Leading out of the starting blocks into 2022 I have a question. ‘Is cyber a risk that can be insured today without a radical rethink of the

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Leading out of the starting blocks into 2022 I have a question. ‘Is cyber a risk that can be insured today without a radical rethink of the oversight and assurance of cyber risk management by the cyber insurance industry?’

In 2021 ransomware was the predominant cyber threat vector. A threat that according to the cyber insurance media saw insurance loss ratios rise significantly. With reports that insurers have increased premiums and reduced coverage, with some insurers looking to exit the market all together. It should not be a surprise.

In the enclosed summary paper we discuss what makes cyber a very difficult risk to manage and insure today, and what could be done to support both the insured and insurer economically manage and mitigate the risk. The full paper can be found here. (https://lnkd.in/dGFVVjCi)

Cyber is a dynamic and unstable risk that adapts quickly to changes in economic conditions. Whose revenues and profit margins have been likened to cocaine production. With all reports pointing to cyber being a significant issue globally in 2022.

We propose a rethink of cyber insurance oversight and assurance, and a phased approach for both the insured and insurer to manage cyber-risk. In line with changes in cyber legislation and regulatory enforcement being adopted by the US.

Ted Dziekanowski

#theaugustagroup‚ #theaugustaplan‚ #cybersecurity‚ #supplychainriskmanagement‚ #cyberriskmanagement‚ #compliance‚ #regulatorycompliance‚ #regulatoryoversight‚ #esg‚ #scrm‚ #cscrm‚ #cybercompliance‚ #cyberregulation‚ #cybergovernance‚ #digitalcurrency‚ #sec‚ #cyberriskgovernance‚ #securitiesandexchangecommission‚ #ransomeware‚ #csfprofiles‚ #dhs‚ #cisa‚ #governance‚ #nist #theaugustagroup

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