Insurers are starting to realise they have to go left of bang to support their clients in managing cyber risk and reduce claims risk.

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Insurers are starting to realise they have to go left of bang to support their clients in managing cyber risk and reduce claims risk. But going left of bang requires careful consideration.

As we see with the development of cyber regulation across the US, EU, and APAC, insurers and insured boards are yet to work out the implications of cyber regulation on Insurance and breaches in duty, governance, and regulatory compliance. Affecting cyber insurance and D&O, and E&O.

For example, US DoD CMMC compliance has been in place since 2016 and is likely included in contracts across the global DIB.
1. What is the recourse for the insurance industry if a defense contract specifies cyber compliance, yet it is not complied with, and an organisation suffers a cyber breach?
2. What is the resource to a covered company that has not complied with its requirements to implement cyber as required in a contract, and the company loses a contract?

@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan

Veritas GRC

#cyberinsurance #cyberriskmanagement

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