The second and last day of Croatian Insurance Days conference of 2019 continues today, promising to offer interesting topics regarding insurance markets from the region.

From the difficulties raised by the present volatile economic environment to the challenges raised by the fast technological advancement and the changing customers' behavior, the insurance sector is definitely going through a time of major changes.

The event will capture the impact of all these factors on the Croatian insurance market and will have a special focus on the topics related to the technical progress as the application of artificial intelligence in security, intelligent and multi-channel customer experience, the InsureTech regulatory approach etc.

The event was organized by Croatian Insurance Bureau (HUO). XPRIMM supports the conference as Media Partner.

Below you can read the main statements from the conference.
MAIN STATEMENTS
Marija BOZICEV,
Ernst & Young Savjetovanje d.o.o.

• Cyber attacks can be a very "profitable" business for hackers
• 1 trillion euro - that is the damage caused by cyber attacks
• There is not a single person today who hasn't been cyber attacked. The question is whether the attacked succeeded or not
• People are being increasingly aware of the cyber threat
• Data breaches - a real issue. Data which was not updated allows foe data breaches
• Agriculture is a domain where people use lots of digital data, data based on sensors. Thus, it is highly exposed to cyber risks

Cyber Underwriter,
HISCOX

• We created a video based on a real hack, which included various types of cyber attack: ID stealing, phishing, ransomware
• Ransomware is usually combined with phishing: an employee receives an e-mail, they click it, they download the virus, data are locked
• The growth of the global cyber market has been driven by new legislation, as well as by various cyber cases
• Early 1990s and early 2000s brought a lot of cases where the losses caused by cyber attacks were immense. As a result, new legislation was introduced
• Lately, we have seen a development of the business interruption segment as well. Multiple companies from various industries have become aware of the BI risk of a cyber attack, so they are buying cyber insurance
• Every business is now exposed to cyber risks, no matter its size or the industry in which it activates
• 35% is the historic growth we have reported for the global cyber market. We believe it is the segment with the highest growth opportunity for the insurance industry
• The cyber insurance policies can become quite complicated. The main benefits of a cyber policy: the indemnity paid out, as well as the emergency response services. A good cyber insurance policy will get you in touch with professionals who can help you get through a cyberattack
• The public relations in cyber attack cases are highly important as well

Managing Director/ Underwriting,
Polaris Corporate Solutions GmbH

• There are far more cases when cyber risks are not caused by a third party: for example, employee mistakes can generate cyber risks as well (for example: a doctor shares in Cc instead of Bcc the list of e-mails of all the parents whose children have autism)
• 2017 - the largest cyber attack in Slovenia: bitcoins stolen
• Lloyd's has reclassified the largest operational exposure since 2015: it is cyber now, instead of a natural catastrophe
• Cyber is an evolving market in Croatia
• Serbia, Estonia, Romania - unlikely markets where actually cyber insurance is developing fairly quickly
• A lot of healthcare institutions are beginning to buy cyber insurance as well (for example: data stolen from a plastic surgeon, the hackers did not negociate and published images of the persons having taken plastic surgery)

Head of Property & Casualty and Corporate Business Department,
Weiner osiguranje Vienna Insurance Group d.d.

• Cyber risks are highly discusses today, however we still don't know much about them
• Two phishing campaigns took place recently in Croatia, affecting multiple individuals and organisations. As a result, Interpol launched an informational campaign warning against phishing
• Cyber risks are not necessarily linked to cyber attacks; cyber risks represent a very broad area
• There is not a clear definition of cyber risks
• The definitions and the terminology reffering to cyber risks are different from one insurance company to another
• It is important, for the insurance industry, to determine a clear definition for cyber risks - we need to harmonize the definitions