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One report an industry does not make; but is cyber insurance heading towards a hard market? As attack frequency, complexity and severity increases, cyber regulation is implemented in the U.S and EU, the reinsurance industry looks for capacity to cover cyber re-insurance.
The heightened threat posed by nation state threat actors and the general low levels of cyber maturity lead to profitability challenges. With insurers and reinsurers forcing up renewal costs.
Is there a glimmer of hope on the horizon though? As regulation shifts cyber risk ‘Left of Bang’ and into the board rooms of a growing list of covered firms? The legal and compliance challenges covered firms face, materializing in improved cybersecuirty risk management, or face civil or criminal penalties.
Ted Dziekanowski Brian D. McCarthy
#cybersecurity #cyberriskmanagement #cyberregulation #cyberinsurance
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