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Is there trouble ahead for cyber insurers? As cyber attacks increase, aggregated losses increase and events such as Crowdstrike demonstrate the global effects of ICT risks. Gerry Kennedy could payouts outpace profitability, could loss ratios start to creep up, is profitability being held up by premium prices, exclusion clauses and caps?
Cyber risk is moving both left and right of bang. With insurers picking right of bank remediation costs and some covered regulated entities having to pick up cyber risk management left of bang. The coverage gap is increasing.
Insurers have an opportunity to use left of bang to deliver products and services to their clients that enable effective risk transfer. But they need to accept there is an opportunity. Due diligence is not a point in time activity it’s a continual process.
@Thaddeus Dziekanowski Brian D. McCarthy
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberinsurance
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