Patrick Beckett
Willis Towers Watson
Patrick is a trusted corporate adviser on Professional, Executive and Cyber risk. Valued for market leading and pragmatic advice relating to the complex risk landscape being negotiated by corporate Australia. A deep understanding of financial markets, corporate governance, individual operational risk profiles and macro trends allows for solutions centred upon client objectives not established products.

To achieve the best outcomes for clients, Patrick draws upon the resources of a global consulting firm, a technical knowledge of specialised insurance products and delivers service with the support of an experienced and enthusiastic local team.

A Panel Discussion: Greater Possibilities, What Recent Trends in Cyber Insurance Means for Australian Organisations

Allianz Global Corporate & Speciality (AGCS), Clyde & Co and Willis Towers Watson propose to deliver a joint panel discussion that explores key market developments and emerging trends in cyber insurance and IT liability insurance over the past 12 months, and key strategies for obtaining the best outcomes from cyber insurance policies.

This multi-disciplinary panel will examine how organisations can best take advantage of changes in the cyber insurance market including increases in coverage available for first and third parties losses, changes in coverage exclusions, improvements in insurers' incident response capabilities and vendor relationships and best strategies for how organisations can engage with their insurers to manage cyber risk. The presentation will be a general market discussion and will not discuss any individual policy, or seek to promote any particular product.

The panel will also provide examples of real world cyber insurance claims and how to avoid the mistakes organisations commonly make when accessing cyber insurance coverage. It is anticipated that the presentation will involve a moderated discussion format, and cover the following topics:

(a) Understanding emerging changes in cyber liability including in relation to the prevalence of significant insured losses, the frequency of incidents, regulatory trends and the level of sophistication of organisations around incident response;
(b) Key developments in cyber insurance including in relation to expanded first party and business interruption losses coverage, the availability of consequential and reputational damages, and improvements in incident response frameworks and vendor management;
(c) Emerging insurance issues including coverage for general systems failure, supply chain risk and physical damages arising from a security event;
(d) Understanding silent cyber risk exposures, and the potential for traditional liability insurance products to include coverage for losses arising from security breaches;
(e) Practical examples and case studies explaining how organisations can best take advantage of changes in the market and the expanded coverages available; and
(f) A question and answer session.

The aim of the presentation is to improve the audience's understanding of recent developments in cyber insurance and equip them with the knowledge to understand how best to obtain cyber insurance and take advantage of the expanded coverage which is now available.