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Cyber risk workshop attracts record sign up at the AIRMIC conference

With Sony announcing losses of just under $2bn following recent cyber attacks, the potential risks and cost of cyber crime are front and centre of risks managers’ minds, as demonstrated by the fact that over 100 people have signed up to attend the workshop being held on the subject on Tuesday 7th June at 11.45am at the AIRIMC Conference and Exhibition 2011.

Panellist and liability expert Kiran Nayee from Miller commented “The last six months have seen a sharp increase in both the severity and frequency of cyber-attacks, and few industries seem immune. However, the risks involved, and the cost and consequences of them, are really unknown territory for everyone; insurance buyers, brokers and underwriters alike. The objective of the session is not to try to talk about proscribed solutions, but to facilitate discussion so that there is a better understanding of the issues.

“We have designed the workshop so that the audience can challenge our speakers’ assertions and opinions with Apprentice-style red and green cards, so we are anticipating a full and frank debate. One particular area of discussion will be looking at whether this is an area where captives can be more actively used. Can we take risks, that are still too underdeveloped for the insurance market to deal with, and incubate them in a captive, reinsure some part of them and monitor the loss development?

“Complex problems call for creative solutions – we hope the intellectual firepower at AIRMIC will move this debate along.”

The workshop will be hosted by Greg Collins from Miller and the panel will be made up of Chris Maurice of BT plc, Nick Alston of Digital Barriers (a security consultancy), Graeme Newman of CFC Underwriting and Kiran Nayee from Miller.