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Cyber insurance brokers are finding it very difficult on the front line. Premium prices are up, coverage is down and there is more scrutiny of controls. Loss rations have dropped slightly with the increase in premiums, indicating insures are still making a loss.
What does the future hold? Cyber regulation may help insurers. Covered companies will have to implement cybersecurity risk management and governance, better risk management may enable better underwriting decisions and drive disclosure of cybersecurity risks and control effectiveness.
The insurance industry has the opportunity to align with regulations and drive better underwriting and claims processes.
Ted Dziekanowski
#cyberinsurance #cybersecurity #cybersecurityriskmanagement #cyberregulation
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