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The Evolution of Cyber Threats & Embracing Cyber Risk Management

Explore the changing landscape of cyber threats and learn how to effectively manage cyber risks. Discover Delta Insurance, a market-leading team offering comprehensive products and thought leadership. From cyber risks in the workplace to emerging technologies like IoT and AI, gain valuable insights into risk management strategies and the importance of cyber insurance.

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The Evolution of Cyber Threats & Embracing Cyber Risk Management

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  1. The Evolution of Cyber Threats & Embracing Cyber Risk Management PIC and AAA Conference, May, 2018

  2. Delta Insurance • Locally owned but global outlook & expertise • Passion for Specialty & Niche products • Not the biggest but the best at what we do • Operations in New Zealand and Singapore • NZ Presence in Auckland, Wellington, Christchurch DELTA = Change • The best of traditional insurance (personalised service + relationships) • Better, more efficient delivery, harness technology • Thought Leadership & Risk Management

  3. Our Market Leading Team

  4. Our Products - NZ

  5. Product and Offer • Products and Claims Service – NPS of 40 (NZ av. for Insurance is 11) • Over 10,000 Policies • Most comprehensive product for Cyber Risk and Risk Management in NZ • ConnectSmart / Key NCPO Partner (NZ Govt Cyber Security Strategy) & OECD • First Comprehensive UAV Product in New Zealand market • New Zealand’s first locally provided Environmental and Pollution offering • Thought Leadership / White Papers in Cyber, Environmental & Technology • New Zealand’s first Manufacturing Product

  6. New Entities, Opportunities & Geographies • First Lloyd’s Coverholder in Singapore – July 17 • South Island Office (Chch) - Aug 2017 • Delta Digital – Nov 17 • Delta Property Insurance - Jan 2018

  7. Technology and Innovation • Founding Member of FintechNZ • Founding Member of InsureTech • Enviable tech platform (DIMS) DeltaDigital Launch in Singapore

  8. Recognition Deloitte Fast 50 2017 (#34) • ANZIIF Underwriting Agency of the Year 2017 • IANZ Insurer of the Year 2017 + 2018 • NZTE Focus 700

  9. New for 2018 • New Cyber Product early 2018 • Cyber and UAV Whitepapers early 2018 • Further International Expansion • Further New Product Development • Increased Expertise and New Hires • Increased use of Technology to improve Service (accelerated Tech plan) • Manufacturers Liability Product suite Growth • Delta Property Insurance (launched 1 January, 2018)

  10. Cyber Risk Management white paper

  11. Embracing the Cyber Risk Landscape 1) Cyber Risks in the New Zealand Workplace 2) IoT, Blockchain, AI and the rise of Cyberwarfare, including the Costs of Cyber Incidents 3) Risk Management Strategies – including pre- and post-loss solutions 4) Cyber Insurance Update

  12. Established and Evolving Risks • Ransomware • Phishing • Whaling • Data Breaches • Cloud Computing • System Failures • Mobile Devices • DDoS Attacks

  13. Ransomware attacks

  14. Wannacry Ransomware Attack

  15. Distributed Denial of Service Attacks (DDoS)

  16. Emerging Points of Interest • Internet of Things (IoT) • Blockchain • Artificial Intelligence (AI) • Cyber Warfare • Industrial Control Systems

  17. Blockchain

  18. Industrial Control Systems Designed and deployed to operate in isolated areas

  19. The Legal Framework

  20. Risk Management Strategies What can companies do to protect themselves? Public / PrivateCooperation Risk management Cyber risk protection

  21. Risk Management Strategies • Advanced Authentication • Company Culture • Business continuity • Disaster Recovery Plan • Cyber Insurance

  22. Advanced Authentication • Multi Factor Authentication • Something the user knows • Something the user has • Something the user is

  23. Cyber Insurance • Rapidly increasing demand for cyber insurance • Becoming a compulsory requirement • Only 6% of NZ businesses hold specific cyber insurance • Continuous update of cyber policy wordings • Meeting customer expectations

  24. Pre-Emptive Risk Management • Pre Loss Solutions • Consultation Services • Pre-loss and Post-loss offerings • Customisation of coverage

  25. Cyber Credentials – Top 10 ICT Security Threats

  26. Cyber Credentials – Top Ten ICT Security Threats

  27. Cyber Partners / Cyber Risk Management – Comprehensive team of specialist experts – Covers ALL aspects of the cyber security risk spectrum in New Zealand – See Cyber Risk Management on our Delta New Zealand / Singapore websites

  28. Managing Cyber Risk

  29. Old vs New Coverage

  30. Personal Cyber Insurance

  31. OECD work on cyber insurance May 2017, OECD delivers report to G7 Finance Ministers and Central Bank Governors: – Overview of cyber insurance market – Identifies policy measures to address challenges Nov 2017, OECD releases more comprehensive report: – Type and magnitude of losses from cyber incidents – Insurance coverage available for cyber-related losses – Challenges to development of cyber insurance market – Initiatives to address these challenges Feb 2018, OECD in Paris (in partnership with MMC) Unleashing the potential of the cyber insurance market

  32. Conclusion • Established and evolving risks show no sign of slowing down • Cannot rely on geographical isolation • Losses are not limited to financial • Government legislation in reform • Cyber Insurance: Continuous review/personal insurance

  33. Thank you

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