IGF 2024 WS #47 Securing Innovations: Cyber Insurance in Risk Management

    Organizer 1: Santosh Nair, Munich Re

    Speaker 1: Monojit Das, Civil Society, Asia-Pacific Group
    Speaker 2: Kadu Dr Bhavana T., Private Sector, Asia-Pacific Group
    Speaker 3: Gabriel Karsan, Civil Society, African Group

    Moderator

    Kadu Dr Bhavana T., Private Sector, Asia-Pacific Group

    Online Moderator

    Kadu Dr Bhavana T., Private Sector, Asia-Pacific Group

    Rapporteur

    Kadu Dr Bhavana T., Private Sector, Asia-Pacific Group

    Format

    Theater
    Duration (minutes): 30
    Format description: The theatre room layout provides a structured and focused environment, with rows of seating that face the stage or presentation area. This arrangement is ideal for delivering concise presentations, as it allows speakers to address the entire audience with clear sightlines and good audio projection. Given the complex nature of cyber insurance and risk management, this format ensures a formal setting conducive to effective communication. It also optimizes space, allowing a larger audience to be accommodated within a shorter timeframe.

    The 30-minute session duration is perfect for maintaining audience engagement and focus. It's long enough to cover the key aspects of cyber insurance—like innovative approaches and best practices—without overwhelming attendees with too much information. This timeframe allows for focused presentations followed by a brief interactive segment for questions and discussions, fostering a dynamic yet concise session.

    Policy Question(s)

    1. How can cyber insurance effectively balance the need for innovation and security in the digital space?
    2. What measures should be taken to ensure that cyber insurance policies adequately cover emerging risks in the digital landscape?
    3. How can cross-sector collaboration improve the effectiveness of cyber insurance in risk management?

    What will participants gain from attending this session? By attending this session "Securing Innovations: Cyber Insurance in Risk Management", participants will gain practical tools, knowledge, and insights that they can apply in their own organizations and at individual level to enhance cybersecurity, manage cyber risks, and promote a culture of innovation that is both secure and resilient. The session is designed to be informative, collaborative, and solution-oriented, ensuring that participants leave with actionable takeaways and a clearer understanding of how cyber insurance can play a crucial role in risk management.
    They will leave the session with a deeper understanding of the following key areas:
    - Knowledge of Cyber Insurance:
    - Best Practices in Cyber Risk Management:
    - Case Studies and Real-World Examples:
    - Insights into the Balance Between Innovation and Security:

    Description:

    In an era of rapid technological advancement, securing innovation is crucial for both organizations and individuals. As cyber threats grow in complexity and frequency, cyber insurance has emerged as a key component in effective risk management. This session aims to explore the intersection of cyber insurance and risk mitigation strategies, focusing on innovative approaches that protect against cyber threats while fostering digital growth, highlighting its capacity to provide a safety net against data breaches, cyberattacks, and other digital risks. We will delve into key topics such as the scope of cyber insurance coverage, best practices for integrating cyber insurance into broader cybersecurity frameworks, and the impact of cyber insurance on promoting innovation.

    The session combining expert presentations and interactive discussions will include case studies showcasing concrete examples of successful cyber insurance practices and their impact on organizational resilience, thereby focusing on practical impacts and real-world results, this session aims to offer valuable knowledge and best practices to those interested in securing innovations through cyber insurance.

    Subtheme(s): Digital Trust, Security, Stability, and Resilience

    Topics:
    - Understanding cyber insurance and its role in risk management
    - Innovative approaches to integrating cyber insurance into cybersecurity strategies
    - Case studies of successful cyber insurance applications
    - Best practices for balancing innovation with cybersecurity and risk management

    Approach:
    The session will feature expert speakers from the cyber insurance industry, cybersecurity and internet governance field, providing diverse perspectives on risk management. Interactive discussions and audience participation will be encouraged, allowing attendees to share their insights and learn from each other. The goal is to create a collaborative environment where participants can explore the latest trends in cyber insurance and discover effective strategies for securing innovation in the digital space.

    Expected Outcomes

    Below are the expected outcomes from this session:
    1. Enhanced Understanding of Cyber Insurance:
    Participants will gain a deeper understanding of cyber insurance, including its scope, coverage, and potential benefits.
    2. Identification of Best Practices:
    The session will help individuals and organisations learn about successful examples of cyber insurance in action and how they can be applied to their own contexts.
    3. Strategies for Balancing Innovation and Security:
    Participants will gain valuable knowledge on how to foster innovation while mitigating risks.
    4. Increased Collaboration and Networking:
    Leading to the formation of new partnerships and ongoing dialogue within the cybersecurity and insurance communities.
    5. Outputs and Follow-up Activities:
    The session may lead to follow-up events or processes that build on the knowledge shared, such as webinars, workshops, or collaborative projects.

    Hybrid Format: To facilitate interaction between onsite and online speakers and attendees, we plan to leverage a hybrid approach that emphasizes seamless integration and equal participation utilizing Zoom as our primary platform.
    The session will have a moderator onsite in Riyadh, with at least one speaker also physically present.
    To ensure the best possible experience for both onsite and online participants, we will:
    - Use high-quality audiovisual equipment to guarantee clear communication.
    - Assign dedicated technical support to manage connectivity issues and ensure smooth transitions between speakers.
    - Include interactive elements such as live chat, polls, and breakout rooms to engage participants and encourage discussion.
    - Make session materials, such as presentations and documents, available online for easy access and reference.
    We will also consider complementary platforms like Slido or Mentimeter to facilitate interactive activities and collect real-time feedback from participants enhancing the overall hybrid experience.