Synopsis

In this session, we’ll highlight the trends Beazley has seen globally when it comes to assisting Insureds respond to ransomware incidents. In particular, we’ll cover the most common ways ransomware penetrates an organization’s network and the decisions they face when assessing options including:

  • Whether to engage the attackers and attempt to negotiate?
  • Consider whether it is faster to pay the attackers to get their data unlocked?
  • If an organization has suffered a ransomware attack, does it mean they have also suffered a data breach?

We will also provide steps organizations and their IT departments can take to reduce the chances of a ransomware attack and to be better prepared in the event they experience an incident first hand. This session will include several actual scenarios that underscore these topics with the aim to put attendees in the shoes of an organization responding to a ransomware incident.

Presentation Deck

Speakers / Moderators

Jessica B. Schappell

Jessica B. Schappell

Claims Manager
Beazley

Suchitra Narayanan

SVP Enterprise Risk 
Lazada Group

Event Summary

Cyber risks are definitely on top of risk managers’ checklists with many companies imposing a work-from-home setup and perhaps raising vulnerability.

With cyber attacks getting more sophisticated and coming in more variety, an increase of 131% on ransomware attacks has been observed since last year. In the event of an attack, businesses may consider if it would be quicker, safer and more practical to pay the ransom instead of countering it. However, giving in to the hacker’s demands doesn’t guarantee that they’ll get their data back as if untouched. On the other hand, an attack also doesn’t 100% mean that a databreach has occurred. As such, it is best for organizations to tap on their network of experts rather than to face a cyber crisis on their own. Better yet, let us learn from earlier incidents and act on reducing the risk through training and additional security measures, preparing response plans and conducting ‘fire drills’ to set the stage before the attack occurs.

Some questions arising from the audience: What guidelines do risk managers need to consider in their assessments, updating their protocols and response plans? What are some common points of dispute between risk managers and insurers when it comes to cyber risk coverage

More About This Event​​

Cyber INCIDENT Simulation FORUm

Kei Masuyama
Kei Masuyama

Risk Manager, Risk Management Department

Mitsubishi Heavy Industries, Ltd.

Kei Masuyama is the Risk Manager of Mitsubishi Heavy Industries, Ltd.(MHI). He is responsible for managing MHI Global Insurance Program.

After graduating from Keio University in 2000, he joined Tokio Marine Insurance Company and mainly responsible for commercial insurance sales and property underwriting.

In 2014, he joined Zurich Insurance Company Japan Branch as a Head of Property and in charge of property case underwriting as well as portfolio management in the country.

In 2017, he joined MHI and assumed his current role in Insurance Risk Management for the whole MHI Group.

John S. Morrey
John S. Morrey

CEO

Builders Insurance Holdings

John is CEO of Builders Insurance Holdings. He started his working life in 1985 in the heart of the reinsurance district of London. In 1989 he moved to Brussels where he worked as a treaty underwriter (proportional and non-proportional, all non-life classes on a Europe-wide basis) before managing the entire operation from 1994 onwards. In 2002 he was given the opportunity to run and develop the newly created in-house reinsurance company of the HOCHTIEF Group – Builders Re – in Luxembourg. When he arrived, John was the only employee and Builders Re was a few files in a cardboard box. Now there is a talented team of more than 40 people running an insurance Group of 9 companies with assets in excess of $800m. We cover not only reinsurance business but direct insurance and captive management services as well. Builders Insurance Holdings is one of the largest in-house (re)insurance groups in Luxembourg.

Jeffrey Toh
Jeffrey Toh

Business Risk Consultant, Asia Pacific

FM Global

Jeffrey is a member of FM Global’s Business Risk Consulting (BRC) team in the Asia Pacific region. BRC services take a strategic approach towards helping clients identify the critical processes that drive their businesses and quantify dependencies on those processes. Through Business Impact Analysis (BIA), BRC helps clients to better understand the financial exposures to their businesses, to strengthen business resilience and develop effective risk management strategies.

Jeffrey joined FM Global in September of 2018. Prior to joining FM Global, Jeffrey was a Risk & Compliance Manager in the Group Finance department of The Great Eastern Life Assurance Company Limited, where he specialised in business process improvements and developing risk strategies. Prior to Great Eastern, Jeffrey served as a Corporate Improvement Manager in a publicly listed supply chain management company. He also had experience in performing financial statement audits in a range of industries, during his stint as a Senior Assurance Associate in Deloitte.

As a member of the Business Risk Consulting Group, Jeffrey is primarily responsible for conducting Business Impact Analysis, working in partnership with FM Global clients, to fully identify and quantify the client’s financial exposures as they relate to property and business interruption loss potential. The analysis Jeffrey performs often result in the identification of significant exposures that were previously unknown or not fully understood by the client, which potentially has a material impact to risk management decisions.

Jeffrey holds a Bachelor of Accountancy degree from Nanyang Business School, Nanyang Technological University of Singapore. He is also a certified Chartered Accountant.

