The NetDiligence Miami Beach conference brought together top industry leaders to explore innovative approaches to cyber insurance. The plenary session, «Business Interruption Loss in the Tower,» shed light on strategies to enhance resilience, streamline claims processes, and strengthen financial and operational preparedness in an increasingly complex digital landscape.
Panelists:
Deborah Hirschorn (M), Lockton
Jessica Eldridge, J.S. Held LLC
Pat Groshong, Berkley Cyber Risk Solutions
Ian Hussey, Arctic Wolf
Danielle Roth, AXA XL
My Key Takeaways:
1. Strengthening Reporting and Onboarding Processes
Timely and structured reporting is crucial for a smooth claims experience.
Standardized onboarding methodologies ensure better support for policyholders and reduce inefficiencies.
2. Streamlining Insurance Claim Processes
The industry is evolving towards more transparent and efficient workflows.
Enhanced collaboration and clear communication can significantly improve claims processing speed and accuracy.
3. Building Resilience Through Proactive Business Continuity Planning
Forward-thinking business continuity planning leads to faster recovery and minimizes financial losses.
Organizations must document key information and ensure financial and technical readiness before an incident occurs.
4. Risk Mitigation and Early Communication Strategies
Setting expectations early through proactive discussions can prevent claim disputes and delays.
A rise in data exfiltration without ransom demands highlights the need for adaptive risk management approaches.
5. Addressing Forensic Accounting Challenges in Restoration Periods
Accurate and aligned interpretations of ‘period of restoration’ help avoid unnecessary delays and disputes.
Standardized forensic accounting methodologies can enhance clarity and efficiency in claims resolution.
6. System Restoration and Business Continuity Impact
Clear policy definitions of ‘restoration’ ensure smoother claims settlements and operational recovery.
Digital resilience, including system redundancies and cyber hygiene best practices, is key to mitigating disruptions.
7. Exploring Interim Payment Solutions for Policy Restoration
Defined timelines and structured interim payments can support business stability during recovery phases.
A more agile approach to financial disbursement helps policyholders navigate economic challenges post-incident.
8. Optimizing Business Interruption Payment Processes
Insurers, clients, and brokers must collaborate to eliminate redundant information requests.
Improving clarity around payment timelines ensures a more seamless claim experience.
9. Industry-Specific Considerations in BI Claims
Tailoring claims assessment approaches to industry-specific nuances improves accuracy and efficiency.
Understanding sector-specific documentation needs helps expedite business interruption recovery.
10. Enhancing Cross-Functional Collaboration in Cyber Claims
Aligning claims adjusters, brokers, and forensic investigators ensures a holistic and efficient claims strategy.
Ongoing technical training for insurance professionals fosters a more agile response to BI claims.
11. Future-Proofing Cyber Insurance Through Better Communication
Proactive engagement among key stakeholders enhances transparency and trust.
A well-defined cyber incident response framework minimizes delays and optimizes financial outcomes.
The Road Ahead for Cyber Insurance and Business Interruption
The panel underscored the need for strategic planning, proactive communication, and industry-wide collaboration to strengthen business interruption coverage in cyber insurance. As digital risks evolve, so must the frameworks supporting insured businesses. A data-driven, forward-looking approach will be key in ensuring seamless recovery and business continuity.
Food for Thought: Where Do We Go From Here?
How can insurers better integrate technology to streamline BI claims and improve efficiency?
What role does AI and automation play in expediting forensic accounting processes?
How can proactive policy design help businesses better prepare for BI claims before an incident occurs?
Should insurers rethink the traditional definitions of ‘restoration’ to align with evolving cyber threats and business models?
For more expert insights on cyber insurance and risk management, visit www.andreagarciabeltran.com Engage with us on LinkedIn—because knowledge-sharing strengthens the entire ecosystem!
