Santa Cruz, Bolivia — Steve Simchak, head of international at the American Property Casualty Insurance Association (APCIA) and chairman of the Cyber Risks Working Group of the Global Federation of Insurance Associations (GFIA) will address conference attendees at the biennial Hemispheric Conference at the inter-American insurance federation (FIDES) in Santa Cruz, Bolivia on September 10. He will discuss recent developments in cyber insurance underwriting, emerging cyber risks, and the role of governments in closing the cyber protection gap.
“Latin America constitutes many of the fastest growing e-commerce economies in the world, which means that consumers have more choices, transactions are more efficient, and small-and-medium sized enterprises can reach customers across the region or the world. But internet-based economic transactions can create cyber risks. Insurers can play an essential role in society by closing the cyber protection gap through expanding access to cyber underwriting products and educating consumers on steps to minimize the impact of a cyber-attack through risk-focused resiliency measures,” said Simchak. According to a study from Deloitte, 40 percent of Latin American firms suffered a cyber-attack in 2018, but 43 percent do not know how to protect themselves.
“It is also important that cyber underwriting regulations remain flexible, risk-focused, and scalable to allow the consumer to decide what protections work best for them. Additionally, government privacy laws must not unintentionally force the localization of insurers’ data, which could discourage insurance companies from operating in those markets and weaken cyber security programs.”
Steve Simchak is available to speak with members of the media while attending the FIDES Conference on September 9, 10, and 11. Please contact Steve Simchak at Steve.Simchak@apci.org.