The 2016 New York Power Conference had a record turnout and dealt with some of the most important topics in the insurance sector today. One of these topics is Cyber Terrorism and its impact on the industry. The cyber panel was moderated by Joseph Scarlato, a Certified Fraud Examiner from our Miami office. He was joined by three of the top experts in the industry who gave personal insight into the world that we live in.
Alain Espinosa is VP and Program Director at Cyber Defense Labs. The Texas based cyber-security company is focused on staying ahead of the cyber terrorists. He spoke about the various threat actors and threat vectors that we are faced with in today’s digital environment. Importantly, he addressed the key risk mitigation factors that every firm should consider. These six items are physical security, segregated networks, intelligent event monitoring, device encryption, vulnerability assessments and user awareness training.
Supervisory Special Agent Jay Kramer was an excellent addition to our conference. SSA Kramer of the New York Office supervises a squad of agents and analysts investigating criminal cyber intrusions. He gave us some real insight into some of the recent events, and it makes a room full of insurers wonder where all this is headed.
Brian St. Jacques is a Senior Major Loss Director at AIG Energy and Engineered Risks. Based in Houston, Brian is in the middle of it all when it comes to cyber claims. While he was in United States Navy, Brian experienced the real life threats that are now becoming part of our everyday lives. He added the perspective of an insurer and specifically shared with us some of the events he has been involved with.
The threat of a cyber-attack is real, imminent, and, at some point, will be covered by an insurance policy. Our industry needs to meet this shift head on, with experts, knowledge, and understanding of the policies that are being executed. Meaden & Moore has been dealing with cyber claims since they entered the market, and we are grateful to have been part of this wonderful event.