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Jam tomorrow, but I dont want Jam, is this the problem cyber insurers face? Three reports in a week (Swiss Re, Allianz and Howden) describe the challenges cyber insurers face with growing the market. Reports that point to a slow down of the top end of the market; increased cyber attacks and ransomware costs; a rise in litigation for data breaches, and a particular focus on the SME market to grow premium income; a cyber cover gap that’s increasing.One sees trouble ahead for insurers. The first challenge insurers face is the lack of knowledge, skills and experience SMEs have of cybersecurity. Unless SMEs (and large companies) can be convinced Cyber is a risk they need to manage and the coverage gap will be closed. Why would they spend cash on cyber insurance that may not cover the whole risk. Second, SMEs don’t have allot of spare cash and find spending it on insurance difficult. Third, cyber is increasingly a regulated risk, with civil and criminal penalties for non compliance. Regulations that affect companies big and small (CMMC, EN NIS 2, DORA) requiring boards spend money to manage cyber risk.The changing market dynamics provide an opportunity for insurers to support the insured manage cyber risk both ‘Left’ and ‘Right’ of bang. @Thaddeus Dziekanowski Brian D. McCarthyVeritas GRC Howden Swiss Re Allianz#cybersecurity #cyberriskmanagement #cyberregulation #cyberinsurance
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