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The cyber and D&O insurance industry faces an interesting challenge Gerry Kennedy as 99% of organisations fall within the category of SMB/ SME if the statistics are correct. Yet the insurance industry is struggling to accurately assess SMB risk aggregation through current catastrophe models. One would also argue that the industry does not have enough information to assess the stand alone effects of cyber risk.
One would suggest the insurance industry needs to make efforts to move ‘Left of Bang’ and support SMBs/ SMEs proactively manage cyber risk. The data required to create accurate CAT models has eluded the insurance industry for several years. SMBs/ SMEs are clients who are least likely to afford the dedicated resources to manage cyber, the least likely to afford cyber insurance and the largest coverage gap, and most likely to be financial affected by a cyber attack to the detriment of their stakeholders. They also form part of critical supply chains, or create ICT risks, for the remaining 1% of organisations.
@Thaddeus Dziekanowski Brian D. McCarthy
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberregulation #cyberinsurance
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