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The cyber insurance business has always interested me, on one side it is reported that the industry has taken on to much risk and cannot cover the claims, (Aon 2020 E&O snapshot on cyber insurance highlighted that industry losses outpaced underwriting income), due to the frequency and severity of cyber attacks. On the other the need to generate underwriting income. Across a global market place which does not understand or manage the risk at present.
the enclosed cyber insurance survey from Munich Re presents an interesting barometer on the awareness of cyber security and threats in the board room and the challenges and opportunities for the cyber insurance industry going forward. It presents a dichotomy for the board room, with boards room viewing 5G, cloud and AI as important technologies for their companies yet having a low awareness of cyber security.
Unfortunately you cannot have your cake and eat it. If Companies wish to innovate and grow using technology, they also have to put in place the cyber security capabilities to protect their investments and balance sheet.
#cyberrisk #insurance #cyberinsurance #europe #supplychain #cybersecurity #procurement #security #legalcompliance #cyber #defence #defencenews #supplychainsecurity
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