The rise of ransomware

11 MAY



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.

Speakers / Moderators

Jessica B. Schappell

Jessica B. Schappell

Claims Manager

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​​

Presentation Deck

Cyber INCIDENT Simulation FORUm

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.

Guido Gavio
Guido Gavio

Asia Complex Loss Director


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.