By Beth Watts
Apr 20, 2018
Every year, the Risk Management Society (RIMS) puts together a conference geared towards bringing together risk managers, insurance professionals and vendors to exchange important industry knowledge, network and provide professional development to approximately 11,000 risk practitioners spanning more than 60 countries around the world. RIMS is the preeminent organization dedicated to educating, engaging and advocating for the risk community and represents more than 3,500 corporate, industrial, service, non profit charitable and government entities throughout the world. I attended for the first time to learn more about risk management especially as it relates to cybersecurity.
One of the top themes we heard from professionals within the industry is the heavy weight of looming cyber threats to all businesses. Enterprises down to small businesses attended sessions (some sessions were so packed that there was only standing room in ballrooms fitted for hundreds) to learn about the anatomy of a data breach, how to manage a cyber crisis, understanding how multiple insurance policies intersect with cyber risk as well as how to survive a ransomware attack. One really interesting session I attended was about one organization’s journey from insider cyber incident through breach notification, class action lawsuit, regulatory investigation and settlement negotiations. Their biggest lesson? Understand best practices related to your data and how it is handled and ASSUME the breach will happen. They had a cyber insurance policy at the time and expressed how critical it is to know your policy, what the coverages are and what the limitations are of the coverage.
One of my favorite aspects of the conference was the vast exhibition halls. The exhibition hall had a marketplace for vendors to have one-on-one time with their customers and prospects. All of the “big guys” were there…Travelers, AIG, Zurich, XL Catlin and Argo Group. We met and had the opportunity to attend a dinner sponsored by JLT right across the street from Jungle Disk headquarters, where we were able to further discuss the cyber front from an insurance perspective. They agreed that cyber insurance is the newest, but fastest growing type of policy and agreed that a firm understanding of the technology behind data protection is a strong asset in providing the right kinds of coverages for small businesses.
Ultimately, RIMS 2018 was a huge success. We made some important connections, and we were able to better understand the need for cyber liability insurance and how Jungle Disk can help protect small businesses everywhere. If you’d like to learn more about Jungle Disk’s security suite and how we can help your business eliminate cyber risk exposure, please reach out or check out some of our other blog posts.