War, Terrorism And Hostile Cyber Activity: Consensus And Clarity Within The Cyber Frontier
Webinar - Australia, Switzerland

Webinar Recording

The rapid pace of digital transformation is catalysing the increased need for cyber risk protection. However, insuring cyber exposure is challenging due to the risk of accumulation (both in terms of the intended targets as well as collateral damage) and terminological ambiguity surrounding cyber policy wording, especially in the context of war and terrorism. Such collateral damage affects corporations (or other entities such as non-profit organisations, healthcare providers etc.), governments and individuals located in or connected to the target state.

The challenge of insuring cyber terrorism and hostile cyber activity (HCA) thus depends upon the ability of the industry to

  1. Accurately and clearly articulate the risks and any parameters or limits on coverage to stakeholders.
  2. Identify the responsible actor or type of actor (terrorist, state actor, criminal etc).
  3. Discern the type of attack, whether it be cyber terrorism, HCA or cyber war.

In addition to clarity around coverage, the outcome of the attribution process is an important factor in determining whether insurance will ultimately cover a loss or who should ultimately pay. This also relates to issues associated with how malicious actors can be held accountable.

To better understand what is clearly insurable and what is not, as well as any protection gaps, global dialogue between different stakeholders, primarily to promote international consensus, is needed. This should involve contextualising the risk in terms of the potential impact and losses (both insured and economic) and exploring potential solutions, e.g. the capacity for commercial insurance coverage.


Dr Rachel Anne Carter is the Director (Cyber) for the Geneva Association. As Director (Cyber) she helps stakeholders understand cyber risks. With greater understanding, she hopes the cyber research program can assist the insurance industry to devise ways they can respond, bringing the issues of insurability to the forefront.

Rachel comes to the Geneva Association with a variety of different research, strategy, underwriting, policy, consulting, regulatory and corporate experience. She co-founded and manages the Journal of Terrorism and Cyber Insurance.

She has worked with the OCED, Pool Re, Lloyd’s, Tokio Marine Kiln, AmTrust International and was a subject matter specialist in cyber terrorism for Cambridge University Centre for Risk Studies. Her experience has predominantly been specialist and catastrophe risk (re)insurance solutions or alternatively disaster risk financing options. She has worked on natural catastrophes, terrorism risks and cyber risks. She began her career as a university academic.

She is a regular speaker at conferences globally and regularly publishes articles and research primarily on issues associated with cyber insurance and terrorism insurance.

She holds a PhD in Law (Insurance).

Wednesday, 14 April 2021

15:00 - 15:45 BST



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  • Rachel Carter
    Dr Rachel Anne Carter
    Director, Cyber
    The Geneva Association
  • michael Mainelli.png
    Michael Mainelli
    Executive Director
    Z/Yen Group