Annacel Natividad
Annacel Natividad

Chief Finance Officer

Pilmico Foods Corporation

Annacel A. Natividad is the Chief Finance Officer of Pilmico Foods Corporation, an Aboitiz Company.She is concurrently the Chief Risk Officer of the Food and Agri – Business of the Aboitiz Group, withoperating companies in Southeast Asia and China.

She has been with the Aboitiz Group for 22 years. Started as Financial Planning Manager and became theChief Finance Officer of SuperFerry – Passenger Shipping business of the Aboitiz Group, then shifted toRisk Management when she joined the holding company last 2011. Ms. Natividad was the Chief RiskOfficer of Aboitiz Equity Ventures (AEV) from 2016 to 2019 and handling the following corporate unitsand responsible in the implementation of programs and initiatives across the Aboitiz Group: Risk Management, Insurance Management, Information Security, Enterprise Compliance and Physical Assets Security.

Ms. Natividad is a Certified Public Accountant (CPA) and has a Bachelor of Science in Commerce degreefrom the University of Santo Tomas. She earned her Masters in Business Administration degree from DeLa Salle University. Ms. Natividad has completed the Management Acceleration Program from INSEAD.She is also a Certified Governance, Risk and Compliance (GRC) Professional, granted by OCEG – USA.Recently, she was accredited by GRC Institute of Australia and is now a Certified Compliance and RiskProfessional.

Franck Baron
Franck Baron

Group Deputy Director
Risk Management & Insurance

International SOS

Chairman

PARIMA

Since September 2011 Franck Baron is Group General Manager Risk Management & Insurance for International SOS, the world’s leading medical and travel security services company. He’s based in Singapore.

Previously he was in charge of Business Development for Risk Consulting activites within AXA Corporate Solutions. He was Vice-President – Global Insurance & Risk Management for Firmenich (World Leader in Fragrance and Flavor Industry) in Geneva (Switzerland) since November 2003 and in Princeton (USA) since 2008.

He’s the founding Chairman of PARIMA (Pan Asia Risk & Insurance Management Association), the asian regional risk managers association.

He was Vice-Chairman, Board Member and Head of Education for AMRAE (the French Risk managers Association) until end of 2003. He was Board Member of the SIRM (Swiss Risk Managers Association) from 2004 to 2009. He was Board Member of FERMA until August 2009. He was chairman of both Geneva 07 and Prague 09 forums.

He is giving regular lectures and courses on Risk Management topics.

He hold a Political Sciences Master, Management Master, a Risk Management Master and is Associate in Risk Management (ARM) as well as European Fellow in Applied Risk Management.

He received the 2007 European Risk Manager of the Year Award

Guido Gavio
Guido Gavio

Asia Complex Loss Director

BELFOR Asia

Guido Gavio is the Asia Complex Loss Director for BELFOR Asia. He has more than 22 years of experience in handling restoration projects for companies suffering from losses after a disaster. He joined BELFOR Asia, then known as Relectronic – Remech as a Restoration Engineer in Australia in 1996. He rose through the ranks and was seconded to Thailand for 3 years from 1998 to 2001 before being posted to the regional Headquarters in Asia in 200

Guido studied electrical engineering at the Universidad Technologica de Buenos Aires in Argentina. Upon graduation, Guido worked at the National Institute of Industrial Technology assisting with research programs in the area of superconductors where he gained considerable hands – on experience in developing and building prototypes. Guido then migrated to Australia where he worked for Telstra in the design and construction of the cable and internet network.

Upon completion of the Telstra project, Guido joined Relectronic – Remech. BELFOR Asia has the capability to recover buildings, production lines and other property, following disaster incidents such as fire, explosion, earthquake, typhoon, wind, flooding, rain, water ingress, chemical spills etc.

The company has maintained the market leader position for disaster recovery in Asia for the past 25 years, and is now handling more than 1,600 industrial disaster incidents per year.

Stacey Huang
Stacey Huang

Executive Director

PARIMA

Stacey is the Executive Director of the Pan-Asia Risk and Insurance Management Association (PARIMA). Responsible for managing PARIMA’s growth agenda, strategies and programs, she has since established PARIMA as the fastest growing professional association for Risk manager.

In addition to managing operations for the association made up of 2300 + corporate risk members and more than 1300 companies, she organizes APAC – wide conferences, educational platforms and dialogue targeted to strengthen the risk community. She regularly speaks with risk managers and insurers on topics that deal with organizational sustainability, resilience, change, disruption and overall risk management.

She has over 12 years of consulting experience predominantly in the field of business transformation and large – scale organizational programmes. Her past projects include enabling Fortune 500 companies with their business improvement transitions, moving to target operating models, changing culture, bringing in new technologies and increasing employee engagement. In her consulting roles, she has worked across multiple industries, countries and cultures, having spent time in Kenya, London, Hong Kong and Singapore . She has worked with companies in both private and public sector where she has clients from Insurance, Finance, FMCG, Oil & Gas, Energy and Healthcare.

