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Insurance and eCommerce

The Internet is quite simply, both an enabling tool for business and a new business environment. In the traditional business world, there was face to face contact for the transaction, negotiation and closing of a deal. In cyberspace, such functions are replaced by electronic authentication of the business parties, privacy and integrity protection during negotiation and non-repudiation techniques to facilitate closure. The interactions and relationship between businesses and their customers are therefore fundamentally different on the Internet.

Gaining maximum advantage from Internet technology means being aware not only of the opportunities but also of the potential pitfalls and guarding against them. The open nature of Internet technologies increases vulnerability to network disruptions, security breaches, computer viruses, electronic espionage and information theft. Incidents like these are growing in number, along with the consequent financial loss to the business concerned.

Traditional risk management was based in the world of physical assets and threats and there is a misconception that insurance policies will cover most of the Internet related losses that occur. It is, therefore, vitally important that companies review and continuously update insurance and risk management protections. This presentation will provide an overview of the risks that face companies in the new economy and some of the risk management/insurance solutions that are available to mitigate these risks.

Lisa Hansford-Smith, Vice President, Marsh PLC

Lisa Hansford-Smith, vice president, FINPRO, is the Practice Leader for the New Economy team in Europe and is based in Brussels. Ms. Hansford-Smith focuses on the development of risk solutions for e-commerce and high technology clients.

She worked the past three years at Marsh, in London, in the area of e-commerce and technology risk, after working four years in her native land, Bermuda, providing investment management services for insurance companies and private clients.

Ms. Hansford-Smith earned a Bachelors Degree in Commerce in Canada and completed a Masters in Business Administration with concentrations in Management Information Systems and International Business.

She has written several papers on the impact of the information superhighway on businesses. She has also presented in several countries on the impact of E-Commerce and Y2K. Ms. Hansford-Smith holds the Associate of the Chartered Insurance Institute (A.C.I.I.) designation