As cyber attackers continue to menace businesses in all industry sectors, property/casualty insurers are working to provide network security and privacy coverage. But how are the insurers managing cyber exposures at their own organizations? Executive Summary Some of the largest insurers in the property/casualty insurance industry are “under constant attack,” facing hundreds of cyber threats each day, AIG’s Peter Hancock revealed at a recent conference. Hancock and other executives of p/c insurers and reinsurers discussed their risk management practices, as well as take-up rates for the specialty cyber insurance coverages they offer to commercial customers.
Leigh Ann Pusey, President and CEO, American Insurance Association, posed the question to a group of executives participating on panel at the Property/Casualty Insurance Joint Industry Forum in January.
“We’re rounding up the usual suspects,” said Stuart Henderson, president and CEO of Western National Insurance Group. “We have intrusion protection. We hire somebody from the outside to try to break in.”
Henderson noted that because Western National is a smaller company, some systems are outsourced along with related security processes.