Kevin Smith, Senior Vice President, Management, Cyber and Business Responsibility nfpParticipated in a video interview during Neret’s REITWISE: 2024 Law, Accounting & Finance Conference held March 19-21 in Hollywood, Florida.
Reflecting on the past few years, Smith highlighted the change from a difficult market to a more favorable purchasing environment for cyber liability insurance.
“As rates rise [and] Cyber hygiene is getting better among our clients, you have a lot of additional capital coming into the market,” he said.
Regarding emerging trends in cyber risk insurance in the real estate sector, Smith emphasized the growing threats of ransomware and business email compromise, or BEC.
“What we’re seeing in the REIT space in particular is the impact of your system going down,” Smith said. “What impact will shutting down those technology systems have on economic and business income?”
Smith also highlighted the real estate industry’s increasing reliance on technology, urging CFOs and risk managers to consider the operational risks associated with potential disruptions in technology and software systems.
