En Voyage - Issue #8
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Business<br />
CYBERCRIME HIGH ON THE<br />
AGENDA AT GUERNSEY<br />
INSURANCE FORUM<br />
Cybercrime losses to business and individuals are set to increase<br />
further as a result of challenges posed by today’s far-reaching<br />
connectivity, former FBI Head of Cyber Division James Trainor<br />
told delegates at the Guernsey Insurance Forum in London.<br />
Now Senior Vice President at Aon’s<br />
Cyber Solutions Group, keynote speaker<br />
Mr Trainor said that 2016 research by<br />
Cybersecurity Ventures put annual losses in<br />
this area at as much as $6 trillion, dwarfing<br />
estimates of only two years earlier.<br />
"There’s about six or seven billion devices<br />
connected to the internet now. That number<br />
could go up to 20 or even 50 billion devices<br />
in the next three to five years," he said.<br />
All this greater connectivity provided<br />
more scope for criminals to carry out<br />
denial-of-service attacks, more vectors<br />
into networks and more opportunities to<br />
extort funds through encrypting devices.<br />
Mr Trainor warned there was a lack of<br />
insurance premiums being taken out to<br />
cover for the losses from cyber-attacks,<br />
estimated at just around $3 billion annually.<br />
It would be necessary for companies to<br />
protect their network better, the insurance<br />
industry to introduce more capital to<br />
cover losses and the government to step<br />
up its efforts to disrupt cybercrime.<br />
The event, which served as a reminder of<br />
Guernsey’s standing in the global insurance<br />
market and provided a platform for local<br />
industry to showcase its expertise to an offisland<br />
audience, saw nearly 200 in attendance.<br />
In addition to Mr Trainor’s address, the event<br />
included two panel sessions. The first was<br />
entitled ‘Insurance’s answer to 21st century<br />
megatrends’ and saw Jonathan Howe,<br />
PwC Global’s insurtech leader, recognise<br />
the importance of collaboration between<br />
insurance start-ups and incumbents. He<br />
said start-ups needed the industry because<br />
they lack vital elements such as funding,<br />
customers and data, but at the same time<br />
insurers needed access to the flexibility<br />
and innovation offered by the start-ups.<br />
LEFT-RIGHT: ROWAN DOUGLAS OF WILLIS TOWERS<br />
WATSON, JULIA GRAHAM OF AIRMIC, JONATHAN<br />
HOWE OF PwC, PETER VAN DEN BROEKE OF THE<br />
INTERNATIONAL ASSOCIATION OF INSURANCE<br />
SUPERVISORS AND MODERATOR NAGA MUNCHETTY<br />
86 <strong>En</strong> <strong>Voyage</strong> | Aurigny’s Magazine