Annual Meetings-Emerging Trends Drones, driverless, vehicles, and cyber threats & property insurance - Alex Lathrop, Partner, Pillsbury Winthrop Shaw Pittman LLP

Emerging Trends Drones, driverless, vehicles, and cyber threats & property insurance - Alex Lathrop, Partner, Pillsbury Winthrop Shaw Pittman LLP

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Pdf Summary

The document discusses the emergence of cyber insurance for industrial companies covering physical damage and business interruption caused by cyber attacks. It highlights the different types of cyber risks faced by industries like transportation, manufacturing, and energy, focusing on operational disruption rather than data breaches. Several real-world examples of cyber attacks causing physical damage to industrial facilities are provided, emphasizing the systemic risks involved. The debate over whether traditional property policies should cover cyber risks is explored, with varying perspectives within the insurance industry. The document also addresses the potential mismatch of expectations between insurers and policyholders regarding coverage for cyber losses. Strategies for addressing these gaps include conducting a policy gap analysis, understanding policy exclusions, working closely with brokers, and considering new cyber insurance forms to mitigate risks effectively. Ultimately, the document encourages industrial companies to proactively manage their cyber risk exposure and engage in detailed discussions with insurers to ensure adequate coverage for potential cyber attacks.

Asset Caption

Presented by : Alex Lathrop, Partner, Pillsbury Winthrop Shaw Pittman LLP

Keywords

cyber insurance

industrial companies

physical damage

business interruption

cyber attacks

transportation

manufacturing

energy

operational disruption

systemic risks