The Role of Cyber Insurance in Improving Cybersecurity | The 2023 GW Business & Policy Forum

By the year 2025, according to Cybercrime Magazine, global losses incurred as a result of cybercrime activity are estimated to reach $10.5 trillion USD. From data breaches, malware, ransomware, fraud, phishing attacks, and identity theft, cybercrime affects every kind of enterprise, from small businesses to multinational corporations. The losses incurred to a firm’s reputation as a result of data and intellectual property theft by cybercriminals can be incalculable. During this session, gain an understanding of the role of AI, cyber insurance and Public Private Partnerships (PPP) in global cybersecurity; whether AI is increasing risks, allowing for greater risk insights, or both; and the use of data in assessing cyber risks, both past and future. Panelists discuss regulatory oversight and its implications for cyber insurance, and views on the ethics of cyber insurance and particularly whether to-pay or not-to-pay when confronted with ransomware.
Panelists:
Michael K. Atkinson, Partner, Crowell & Moring
Catherine A. Mulligan, Enterprise Client Leader, Aon
Joseph Nemec, Ph.D., Managing Director at Morgan Stanley and Head of Cyber, Technology and Information Security Risk Management for Morgan Stanley’s U.S. Banks
Introduction: Dayna Bowen Matthew, J.D., Ph.D., Dean and Harold H. Greene Professor of Law, GW Law
Moderator: Yosha DeLong, Global Head of Cyber, Mosaic Insurance
About the 2023 GW Business & Policy Forum
Emerging technologies have become a dominant force in our society - driving economics, policy and culture, and accounting for more than US$40 trillion in global nominal GDP. On April 25, 2023, those driving forces became the focus of global leaders from both the private and public sectors as they came together at the George Washington University for the first annual GW Business & Policy Forum. The theme for this inaugural forum was Attacking Cybersecurity Risks. Participants gained invaluable insights and opportunities for interaction as we addressed the most significant issues related to this ever-evolving landscape and the profound implications they have for global business, markets and regulation.