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The insurance industry has a major part to play in setting the cyber agenda. Cyber insurers are in a very unique position, they have direct access to companies that manage cyber risk through the insurers products and services. Insurers set policy terms through cyber, professional liability or D&O insurance, educating their clients on cyber security risks, providing products and services left and right of bang.
While there was, and some may say still is a ‘gold rush’ to cyber insurance as a solution to managing cyber. Some facts in 2022 still remain the same as those of 2019 with some big changes.
What has not changed
1. Cyber needs to be resolved ‘left of bang’.
2. Leaderships team knowledge and confidence of cyber remains low.
2. Cybersecurity has always been an enterprise wide risk to manage.
3. Companies are spending to manage the risk.
4. There are not enough skilled resources to manage the risk.
5. There is no universally agreed approach and standards to cyber security risk management.
But what has changed
1. The frequency, complexity and impact of cyber attacks has risen.
2. The legislative and regulatory environment has changed.
3. Leadership teams are being regulated to manage cybersecurity risk.
4. Legal precedence for managing cybersecurity risk is developing.
5. Cybersecurity risk is increasing despite the money being spent to manage the risk.
6. The move to cloud has left companies wondering where their data is.
7. The cyber supply chain risk is recognised as a risk that needs to be managed.
The cyber insurance industry has the power to support the insured manage cybersecurity risk. While helping insurers manage loss ratios and clients manage the risk left of bang.
Ted Dziekanowski
#cyberinsurance #cybersecurity #cyberrisk
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