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The gap between cybersecurity awareness and risk mitigation is not closing. At a time when the frequency, complexity and severity of cyber attacks continues to increase. A gap that will have an impact on companies as the regulatory environment for cybersecurity accelerates globally, regulation that is starting to introduce enforcement programs.
Nation state regulations are increasingly focusing on ‘left of bang’, requiring organisations to address the regulatory, compliance and legal implications of cyber security. The DoJs civil cyber fraud initiative is an example of the focus being placed on regulatory compliance in line with recent U.S cyber regulations.
The cyber insurance industry faces a challenge. By its own admission it finds it hard to underwrite the risk, as it does not have enough data or experience. Demonstrated by the increase in loss ratios, increased premiums, lower coverage, some insurers removing themselves from the market and the concentration risk for re-insurers from silent cyber.
Our January 2022 paper ‘Stabilizing the oversight and assurance of cyber-risk for the purposes of insurance and re-insurance underwriting’ discusses these issues. Examining if cyber is insurable today and what can be done. (https://lnkd.in/dGFVVjCi)
In part, if the Munich Re paper is correct, the the answer maybe ‘not yet’.
The potential for cyber insurers is high, but resilience and readiness are a prerequisite for tapping into this potential.â€
Ted Dziekanowski
#cybersecurity #cyberlegal #governance #compliance #cyberinsurance #regulation
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