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A report by reinsurance broker Lockton Re discussing the benefits of breaking cyber peril into parts to support the re-insurance marketplace. Splitting first party and third party peril in support of the reinsurance industry handle peril. with reports discussing the expect growth of the cyber insurance market to be upto $33bn ($16bn 2023) in GWP by 2023. But does the re-insurance market have the capital? Answer, who knows as it depends on attack frequency, complexity and severity of impact). The rise in successful cyber attacks is making it harder for the insured to close the coverage gap.
One suspects that the insurance and reinsurance industry will be paying close attention to the effects of cyber regulation on the insured. As liability for cybersecurity risk management becomes a requirement for boards to treat. A requirement that transfers risk management from cyberinsurance to financial statements, increasing the risk treatment coverage gap. Regulation that effects the role of D&O and cyber insurance, as board liability increases and insurers tend not to cover regulatory breaches.
Ted Dziekanowski one waits for the report from an insurer/ reinsurer on the effects of cyber regulation under the SEC ruling, EU NIS or DORA. To see how the insurance industry is going to react and whether or not the outcome will support the insurer, insured, and bring clarity on the implications of cyber regulation and insurance to the board room.
Rachel V. Rose, JD, MBA Bob Dix
#cybersecurity #cyberregulation #cyberinsurance #reinsurance
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