Cyber has an ‘insurability limit’, how do you mind the protection gap?

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Cyber has an ‘insurability limit’, how do you mind the protection gap?

I would estimate that the figure of uninsured cyber loses is higher than 90% if you use the Swiss Re method. 98% of businesses globally are SMBs, and going forward those that have cyber insurance may find the nation state hack clause difficult to avoid, but it will take some time to test in court.

The problem is a lack of data and resources, hack complexity, severity and frequency, cyber regulation, poor cyber maturity, no clear global standards and no political coordination to manage cyber risk. Problems the insurance industry is finding difficult to manage and control.

‘A lack of standardised data and modelling constraints make cyber risk hard to quantify, and Swiss Re Group Chief Economist Jerome Haegeli says while demand for cyber insurance is growing, a high degree of uncertainty over expected losses and the fast-evolving nature of the risk means “its insurability is limited”.’

If cyber insurance does not cover losses, who does? There are few alternatives for organisations to transfer the risk, other than manage it themselves. We have a few ideas www.augustagrp.com

How do yo manage the protection gap Ted Dziekanowski Gerry Kennedy?

#cyberinsurance #cybersecurity #cyberriskmanagement #cyberlaw #cyberregulation

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