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Insuring cyber is becoming a issue of differentiation for insurers, but that was only every going to be thus. With a focus on cyber incident response insurers have found it difficult to model cyber risk. There’s no correlation between cyber attacks and incident response.
One only has to look at manufacturers who worked out 100 years ago that the way you control product quality, production efficiency and waste reduction is to focus on understanding and managing processes to control outputs.
Understanding how raw materials interact within manufacturing processes to reduce wastage to build a quality final product. The same is true for cyber, underwriting cyber based on incidents provides no understanding of how well an organisation manages cybersecurity to reduce risk that in turn affects how much an organisation is effected by a cyber threat and subsequent incident.
This is all about to change with the introduction of cyber regulation. Cybersecurity risk management regulation forces covered organisations to manage cyber risk. In turn requiring them to understand cyber risk and manage cyber risks at a process level. Collecting the appropriate information and data to demonstrate the management of cyber risk. Information and data insurers need to underwrite cyber risk, as they would underwrite and other insurance catagory.
@Thaddeus Dziekanowski Brian D. McCarthy
Veritas GRC Gallagher
#cybersecurity #cyberriskmanagement #cyberinsurance
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