MDD’s Cyber Seminar – Wednesday 17th January 2024

Join us as we discuss two of the hottest topics across the insurance industry: business interruption and cyber risk. We are bringing these subjects together for panel sessions throughout the afternoon with industry leaders, experts, and the MDD cyber team, hitting the challenges faced and opportunities for industry growth head-on.

The seminar will include a discussion of the basics of business income losses and the basics of business interruption insurance coverage including how a company is indemnified by business interruption coverage. The presentation will utilize financial examples of how to calculate a business interruption loss and apply it to the wording of the policy. Discussion will be had on the many issues that one runs into when measuring the business interruption loss including, but not limited to, global economic consideration and policy limitations. The seminar includes multiple real-world examples and listings of resources for questions to ask, information to request, and data sources for research.

Insurance adjusters and other professionals who work on business interruption and commercial property insurance claims will walk away from the seminar with a better understanding of potential issues that may arise in their business interruption claims, what to look for to identify those issues, and what questions to ask in order to address the issue(s).

Registration (1.00pm – 1.30pm)

Session 1 – Business Interruption – What’s the intent and how do we get there? (1.30pm – 2.20pm)

This session will cover:

  • Cyber insurance policy examples
  • What business interruption coverages exist
  • What the different business interruption insurance policy wordings may be
  • What’s the intent of the different wordings
  • What happens when a company has a business interruption loss
  • What are the legal coverage issues that may be incurred
  • What financial documentation is needed to calculate the business interruption
  • What’s the analysis and calculation that needs to be performed to determine the business interruption loss
  • How to work with an insured to ensure a collaborative effort


  • Lisa Morris – MDD
  • Jason Rebholz – Corvus Insurance
  • Joan D’Ambrosio – Atheria Law
  • Michael Phillips – CFC Underwriting

Session 2 – Business Interruption – How do you measure that and why are there such issues?  (2.20pm – 3.10pm)

This session will cover:

  • What are the different ways a calculation can be performed
  • Discussion of sales trending
  • Discussion of economic issues – COVID-19, Supply Chain, Inflation
  • How to determine if shortfalls in sales are actually due to the cyber event
  • How to reconcile the shortfall in sales to the timeline of cyber events
  • How to determine if labor is saved or incremental and due to the cyber event
  • Discussion about lost production versus lost sales
  • How to acurately account for saved expenses and what hiccups may occur
  • Expenses inefficiencies versus actual extra expenses due to a cyber event
  • Ensuring that labor is not duplicated in other sections of the policy
  • Reconciling and explaning differences between the claim and analysis


  • Glenn Silver – MDD
  • Ted Brown – Lavin Rindner Duffield LLC
  • Matt Grady – Beazley Group
  • Diane Fazzolari – AXA XL

Coffee & Snack Break

Session 3 – Play Time! – Let’s run through a Business Interruption scenario (3.30pm – 4.20pm)

This session will cover:

  • Panellists run through an example of a company experiencing a ransomware event where all systems go down for weeks and they cannot take orders and make sales
  • A discussion of who will be called first to assist
  • Getting the IT company established and getting systems back online
  • Triaging the damage
  • What role does the insurance company play at this point
  • How the insurance company assists in attempting to mitigate damages
  • What experts are brought in
  • What does counsel do at this point?
  • When do the Forensic Accountants come in and how do they get started
  • Resolving the claim


  • Peter Karutz & Jessica Feola – MDD
  • Jane Warring – Zelle, LLP
  • Will Ross – Beazley Group

Closing Remarks / Questions (4.20pm – 4.45pm)

Reception at The Malt House (5.00pm – 8.00pm)

This page will be updated frequently in the run-up to the event, so please check back for more information.