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An interesting report on the impact of cyber, and ransomware payments for the re-insurance industry.
I would argue that the insurance industry has the opportunity and a necessity to play a pivotal role in cybersecurity risk management. To benefit both its own industry loss ratios and support approaching cybersecurity risk management regulations and enforcement actions.
For many reasons cyber insurance is the only cyber risk mitigation most companies possess today. Pushing the liabilities onto the insurance industry, as they have not put in place the necessary practices to manage cyber risks. The developments in OT cyberattacks as demonstrated by the recent Iranian Foundry hack, increase the impact of silent cyber. Cyber insurance loss rations are increasing. Cyber regulation and enforcement programs are developing quickly across the U.S and EU, that in the case of ransomware could penalize insurers and those companies impacted if payments are made under OFAC regulations.
The regulatory writing for cybersecurity risk management is already on the wall for both insurers and their clients. Is it now time for the insurance industry to step forward with losses increasing; low levels of cyber compliance and regulators developing enforcement regimes that require cybersecurity risk management standards far in excess of what currently exist or regulated for Ted Dziekanowski?
#cyberinsurance #cyberriskmanagement #governance #risk #compliance #cybersecurity
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