An efficient cyber insurance market is required with “experience, innovation, and collaboration” is needed to sustain growth, which comes against a

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An efficient cyber insurance market is required with “experience, innovation, and collaboration” is needed to sustain growth, which comes against a backdrop of price increases in this line moderating, as well as concerns about systemic risk

The cyber insurance value chain is long and complex, as long and as complex as a companies data usage. Usage that is internal and external to an organisation. Interesting to see at DWP were greater than $5bn for 2022 and the Direct loss and DCC ratio fell 25 points off a backdrop of a 62% increase in premiums, reduced limits and exclusion clauses.

Worryingly ‘The latest Travelers Risk Index released in September showed that cyber threats remain a leading concern for US businesses, but at least a quarter of firms are not even implementing the most basic cybersecurity practices.’

Ironically the top industry by claim count is finance and insurance. That should make 2024 a interesting year as EU DORA comes into effect.

Ted Dziekanowski Brian D. McCarthy Bob Dix Rachel V. Rose, JD, MBA

#paravasecuritysolutions #cybersecurity #cyberriskmanagement #cyberinsurance

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