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Thank you for posting Johnathan Rudy, you raise several important points for the insured when one considers the role of ‘state’, ‘state backed’, ‘cyber war’ and on ‘behalf of a state’. With the introduction of exclusion clauses mention recently by Munich Re in the context of increased growth.
The challenge ahead for the insured is one of how to balance up risk transfer. Insurers are bringing in exclusion clauses, that are difficult to qualify; Cyber regulation is developing rapidly, pushing risk management into the board room of covered entities; there’s a global lack of qualified cyber skills, knowledge and experience; the frequency, complexity and severity of cyber attacks is increasing.
One wonders how both the insured and insurer move ahead in a market where geopolitical tensions drive cybersecurity as a national security threat, and who makes the decision on the origin of a threat actor. How do we balance the risk transfer equation for companies that do not have the necessary knowledge skills and experience to manage cyber risk?
@Thaddeus Dziekanowski Brian D. McCarthy
Veritas GRC
#cybersecurity #cyberriskmanagement #cyberinsurance
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