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Gerry Kennedy, the problem with cyber insurance is that you just don’t know where to go to get a consistent message about underwriting, rates, and claims. More worrying is the increase in cyber incidents, which continues year-on-year to increase at alarming rates.
What we don’t see here are claims rates and payouts. The recent NAIC report highlights that only 30% of claims made by small businesses were paid. https://lnkd.in/eHCCxJyd
The lesson here is that cyber is a risk management equation. Cyber insurance is not there to cover expected, unexpected, and extreme losses. Organisations (increasingly required to comply with cyber regulation) manage expected losses and, to a degree, unexpected losses. Supported by cyber insurance to cover unexpected and extreme losses.
Depending on what you read, cyber attacks are increasing, payouts are decreasing, rates are falling, and historic claims are yet to fully materialise on balance sheets.
Having the cheapest cyber insurance policy is perfect, but only if it covers your losses (that are getting bigger).
@Thaddeus Dziekanowski Brian D. McCarthy
@Parava Security Solutions National Association of Insurance Commissioners (NAIC) Lockton
#cybersecurity #cyberinsurance
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