance and a vocal champion for women and young brokers in insurance.
Find Lindsey on LinkedIn: https://www.linkedin.com/in/lindsey-nelson-0966995a/
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About CFC Underwriting Limited:
CFC is a specialist insurance provider, pioneer in emerging risk and market leader in cyber. Their global insurance platform uses cutting-edge technology and data science to deliver smarter, faster underwriting, and protect customers from today’s most critical business risks. Headquartered in London with offices in New York, Austin, Brussels and Brisbane, CFC has over 600 staff and is trusted by more than 100,000 businesses in 90 countries.
Website: https://www.cfcunderwriting.com/
Industry: Information Technology, Insurance
Company size: over 500
Headquarters: London, England, United Kingdom
Founded: 1997
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About the host Anthony:
Anthony is passionate about cyber insurance. He is the CEO of Asceris, where they enable their 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]
This podcast is produced by our friends at SAWOO – https://www.sawoo.io/