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An interesting discussion at the G7, to push Australia, the United States, India and Japan â¬Åto break the business model of ransomware criminal groupsâ¬
Ransomware is without any doubt a significant issue for Quad four countries (and others), and the insurance industry should play a leadership role in supporting companies manage cyber risk. We have said many time’s that the insurance industry is in a unique position to support industry manage cyber. But the industry has struggled to work out how, other than through exclusion clauses, increased premiums and reduced coverage.
It would not be difficult for the insurance industry to make a difference, if there was the will to do so. One suggests that cyber regulation will do more for the insurance industry in transferring risk left, than the insurance industry is willing to do today. Can the insurance industry up its game, yes, but it has to realize that there is a game to be played and help write the rules.
Cyber is not going away, it’s a problem that’s going to get worst before it gets better for the insured and insurers. It’s not a complex problem to fix, it just requires the will, time and resources to fix it. We must not forget the 99% cyber problem, 99% of organizations are SME’s, that cannot afford cybersecurity. There’s money to be made by insurers if they deliver the solution.
Ted Dziekanowski Stephen Pitt-Walker, JD, FGIA
#cyberinsurance #cyberriskmanagement #cybersecurity
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