Business Insurance Cyber Risk Summit Provides Forum that Sparks Debate over U.S. Preparedness in Response to Recent Chinese Cyber Attack

PR Newswire

CHICAGO, May 28, 2014 /PRNewswire/ -- Speaking at last week's inaugural Business Insurance Cyber Risk Summit in Washington D.C., Congressman and Chairman of the U.S. House Intelligence Committee, Mike Rogers, R-Mich., expressed concern about the length of time it took the U.S. to recognize the threat to the nation's economic prosperity by Chinese hackers.  

"There are people who are employed by the Chinese government that are tasked to steal U.S. businesses' intellectual property as part of their day job," said Representative Rogers, "They then accept cash from Chinese companies to hack into U.S. Businesses during their free time."

Rep. Roger's comments and insights from other experts speaking at the summit help to solidify the belief that Cyber Risk management has moved from a concern for the IT department to a concern for the boardroom at most companies in the U.S. 

Rogers also noted in his keynote address that the U.S. Government will be tasked to intervene by requiring companies to address their exposures to Cyber Risk or incur fines.

The Business Insurance Cyber Risk Summit was a one-day leadership conference held on May 22, 2014 in Washington, D.C. that provided over 120 attendees with a discussion forum around the definition of cyber risk standards, a common governance framework, shared responsibility, cyber-risk exposures, and protection and recovery from cyber-crime and other cyber-related attacks.  The full agenda included keynote speakers and panelists from government, education, insurance and technology sectors, a networking breakfast, lunch and a closing reception. 

Attendees shared a common concern related to cyber risks and came from all types of companies including:  SAP, Amtrak, H&R Block, Marriott, Booz Allen Hamilton, ACORD, University of Maryland, AON, Zurich, and Humana. 

For more post-event coverage including photos, videos and speaker presentations, visit: www.businessinsurance.com/cyberrisksummit

The 2015 Business Insurance Cyber Risk Summit is already being planned with details to be announced soon.  

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