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It depends upon who you speak to as to the trajectory of cyber insurance claims. By Trajectory I mean that claims will always be in an upward direction its just a case of how steep the curve is.Every report one now reads puts cyber risk as the top business risk globally, a slot that cyber has been moving towards for several years. With late 2023 and certainly early 2024 being the pivot point, where cyber overtook every other risk category in the board room to reach the top slot.The problem is, that while boards are able to understand and develop risk mitigation strategies for most other financial and non-financial risks, boards are generally stumped when it comes to cyber risk. More so when one considers the pace of advancement of technologies such as AI @Thaddeus Dziekanowski and its ability to rapidly increase the rate of change of the board risk curve.When one reads reports from the cyber insurance industry one is struck as to why there is a continued focus on ‘Right of Bang’, incident response. A methodology that while important to resolving incidents, it has done little to reduce the effect of cyber attacks and has not reduced claims volume. Or the effect of cyber attacks on insurers clients. The trajectory is up and the curve is getting steeper, with little sign that insurers know what to do, other than introduce coverage caps and exclusions.What is clear is the cyber insurance coverage gap is getting bigger, cyber regulation is pushing cyber left of bang; Ai will increase board risks including cyber and boards are increasingly becoming exposed to legal and compliance risk.What solutions are being put forward by the cyberinsurance industry, to reduce cyber risk, with AI just around the corner?Brian D. McCarthy Faisal KhanVeritas GRC#cybersecurity #cyberriskmanagement #cyberregulation #cyberinsurance #artificalintelligence
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