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Cyber insurance is going to be a $29bn business by 2027 (Munich Re), isn’t it. But today it’s not looking like a maturing market, it looks to be a market that is trying to find its feet. DWP figures for stand alone and package cyber business fell by 07%% to $7.18bn in 2023, following several years of rapid growth. So what is happening?
The United Health attack highlights the exposure insurers and reinsurers have to cyberattacks. The article alludes to a debate over who will pick up the cyber attack cost estimated by United Health to be between $1.35 and 1.6Bn. Exposing consequential losses and third party cyber risks to the cyber industry.
What does this tell us about cyber insurance at a time when cyber attack frequency, complexity and severity are increasing. How is the cyber insurance industry going to react to cybersecurity risk management, if DWPs continue to fall?
Cyber policies are not a commodity sale, insurance premium prices are rising, exclusion clauses are in effect, policies are capped and the cyber gap is increasing. This is being followed by cyber regulation that changes the risk transfer equation, shifting cyber risk back to the balance sheets of covered entities. Enforcing cyber compliance and benefiting the cyber insurance industry, if it choses to take advantage of the opportunity with its clients.
@Thaddeus Dziekanowski Brian D. McCarthy Rachel V. Rose, JD, MBA Ryan Buckner
Veritas GRC S&P Global Fitch Ratings
#cybersecurity #cyberriskmanagement #cyberinsurance #cyberregulation
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