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I learnt a few things working in insurance. One being that insurance is the least exciting and the most exciting product. The least exciting, as its often seen as a necessity purchase. The most exciting as the claims process takes place at a contentious time for claimants. It’s a difficult product sell, trying to convince customer they really need a product when you have to deal with ‘it won’t happen to me’, is hard.One wonders the balance between insurance price and value creation. One the sell side pricing of cyber insurance has to be such that companies will purchase it. The price has to be at an economic price point for insurers. On the claims side the product coverage has to be such that the insured is covered in the event of an event, resulting in a loss.The SME market is a very challenging market to deliver Cyber Insurance, as we wrote back in 2021. SMEs account for 99% of companies globally, they are least likely to have resources to manage cyber, least likely to have the money to manage cyber risk, and least likely to buy cyber insurance. Yet they are the most likely companies to be hacked.https://lnkd.in/eccA-VSSHere lies the challenge for cyber insurance. With a threat landscape that continually evolves and is growing. With clients that do not necessary see the value of cyber insurance. With clients that likely invest little in their overall risk mitigation programs. How do insurers deliver value to clients?@Thaddeus Dziekanowski Brian D. McCarthy Faisal KhanVeritas GRC#cybersecurity #cyberriskmanagement #cyberinsurance
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