As an organizational psychologist, she conducted more than 100 psychometric assessments for leaders and managers, profiled teams in strengths, development area, motivation, influence and working styles . She continues her passion for education and is a regular course leader and lecturer in the National University of Singapore . She has recently developed an industry – wide risk certification accreditation program (PA – CRP) and Risk competency model for APAC rollout Stacey has a double degree in Business and Psychology from Singapore Management University and a Master’s degree in Industrial and Organizational Psychology from University College London (UCL) where she graduated with distinction.

Certifications: HOGAN, MBTI I, MBTI II, FIROB, SWIFT , TRANSACTIONAL ANALYSIS, LEVEL A, LEVEL B, 16 PF, PROSCI, MSP PRACTITIONER, CCM

Alexis Garatti
Alexis Garatti

Head of Economic Research

Euler Hermes

Alexis Garatti joined Euler Hermes as Head of Macroeconomic Research in 2017. He oversees the macroeconomic research team and the production of economic analyses and forecasts. Prior to that, he worked for Taikang Asset Management as the Head of Global Economic Research, providing multi – asset analysis and strategic calls for a portfolio of gobal equity. Since 2009, he worked for various asset managers in Hong Kong, with a growing focus on China and Asia Pacific. He started his career as an economist in Natixis’ Research Department, working three years in Paris and two years in London. He first covered the UK and European Nordic economies, then focused on the US and Eurozone. He published “Why England lost”, a book analyzing the UK’s economic decline. He holds a PhD in macroeconomics with a focus on “macroeconomic shocks and monetary unions” from the University of Bordeaux.

Paul Jackson
Paul Jackson

Regional Managing Director,
APAC Cyber Risk Practice Head

Kroll

Paul Jackson is a managing director and Asia – Pacific leader for Kroll’s Cyber Risk Practice, based in the Hong Kong office. Over a career spanning more than 25 years of service in some of the region’s highest levels of law enforcement and corporate enterprise, Paul has earned a stellar record of achievement as a cyber security practitioner, strategist, and thought leader. In addition to possessing deep knowledge regarding the region’s diverse geopolitical and cultural complexities, Paul has developed a highly nuanced view of global cyber security challenges from working with organizations such as Interpol, the U.S. Secret Service’s Electronic Task Force, and Microsoft’s Digital Crimes Consortium.

Jessica B. Schappell
Jessica B. Schappell

Claims Manager

Beazley

As Beazley’s claims manager for APAC, Jessica manages all claims in the region for the international financial lines team. Having been with Beazley for over 12 years, she has a wealth of experience in managing claims across specialty lines for cyber and healthcare. Throughout her career with Beazley, Jessica has assisted numerous clients through initial investigations and responding to cyber breaches, of which some were Beazley’s first cyber incidents. Most recently, Jessica managed professional liability claims for healthcare clients and non-profit hospital reinsurance captives – ranging from a number of catastrophic and birth injury cases. Prior to joining Beazley’s New York office in 2007, Jessica was a claims analyst for AIG New York in the financial lines division

Andreas Berger
Andreas Berger

CEO

Swiss Re Corporate Solutions

Professional experience

Andreas Berger started his insurance career in 1995 as a leadership trainee at Gerling Group. He held several management roles there, followed by various leadership positions at Boston Consulting Group, before returning to Gerling in 2004 as Head of Commercial Business and International Programs and Affinity Business.

When Allianz Global Corporate & Specialty SE (AGCS) was created in 2006, Andreas Berger became its Global Head of Market Management & Communication. In this newly-created position, he established an overall market management function for the corporate client segment and served as AGCS’s spokesperson. In 2009, he was appointed AGCS Chief Executive Officer, Regional Unit London. His areas of responsibility included the UK, Ireland, South Africa, the Middle East and Benelux.

In 2011 Andreas Berger joined the AGCS Board of Management as Chief Regions & Market Officer (Central & Eastern Europe, Mediterranean, Africa and Asia). In addition, he assumed responsibility for the Global Broker Channel Distribution for the Allianz Group. Andreas Berger joined Swiss Re in March 2019 as Chief Executive Officer Corporate Solutions and member of the Group Executive Committee.

External appointments

  • Member of the Executive Committee of the International Insurance Society
  • Honorary appointment as member of the selection committee of the Collège des Ingénieurs

Educational background

  • Master’s degree in Law, Justus Liebig University Giessen, Germany
  • Master’s degree in Business Administration, Université de Paris-Dauphine (IX), France/Justus Liebig University Giessen, Germany
Yves Betz
Yves Betz

Member of the Executive Board

HDI Global SE

Yves is a Member of the Executive Board of HDI Global SE, with responsibility for Europe incl. the UK, North and South America and Global Marketing. He holds a degree in Economics and the Environment from the University of St. Gallen (HSG), Switzerland, and an Executive MBA from the University of Chicago Booth School of Business. Prior to joining HDI Global, Yves held various positons at the Zurich Insurance Group, including most recently Head Commercial Insurance at Zurich Germany and earlier Chief Operating Officer Corporate Asia Pacific in Hong Kong. In his career, Yves has been working closely with corporate clients both in the areas of captive services and alternative risk transfer.

COMING SOON