Cyber risk is something to think about every day, and management teams must be willing to get in front of the issue, said The Walt Disney Co.’s finance chief.
“It is not a risk that is kind of ‘check the box.’ It’s a risk that you have to think about daily,” said Christine McCarthy, Disney’s senior executive vice president and chief financial officer, speaking last week at the Professional Liability Underwriting Society’s 2019 Directors & Officers Symposium in New York.
Ms. McCarthy said it is important to establish protocols “around things that could go wrong” and invest in technology and new systems. “It doesn’t come free,” said Ms. McCarthy. “Cybersecurity is something we think about all the time.”
Meanwhile, during a session on cryptocurrency, including initial coin offerings, David Murray, financial lines head of product innovation for American International Group Inc. in New York, said AIG, like most insurers in financial lines, is taking a cautious approach.
“Our appetite for this risk continues to be limited, and largely that’s a reflection of regulatory uncertainty,” which is the biggest challenge, he…