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An interesting report from Sophos on the Impact of cyber defenses on cyber insurance and the relationship between cybersecurity, cyber insurance and ransomware. One wonders the impact on cyber insurance when U.S and EU cyber regulations come into effect. Cyber regulation will require the oversight, assurance and attestation of cyber risk management, requiring an organization to assess the effectiveness of their cyber defenses.
Cyber insurance is an important risk transfer tool. Will cyber regulation affect cyber insurance, as regulation pushes cyber risk management left of bang onto financial statements? Requiring boards to oversight, assure and attest cybersecurity and require organizations to focus on cyber defenses, for compliance. This can can only benefit cyber risk management and cyber insurance, but will effect other insurance categories as legal and compliance risks increase.
Ted Dziekanowski Rachel V. Rose, JD, MBA Stephen Pitt-Walker, JD, FGIA Celso De Azevedo FCIArb
#cybersecurity #cyberinsurance #cyberriskmanagement #cyberregulation
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