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One wonders if the challenges ahead for cybersecurity and risk transfer is not one of insurance price increases. But more one of how boards and CISOs will manage risk transfer?
Cyber attack frequency, complexity and severity show no signs of abating, ransomware attacks are still a big threat and cyber regulation in the U.S and EU is push cyber into the boards of covered entities. That will change the cybersecurity risk profile of covered organisations as boards demonstrate their management of cyber risk, and insurers request access to Left of Bang data to demonstrate their client oversight and assurance of cyber risk.
The number of companies adopting cyber insurance is relatively low, with 20% in the US, 12% in Germany, and 10% in the UK. A cost that it optional. Cyber regulation may not be an option for some companies across CNI, Financial Services and those seeking access to capital markets.
@Thaddeus Dziekanowski Brian D. McCarthy
Veritas GRC
#cybersecurity #cyberinsurance #cyberriskmanagement
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