A year to the week we published that cyber was a risk that required the insurance industry to take a different approach to underwriting.

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A year to the week we published that cyber was a risk that required the insurance industry to take a different approach to underwriting. The insurance industry has over the past 2 months started to voice concerns over the ability to economically underwrite the risk.

The enclosed January 2022 paper describes some of the complexities of cybersecurity risk management the insurance industry face in underwriting cyber. The complexities the insured has with managing the risk and the opportunities to balance up the insured and insurers risk transfer to create a product that meets both their needs.

Regulatory proposals and enforcement of cyber over the past 12 months transfers cyber risk back to organisations and boards. A transfer that benefits the cyber insurance industry, regulating organisations to implement cybersecurity risk management oversight and assurance.

Regulations require organisations to manage cyber risks and implement cybersecurity programs, reducing the risk to cyber insurers.

Ted Dziekanowski Gerry Kennedy

#cybersecurity #cyberriskmanagement #cyberinsurance #theaugustagroup #cyberregulation

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