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Cyber insurance like any insurance product has to be part of any risk mitigation strategy. The problem today however for the insurance industry and the insured is it has been used more or less as the main risk mitigation tool. With the impact of rising loss ratios, reduced coverage and concerns over aggregated losses that have forced some reinsurers to reword policies (Lloyds).
With all insurance products there needs to be ownership of the problem by everyone. The systemic nature and impact of cyber cannot be born by any one party alone. (See the video by Chris Inglis the White House National Cyber Director).
Cyber insurance will only become a ubiquitous product when there is clarity around how to manage the risk across the cyber loss curve. Those that own the risk play their part and those that take on risk transfer play theirs.
Over 95% of companies in most nation states are Small Enterprises (SMBs) and at the moment the burden for cyber risk management is sitting firmly with insurance companies. This is not sustainable.
Ted Dziekanowski
#cyberinsurance #cyberriskmanagement #cybersecurity #theaugustagroup
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