Call us now:
This report from Swiss Re seems to show the cyber insurance market is cooling down and market optimism maybe to………optimistic. Does this tell us anything about the challenges companies face with risk management and risk transfer, and the take up of cyber insurance as a risk transfer tool. Especially at a time where cyber attack frequency, complexity and severity continue to rise unabated.
Swiss re highlights the cyber risk gap is significant. Indicating the gap between insurance coverage and the full costs of a cyber incident on covered companies is increasing. Presenting covered companies with a risk transfer problem, namely cyber insurance isn’t covering the full risk of a cyber attack. Something one has talked allot about.
Swiss re points to the SME market as a growth opportunity. It is a critical market, SMEs deliver necessary products and services to larger companies. It is a market where companies are least likely to be able to afford to implement cybersecurity solutions, access appropriate resources or have the money to spend on cyber insurance. SMEs also need the help and support to understand and manage cybersecurity risk. Without which they cannot afford to cover the insurance gap and will find it difficult to survive a cyber attack.
As one has said many times, cyber insurers have an opportunity to deliver products and services to enable risk transfer.
@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan
Veritas GRC Swiss Re
#cybersecurity #cyberriskmanagement #cyberattacks #cyberinsurance
View Original Post
https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A7264578816201699328