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An interesting article which raises several questions relating to cyber insurance. It contains some great content links which look at the question of, is cyber risk an insurable risk. It raises some interesting questions, with the regulatory landscape enforcing cyber risk management, as the responsibility of the company and its leadership. The evolutionary nature of cyber-attacks makes the role of cyber risk management a continuation of evolving practices.
The ability to mitigate yourself from a cyber-attack will vary depending upon the type of attack you face and the effectiveness of the controls which are in place at that specific moment in time at the location of the attack? Cyber has no insurance history and the outcomes are unpredictable. With the insured value at a corporate level sometimes running into the $100Mn. Is there and incentive to pay.
Does all this make cyber a risk the insurance industry can afford to provide and the insured any guarantee that the product can be used?
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