Beruflich Dokumente
Kultur Dokumente
High
Accommodation &
Construction Restaurants …Manufacturing will see both supply and demand shocks. The supply shock will
be exacerbated by falling demand
Retail
…Transport industry is seeing a big drop in profitability as production
Finance and Insurance
Manufacturing stops, but the rebound effects when the situation relaxes. Cancellation for
airlines have led to a cash shortage
Profitability impact 2020
Wholesale
Transport* and Liquidity and …Retail / Wholesale and Restaurants are seeing drastically reduced
Electricity & Storage profitability demand, leading to a shortfall in sales. New spending priorities for
customer could reduce even more sells until late 2020
Gas
Health and Community ... liquidity situation is exacerbated by the current price war between Saudi
Services Mining Cultural and Recreational Arabia and Russia and might affect profitability for electricity & gas industry
Services the future
Professional
Cyber
While the world is focused on the health and economic threats posed by COVID-19, Liability
cybercriminals around the world undoubtedly are capitalizing on this crisis. It has increased
the cyber security risk due to the remote working environment.
Crime
Any financial crisis, especially one as pronounced as that triggered by the coronavirus (COVID-
19) pandemic, puts companies at heightened risk for Employee fraud as well as Impersonation Cyber Crime
fraud and fraudulent fund transfer fraud.
•Bodily Injury carve back: - Policy will extend defence cost with respect to bodily injury claims on the D&Os in their supervisory role.
•Side A Cover: - There will be a unprecedented increase in Side A claims where companies are financial incapably of indemnifying their
managers due to liquidity issue.
•Employment Practice Violation: - Employees suing managers/company on charges of differential treatment in a layoff or salary cut situations.
- Wrong HR practices or failure to provide conducive environment to work related claims.
Employment Practice - Redundancy or reduced compensation related issues will lead to EPL litigation.
Liability (EPL) - On discrimination charges.
COVID - 19: Exposure on Financial Lines Policies
•Data Liability: - Cover 3rd party allegations of professional misconduct against a policyholder in protecting employee/customer data and,
direct policyholder loss/costs to remediate computer systems, as well as costs for legal & professional advice following a
cyber breach.
• Cyber Extortion: - Increased frequency of cyber extortion / malware attack in work from home environment
• Electronic Data Incident: - Policy will pay the recreation cost where backup systems fail to capture such Third Party Data in remote work environment
•Regulatory Investigation: - Drop in asset values will lead to potential misconduct, market manipulation of public stock price
- Investigation with respect to Insider trading or allegation with respect to breach of government instructions during COVID-19
Cyber situation and other issues.
• Network Interruption: - Which may not be result of government or public authority action like lockdown but due to stressed new operating
environment leading to security/system failure results in NI.
• Other Exposure leading to 1st Party Expenses: - Potential issue with staffing (less eyes on the network) and budget related to ongoing cyber security.
- Issues with quick enforcement of workforces Working From Home – upholding network security and Data privacy standards
•Breach of Professional Duty: - 3rd party allegations of professional misconduct brought by customer or failure to delivers services insured is expected to
provide.
- Failure to execute services in a timely fashion, resulting in customer damages.
Professional - Suitable recommendations on dropping asset values, particularly for financials institutions like banks and investment advisors,
and recession-prone industries like financial planners, mortgage brokers, realtors
Indemnity - Increase in breach of IPR related claims in Work From Home scenario.
• Employee Fraud: - Work From Home means less, use of BYOD, use of personal emails and phones will inevitable test security, procedures and
protocols.
- Increase in Phishing and Impersonation Fraud leading to monitory loss to 1st Part Financial Loss.
Crime - Work From Home provide unique opportunity to cyber criminals with respect to Fund Transfer Fraud crime.
COVID - 19: Lessons 2 Learn from this pandemic
https://joshbersin.com/2020/04/responding-to-covid-19-ten-lessons-from-the-worlds-hr-leaders/
1/ Remote Work is Real and It’s Big.
2/ Personal Safety and Health Is Paramount
3/ Going Digital Is Imperative
4/ Caring, Listening, and Empathy Are Priority
5/ Distributed Authority Is Key
6/ Do Less With Less
7/ Move Fast And Come Together
8/ Real-Time Data Really Matters
9/ Continuity Planning Is Vital: Black Swan Events Happen All The Time
10/ Leadership Matters. More Than Ever
References:
Disclaimer:
The terms and definitions in this presentation are for informational purposes only and may or may not be like those found in the
respective policy documents. Please refer to your policy for applicable terms and conditions.