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Gerry Kennedy, an interesting report from the National Association of Insurance Commissioners (NAIC) on the cyber insurance market in the US and also reported here
https://lnkd.in/epeQjck2
According to the NAIC report, across all policy types, 3 times the number of claims were closed without payment in 2024, than those closed and paid. This ratio rose to 20:1 for excess policies. That skewed the results for Primary policy payouts at 50% of cyber insurance policies paying out.
What does this tell us about cyber insurance and the reliance on cyber insurance as a risk transfer tool for SMBs? As Dustin Carlson, CPCU discusses (above video), policy exclusions can range from employee error, not following procedures, no training program, or basic cyber hygiene. Cloud-based attacks and supply chain attacks rose significantly.
The report is sobering as it demonstrates the uphill challenge of cybersecurity compliance and risk management faced by the industry. With cyber regulation increasing across the US and EU, how do SMBs/ SMEs demonstrate adequate compliance with cyber risk?
SMBs are a prime target for many reasons.
@Thaddeus Dziekanowski Brian D. McCarthy Adam Gladsden
@Parava Security Solutions
#cybersecurity #cyberriskmanagement
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