How Financial Service Providers Can Use Cyber Insurance to Mitigate Risk

Cyber threats in the alternative investment industry are growing increasingly larger and more sophisticated, requiring financial service providers to maintain sufficient infrastructure to prevent and respond to any breaches. A key component of that infrastructure is a cyber insurance policy to reimburse the fund manager for costs incurred defending against a cyber attack and loss of data caused by the attack. A recent alternative asset manager forum sponsored by insurance advisory and brokerage firm Crystal & Company offered a look at the current cyber threat landscape, cybersecurity preparedness, breach response and cyber liability insurance from the insurance, legal and forensic perspectives. The panel featured experts from investigation and consultancy firm K2 Intelligence, AIG Property & Casualty’s financial institutions group, AXIS Insurance and Lewis Brisbois Bisgaard & Smith. See also the CSLR’s series on how the financial services sector can meet the cybersecurity challenge: “A Snapshot of the Regulatory Landscape (Part One of Two)” (Dec. 9, 2015); “A Plan for Building a Cyber-Compliance Program (Part Two)” (Jan. 6, 2016).

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