Page 8 - March 2022 Issue 604 Part 2

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Fifth Panel: Cyber: Dangers of constantly evolving Cyber Risk

Ransomware continues to shape the cyber risk landscape, explained DWIC round-
table panelists: Hamed Mabrouk, Head of Egypt Hub, WTW and Saxon East
Session Moderator, Global Reinsurance and Jarrett Kolthoff Chief Executive Officer,
Speartip and Zainab Khatib Vice President, Lockton Middle East North Africa and
Alex Jomaa Cyber Underwriter, Tokio Marine Kiln Group.
Ransomware and Business Email Compromise continue to shape the cyber risk land-
scape, dominating headlines and driving up the cost of claims. The market has hard-
ened considerably as a result, with carriers and cyber reinsurers pulling back capaci-
ty and increasingly deploying analytics to better understand the threat, its aggregate
potential and how it may impact the balance sheet. But the rigorous underwriting
process means that insureds who take out cyber cover are among those least likely
to be attacked, according to Alex Jomaa, cyber underwriter at Tokio Marine Kiln
Group.
Zainab Khatib said the procurement process was a good way of working with cus-
tomers to see where they may have areas of vulnerability that need to be strength-
ened. “There is so much to learn from cyber insurers because they are the ones who
are seeing the claims”, she said. One area where the industry can improve is through

collaboration and sharing of information. For a burgeoning and ever-evolving market ¬©ªL ¢ùμdGh JUGAL MADAAN ,±ƒàdƒc âjQÉL ,∑hôÑe ~eÉM ,Ö«£N ÖæjR :ø«ª«dG øe

like cyber, this is essential if it is to realize its full potential. It is not enough to have
robust cyber security – ongoing monitoring of systems is essential, explained Jarrett Kolthoff.
The basics of good cyber hygiene – including two factor authentication and controlling who has access to what information and systems within the organization – are must-haves. This
reduces the potential for human error, deliberate insider threats and makes insureds less likely to fall prey to cybercriminals, who are picking off the “low-hanging fruit”. Inevitably, the
question arose around the ethics of paying ransoms to criminal gangs and whether cyber insurers were complicit in encouraging the growth of the threat. Panelists explained that ran-
soms were only ever paid as a last resort and upon the advice of lawyers. The rise of double extortion ransomware and general lack of coding expertise amongst hackers means there
is no guarantee that large, complex datasets will be fully restored, even when ransoms are paid. “The aim is to recover without paying at all costs”, said Kolthoff.

Sixth Panel: Emerging Risks: From threat to opportu-
nity – tackling emerging risks in the region

MANOJ REh MANDARIN RE ´ÉªàLGE

Joe Asmar Natalie Van de Coolwijk

The roundtable included Helen Yates Conference Chair, Global Reinsurance, SUNIL KOHLIh ï«°ûdG ôªY ,»fG~«°U ~«dh :ø«ª«dG øe
Webster Twaambo Managing Director, Klapton Re Zambia, Joe Asmar
Executive Director/Group Head of Facultative, Chedid Re, Natalie Van de Coolwijk
Regional Director, Middle East & Africa at Gallagher Re, and Atinc Yilmaz Regional
CEO - Turkey, The Middle East & Africa at Howden Broking Group
According to the panelists, for some companies, a lack of focus on emerging
risks will bring financial difficulty; for those with foresight, they will bring oppor-
tunity. “Emerging risks are things that you can’t necessarily prevent”, said one
panelist. “A risk can be long-established, but if it is still evolving, many will
consider it to be emerging”.
The panelists shed light on cyberattacks, regulations, talent availability, stainability
demands, social instability, climate change and emerging technologies.

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