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It’s a general question, without a good answer. Cyber insurance is in a difficult place for both the insurer and insured, the challenge for both the insurer and insured is the world is changing so quickly and in some many different directions cyber is not keeping pace. At the detriment to both the cyber insurer and the insured.
Why? Cyber is a legal and compliance problem for the board; it is a risk that many boards have not kept pace with and have found difficult to manage; its a risk that cyber insurers have found almost impossible to provide economic solutions for; worryingly its a risk whose frequency, complexity and severity of impact is increasing at a rate that neither the insured or insurer can keep pace with. Whose impact can be national, international, corporate specific or through supply chain hacks effect multiple companies simultaneously (SolarWinds, United Health).
Cyber regulation now adds a new twist to the conversation. Cyber regulation transfers cyber risk left of bang, into the board room. It alters the corporate risk transfer and legal conversation, it forces cyber investment over and above cyber cost management (incident response). Regulation raises questions over compliance and insurance coverage.
@Thaddeus Dziekanowski Brian D. McCarthy
Veritas GRC
#cyberinsurance #cyberriskmanagement #cybersecurity
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