Call us now:
It’s going up, it’s going down and it’s stable? The cyber insurance market is not quite sure where its going. The AM Best industry rating agency has said there are enough positive factors to give the cyber insurance market a ‘stable’ outlook, with the potential for growth. Recent cyber insurance predictions highlight GWP of over $25 billion by 2027.
The challenge cyber insurance has always faced is the growth in frequency, severity and impact of cyber attacks, that has driven an industry reaction to coverage limits and exclusion clauses. However, there’s a difficult line to draw between balancing premiums, attack frequency and complexity, poor cybersecurity maturity and the cyber coverage gap that’s getting bigger. A balancing act that is becoming increasingly difficult for the insured, as cyber regulation pushes cybersecurity risk management ‘left of bang’, towards an investment rather than a cost.
Cyber insurance is an important tool in the risk transfer portfolio for organisations. However the challenge for cyber insurers has always been for the insured companies to see cyber insurance in the context of the whole risk transfer equation both ‘Left and Right of bang’. Rather than a ‘Right of Bang’ risk mitigation tool and cost. A challenge Veritas GRC cybersecurity risk management programs address.
@Thaddeus Dziekanowski Brian D. McCarthy
Veritas GRC AM Best
#cybersecurity #cyberriskmanagement #cyberinsurance
View Original Post
https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A7218881364056510466