1 February 2016Actuarial & underwriting

Bermuda captives can ease data breaches: BDA webinar

The increasing threat of cyber risk to global firms and ways to ease dangers such as data breaches via a Bermuda captive insurance company are the topics of an upcoming webinar hosted by the Bermuda Business Development Agency (BDA). The webinar, Cyber risk: the Bermuda captive insurance solution, will take place at 12pm Bermuda/Atlantic Standard Time (GMT -4) on Wednesday, February 17. The hour-long free webcast features an expert panel discussing cyber risk, along with case studies and in-depth practical advice on how to set up a Bermuda captive insurer. “Cyber risk is one of the biggest, most costly and fastest-changing challenges facing companies of all sizes today, including global corporations,” said Jereme Ramsay, business development manager, risk solutions, BDA. “Our webinar team will discuss dangers such as data breaches and the substantial fallout they can cause to companies, along with practical information about using a Bermuda captive and reinsurance coverage to protect against losses.” Bermuda insurance brokers say cyber risk is a growing concern for corporations that face resulting cost factors ranging from temporary closures to reputational damage. “Cyber risk is one of the most all-encompassing new perils affecting businesses today,” said webinar panelist Giles Harlow, assistant vice president (AVP), financial services group, Aon (Bermuda). “It is imperative that insurance brokers, carriers and captive managers find solutions to identify, quantify, mitigate and control this rapidly evolving and dynamic threat.” Featured webinar speakers from Bermuda include: Chris Jansma, senior vice president and Bermuda underwriting manager, Aspen Bermuda; Oceana Yates, vice president, captives, R&Q Quest Management Services; and Thomas Edwards, AVP, Broking, Freisenbruch-Meyer Insurance Services. Emma Purdy, partner, financial services tax and technology, and Kara Ann Selby, partner, international tax services will also take part remotely from their PwC (Canada) offices. They were invited to take part by their PwC (Bermuda) colleagues. Moderating the session will be George Leite, executive vice president, business development, Aon (Bermuda).Webinar registrants will receive online access to the live webinar followed by a question-and-answer session, along with a post-webinar download of the presentation. The BDA will also select a winner from among webinar attendees to receive a free registration to this year’s Bermuda Captive Conference, June 13–15. The webinar is the sixth hosted by the BDA since it launched its industry webcast programme last year. “These seminars are attracting an ever-larger following of attendees, at no charge, and our choice of topics is evolving and becoming more sector-specific,” said Ramsay. “We find webinars a cost-effective tool that allows us to reach a global audience, and we’re thankful to our industry support for sharing their expertise in this type of forum.”