A great report from Australia about cyber insurance.

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A great report from Australia about cyber insurance. Ransomware attacks are down in 2022 compared to 2021 and may have taken some heat out of the cyber insurance market this year.

The global cyber insurance cover pool is expected to increase 25% y-o-y, but cyber insurance profitability will be a challenge according to Standard and Poors.

The agency is monitoring the management of accumulation risk at the insurers it rates and says an overly aggressive expansion into the cyber insurance market, without effective risk controls, could be detrimental to exposure, capital and earnings.

S&P expects cyber premiums to fluctuate in line next cybersecurity standards, risk models and improvements in cybersecurity systems.

Insurers that aggressively expand in the cyber market without that expertise will expose themselves to increased capital and earnings volatility that could lead us to change our assessment of their operations,”

Ted Dziekanowski

#cyberinsurance #cybersecurity #cyberriskmanagement

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